Humber/Ontario Real Estate Course 1 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 1 Exam with tailored quizzes and study materials. Test your knowledge with multiple-choice questions designed to help you excel in your real estate career. Get ready to pass your exam with confidence!

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What is a key obligation for landlords regarding rent deposits under Ontario's Residential Tenancies Act?

Using it for first month's rent.
Applying it to last month's rent.
Using it as security for potential damages.
Depositing it in an interest-bearing account.
Returning it mid-tenancy upon request.
Not requiring a deposit at all.

The correct answer is: Applying it to last month's rent.

The correct answer is applying the rent deposit to the last month's rent. This is a key obligation for landlords under Ontario's Residential Tenancies Act. It is important for landlords to understand that rent deposits are meant to be applied towards the last month's rent of the tenancy, not for the first month's rent or as security for potential damages. Additionally, the Ontario Residential Tenancies Act requires landlords to deposit the rent deposit in a non-interest bearing account. The option of returning it mid-tenancy upon request is not a standard practice, and not requiring a deposit at all is not in compliance with the regulations of the Residential Tenancies Act in Ontario.