Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with our comprehensive quiz. Test your understanding with multiple choice questions and detailed explanations. Build confidence and knowledge for a successful exam experience!

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Who must be informed about the interest rate to be earned on a deposit placed in a brokerage's real estate trust account?

Both the seller's lawyer and the buyer's lawyer.
The buyer's agent and the seller's agent.
Only the brokerage managing the trust account.
The person for whom the deposit is made.
The seller's lawyer.
The local real estate board.

The correct answer is: The person for whom the deposit is made.

When a deposit is placed in a brokerage's real estate trust account, the person for whom the deposit is made must be informed about the interest rate to be earned on the deposit. This is because the interest earned on the deposit belongs to the person who made the deposit, so it is their right to be informed about the interest rate being earned. It ensures transparency and provides the individual with information about how their funds are being handled. The other options are incorrect because they do not align with the direct responsibility of informing the person for whom the deposit is being made about the interest rate earned.