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 primary purpose of a real estate contract?
#2. What is a deed of trust?
#3. Under REBBA, what is required to maintain a valid salesperson registration?
#4. What is the role of the real estate regulatory body?
#5. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#6. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#7. What does REBBA regulate regarding brokerage trust accounts?
#8. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#9. How can a salesperson help a buyer understand the local market?
#10. What role does the Electronic Commerce Act play in real estate transactions?
#11. What kind of training does REBBA mandate for all registered brokers and salespersons?
#12. Scenario: A brokerage is found not keeping proper sales records as per REBBA regulations. What action can RECO take?
#13. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#14. What is required under REBBA for a brokerage when there is a change in the broker of record?
#15. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#16. How can real estate professionals avoid ethical violations?
#17. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#18. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#19. What should be the first step if a real estate professional is accused of an ethics violation?
#20. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#21. What is required before using client testimonials in advertising?
#22. What does REBBA regulate regarding brokerage trust accounts?
#23. What type of information is prohibited in real estate advertising?
#24. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#25. What is a zoning ordinance?
#26. What is a property deed?
#27. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#28. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#29. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#30. What kind of training does REBBA mandate for all registered brokers and salespersons?
#31. What is the role of a home appraiser?
#32. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#33. What is required under REBBA for a brokerage when there is a change in the broker of record?
#34. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#35. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#36. What are the consequences under REBBA for failing to disclose conflict of interest?
#37. What is an example of unethical behavior in real estate?
#38. What is required under REBBA for a brokerage when there is a change in the broker of record?
#39. What are the obligations under REBBA regarding the advertising of real estate services?
#40. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#41. What document is used to amend an agreement of purchase and sale?
#42. What are the consequences under REBBA for failing to disclose conflict of interest?
#43. What is required when an amendment to an agreement is not accepted?
#44. Who must ensure compliance with REBBA within a brokerage?
#45. What does the Family Law Act primarily address in the context of real estate?
#46. What must be included in an amendment to an agreement of purchase and sale?
#47. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#48. What is an appraisal contingency?
#49. What is the primary purpose of the Statute of Frauds in real estate transactions?
Results
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