Humber Real Estate - Course 1, Module 6 exam 2024 with 100% correct answers

What is a contract? - correct answer A legally binding agreement between two or more persons, competent at law to enter into such agreement, for consideration or value, to do or refrain from doing something lawful. True or false? An oral contract for the acquisition or disposition of any interest in the land is enforceable. - correct answer False. Any contract in real estate is required to be in writing. When drafting a contract, what does The Statute of Frauds require? - correct answer - Must be in writing to be enforceable by law (the only exception is when a contract is verbal but parties begin to complete the contract, then it could be enforceable) What are the contract requirements of The Vendors and Purchasers Act? - correct answer - The seller is not bound to produce any abstract of title, deed, copy of a deed or other evidence of title except as are in the seller's possession or control - The buyer shall search the title at the buyer's own expense and shall make any objections in writing within 30 days from making of the contract - The seller has 30 days in which to remove any objection made to the title. If the seller is unable or unwilling and the buyer doesn't waive the request, the seller may cancel the contract and return any deposit made, but is not otherwise liable to the buyer - Taxes, local improvements, insurance premiums, rent and interest shall be adjusted as at the date of closing - The conveyance (legal process of transferring of ownership from one party to another) shall be prepared by the seller and the mortgage, if any, by the buyer; the buyer pays for the registration of the transfer/deed and the seller pays for the discharge of the mortgage - The buyer is entitled to possession or the receipt of rent and profits upon the date of closing the transaction What are the contract requirements of The Real Estate and Business Brokers Act? - correct answer - All agreements are reduced to writing at the earliest opportunity, signed by the brokerage and submitted to the seller or