Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our comprehensive quiz featuring multiple-choice questions. Enhance your understanding of real estate concepts and strategies to excel in your exam!

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When adding a schedule to a preprinted agreement of purchase and sale, what is correct?

  1. A buyer's initial is not necessary on an added schedule

  2. Include a reference to the schedule on the first page of the agreement

  3. No cross-reference between the schedule and agreement is needed

  4. Schedules cannot override preprinted clauses in the agreement

  5. The schedule is attached after the final page without reference

  6. The schedule need not be mentioned in the agreement

The correct answer is: Include a reference to the schedule on the first page of the agreement

Including a reference to the schedule on the first page of the agreement is essential for clarity and proper documentation. This practice ensures that all parties involved in the transaction are aware of the additional terms or conditions that the schedule outlines. By explicitly indicating that a schedule is part of the purchase and sale agreement, it reinforces the legal validity of the added information and establishes it as a recognized component of the entire document. The other options lack this crucial clarity and legal necessity. For instance, a buyer's initials could enhance acknowledgment but are not strictly required if a reference is made. Additionally, failing to cross-reference the schedule with the agreement can lead to confusion regarding which terms are included. Similarly, schedules can indeed override preprinted clauses when they are properly referenced and agreed upon, and not mentioning the schedule in the agreement could result in ambiguities about its relevance or validity. Lastly, attaching a schedule without any reference in the main document could cause it to be overlooked, making it essential to indicate its presence right from the start.