Ontario Real Estate Licensing Exam Practice · Question
Mr. Chen makes an initial deposit of $20,000 with his offer to purchase a commercial property. His salesperson placed the deposit into the listing brokerage's trust account. Two additional deposits of $15,000 and $10,000 are due 30 and 60 days after acceptance, respectively. If the transaction closes, how much money will ultimately be applied from the trust account towards the purchase price?
All deposits made by the buyer and held in the real estate brokerage's trust account are applied towards the purchase price at closing. The total is $20,000 + $
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Question: Mr. Chen makes an initial deposit of $20,000 with his offer to purchase a commercial property. His salesperson placed the deposit into the listing brokerage's trust account. Two additional deposits of $15,000 and $10,000 are due 30 and 60 days after acceptance, respectively. If the transaction closes, how much money will ultimately be applied from the trust account towards the purchase price?
Answer options: ✅ $45,000
- $20,000
- $35,000
- $0
Correct answer: $45,000
Explanation: All deposits made by the buyer and held in the real estate brokerage's trust account are applied towards the purchase price at closing. The total is $20,000 + $15,000 + $10,000 = $45,000.
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