Prepare for your Section 1 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section one of the Ontario Real Estate License Program.
#1. What is the purpose of title insurance?
#2. What is the penalty for failing to disclose a conflict of interest?
#3. What is required under REBBA for a brokerage when there is a change in the broker of record?
#4. What is the role of a mortgage broker?
#5. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#6. What is required under REBBA for a brokerage when there is a change in the broker of record?
#7. What should a salesperson do if a property has an encroachment?
#8. What should be done if a deposit cheque bounces?
#9. What is a deed of trust?
#10. How does the Municipal Act impact real estate salespersons?
#11. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#12. What does the Family Law Act primarily address in the context of real estate?
#13. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#14. According to the Planning Act, what is the impact of an official plan on land development?
#15. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#16. What is considered a violation of the code of ethics in real estate advertising?
#17. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#18. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#19. Who ensures that a brokerage complies with REBBA?
#20. How does the Municipal Act impact real estate salespersons?
#21. Who ensures that a brokerage complies with REBBA?
#22. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#23. What is a possible outcome of repeated ethical violations by a real estate professional?
#24. According to the Planning Act, what is the impact of an official plan on land development?
#25. Who ensures that a brokerage complies with REBBA?
#26. What are the consequences under REBBA for failing to disclose conflict of interest?
#27. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#28. What is the purpose of a code of ethics in real estate?
#29. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#30. What are the obligations under REBBA regarding the advertising of real estate services?
#31. Scenario: The broker of record at a brokerage has not provided adequate training as required by REBBA. What is the potential impact on the brokerage?
#32. Who ensures that a brokerage complies with REBBA?
#33. What does REBBA regulate regarding brokerage trust accounts?
#34. What should be done if a real estate professional changes brokerages?
#35. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#36. How does the Municipal Act impact real estate salespersons?
#37. What can be a consequence of violating the real estate code of ethics?
#38. How can a salesperson help a buyer understand the local market?
#39. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#40. What is the purpose of a home inspection?
#41. What are the consequences under REBBA for failing to disclose conflict of interest?
#42. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#43. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#44. Who must ensure compliance with REBBA within a brokerage?
#45. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#46. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#47. What is a disciplinary hearing in real estate?
#48. According to the Planning Act, what is the impact of an official plan on land development?
#49. What does REBBA regulate regarding brokerage trust accounts?
Results
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You have successfully passed the Practice Ontario Real Estate License Practice Exam. Your hard work and dedication have paid off, and you’re one step closer to achieving your goal of becoming a real estate professional. Keep up the great work as you prepare for the official exam. Well done!
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