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. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#2. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#3. What is the primary purpose of the Statute of Frauds in real estate transactions?
#4. What are the consequences under REBBA for failing to disclose conflict of interest?
#5. What is an appraisal contingency?
#6. How many days does a real estate professional have to pay a fine once imposed?
#7. Who ensures that a brokerage complies with REBBA?
#8. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#9. What is the role of a mutual release in a real estate transaction?
#10. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#11. What does REBBA require for a brokerage in terms of financial management?
#12. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#13. What is the primary role of REBBA in real estate regulation?
#14. What kind of training does REBBA mandate for all registered brokers and salespersons?
#15. What kind of training does REBBA mandate for all registered brokers and salespersons?
#16. What is a property deed?
#17. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#18. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#19. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#20. What are the consequences under REBBA for failing to disclose conflict of interest?
#21. What is a disciplinary hearing in real estate?
#22. What is the maximum number of days a real estate professional has to correct a misleading advertisement?
#23. Who ensures that a brokerage complies with REBBA?
#24. What is the primary purpose of the Statute of Frauds in real estate transactions?
#25. What is the purpose of a waiver in a real estate transaction?
#26. Who ensures that a brokerage complies with REBBA?
#27. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#28. How does the Municipal Act impact real estate salespersons?
#29. Who ensures that a brokerage complies with REBBA?
#30. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#31. What is the primary role of REBBA in real estate regulation?
#32. How should a salesperson handle a complaint about their professional conduct?
#33. What must be included in all real estate advertisements?
#34. Which form is used to identify the fulfillment of a condition in an agreement?
#35. Which document is required to terminate a binding agreement?
#36. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#37. What role does the Electronic Commerce Act play in real estate transactions?
#38. What is the role of a mortgage broker?
#39. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#40. What should be done if a real estate professional’s license is suspended?
#41. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#42. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#43. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#44. What is the consequence of advertising a property without the owner’s consent?
#45. Why is it important to adhere to advertising regulations in real estate?
#46. What information is required in an online property advertisement?
#47. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#48. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#49. How does the Municipal Act impact real estate salespersons?
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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