Humber/Ontario Real Estate Course 3 Exam Practice

What is the correct sequence of key dates for an offer with no conditions?

1. Offer Date, Completion Date, Irrevocable Date, Requisition Date

2. Offer Date, Irrevocable Date, Requisition Date, Completion Date

3. Offer Date, Requisition Date, Irrevocable Date, Completion Date

4. Offer Date, Completion Date, Requisition Date, Irrevocable Date

5. Irrevocable Date, Requisition Date, Offer Date, Completion Date

6. Offer Date, Irrevocable Date, Completion Date, Requisition Date

The correct answer is: Offer Date, Completion Date, Irrevocable Date, Requisition Date

In a real estate transaction, when an offer contains no conditions, the correct sequence of key dates is crucial to ensure a smooth and timely process. The key dates are as follows: 1. Offer Date: This is the date when the offer is made by the buyer to the seller. It is the starting point of the transaction. 2. Irrevocable Date: This is the date and time specified by the buyer until which the offer is irrevocable. Once this deadline passes, the offer is no longer valid, and the buyer is no longer bound by it. 3. Completion Date: This is the date when the ownership of the property is transferred from the seller to the buyer, and the transaction is considered complete. 4. Requisition Date: This is the date by which the buyer can perform their due diligence, such as obtaining a home inspection, reviewing condominium documents, etc. It is an important date for the buyer to ensure they are satisfied with the property before proceeding with the transaction. Therefore, the correct sequence of key dates for an offer with no conditions is: Offer Date, Completion Date, Irrevocable Date, Requisition Date, which corresponds to option A.