Humber/Ontario Real Estate Course 4 Exam Practice

What would be a correct action involving a sales condition to be fulfilled?

1. Ensure the condition is nullified by due date

2. Lend no concern to the timely arrival of a home inspector

3. Encourage buyers to disregard mortgage conditions

4. Use a notice of fulfillment or a waiver appropriately

The correct answer is: Use a notice of fulfillment or a waiver appropriately

Utilizing a notice of fulfillment or a waiver appropriately is a crucial action when dealing with sales conditions. In real estate transactions, sales conditions often include specific requirements that need to be met before a deal can progress. A notice of fulfillment serves as formal documentation that a particular condition has been satisfied, thereby moving the transaction forward. Conversely, a waiver can be used if a party chooses to forgo a condition that was originally stipulated, which can help to expedite the process if both parties agree. This approach ensures that all parties are properly informed about the status of conditions and provides legal clarity, which is essential in maintaining professionalism and accountability in real estate dealings. Using these mechanisms effectively supports the smooth advancement of the transaction and helps prevent misunderstandings or disputes later in the process.