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 does REBBA define the responsibilities of a broker of record with regard to compliance?
#2. Which form is used to identify the fulfillment of a condition in an agreement?
#3. What does REBBA require for a brokerage in terms of financial management?
#4. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#5. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#6. According to REBBA, who is responsible for overseeing the ethical conduct of salespersons?
#7. What kind of training does REBBA mandate for all registered brokers and salespersons?
#8. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#9. What is a dual agency situation?
#10. What can be a consequence of violating the real estate code of ethics?
#11. What is a disciplinary hearing in real estate?
#12. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#13. What should be the first step if a real estate professional is accused of an ethics violation?
#14. Who must ensure compliance with REBBA within a brokerage?
#15. What is required for an amendment to be valid?
#16. Who ensures that a brokerage complies with REBBA?
#17. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#18. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#19. What kind of training does REBBA mandate for all registered brokers and salespersons?
#20. What does ‘contingent’ mean in a real estate listing?
#21. What is the primary role of REBBA in real estate regulation?
#22. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#23. According to the Planning Act, what is the impact of an official plan on land development?
#24. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#25. How does the Municipal Act impact real estate salespersons?
#26. According to the Planning Act, what is the impact of an official plan on land development?
#27. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#28. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#29. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#30. What is required under REBBA for a brokerage when there is a change in the broker of record?
#31. What is a property deed?
#32. What kind of training does REBBA mandate for all registered brokers and salespersons?
#33. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#34. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#35. What is the importance of documenting all communications with clients?
#36. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#37. What document is used to amend an agreement of purchase and sale?
#38. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#39. When must notice be given for the fulfillment of a condition in an agreement?
#40. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#41. What is required before using client testimonials in advertising?
#42. What is the impact of interest rates on the real estate market?
#43. What is a possible outcome of repeated ethical violations by a real estate professional?
#44. What is a balloon mortgage?
#45. How many days notice must be given for a disciplinary hearing?
#46. What role does the Electronic Commerce Act play in real estate transactions?
#47. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#48. What does the Family Law Act primarily address in the context of real estate?
#49. What is required under REBBA for a brokerage when there is a change in the broker of record?
Results
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