Humber/Ontario Real Estate Course 1 Exam Practice 2025 - Free Real Estate Course 1 Practice Questions and Study Guide

Question: 1 / 890

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.

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.

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The seller's lawyer.

The local real estate board.

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