Question

What purpose does the OREA Form 122 serve in a real estate transaction?

A) Releasing deposits from the brokerage's trust account upon written confirmation from the buyer.
B) Facilitating communication between the seller and the brokerage regarding the release of deposits.
C) Documenting mutual agreement between the seller and buyer to release deposits from the trust account.

Select the accurate description of the OREA Form 122 based on the provided information:

A only
B only
C only

Answer 1

OREA Form 122 is used to document mutual agreement between the seller and buyer for the release of deposits from the trust account in a real estate transaction.

Step-by-step explanation:

The OREA Form 122 serves the purpose of documenting mutual agreement between the seller and buyer to release deposits from the trust account in a real estate transaction. This form is crucial for ensuring that both parties are in agreement over the release of these funds, and it provides a legal documentation of that agreement. By doing this, it helps to avoid disputes and ensures a smooth process in the finalization of the real estate deal.