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 are the obligations under REBBA regarding the advertising of real estate services?
#2. What is a dual agency situation?
#3. What kind of training does REBBA mandate for all registered brokers and salespersons?
#4. What is a contingency in real estate?
#5. When can a notice of fulfillment be used?
#6. What are the consequences under REBBA for failing to disclose conflict of interest?
#7. What is a balloon mortgage?
#8. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#9. How many days notice must be given for a disciplinary hearing?
#10. Who ensures that a brokerage complies with REBBA?
#11. What is considered a violation of the code of ethics in real estate advertising?
#12. What is required under REBBA for a brokerage when there is a change in the broker of record?
#13. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#14. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#15. What role does the Electronic Commerce Act play in real estate transactions?
#16. What is the primary purpose of a real estate contract?
#17. What is a deed of trust?
#18. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#19. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#20. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#21. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#22. How does the Municipal Act impact real estate salespersons?
#23. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#24. What is the primary purpose of the Statute of Frauds in real estate transactions?
#25. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#26. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#27. What does REBBA require for a brokerage in terms of financial management?
#28. What is required under REBBA for a brokerage when there is a change in the broker of record?
#29. What is required for a real estate professional to reinstate their license after suspension?
#30. Which form is used to identify the fulfillment of a condition in an agreement?
#31. What kind of training does REBBA mandate for all registered brokers and salespersons?
#32. What is the result of a disciplinary action if a violation is proven?
#33. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#34. Who ensures that a brokerage complies with REBBA?
#35. What should a salesperson do if a seller wants to hide a defect?
#36. What is the primary purpose of the Statute of Frauds in real estate transactions?
#37. According to the Planning Act, what is the impact of an official plan on land development?
#38. What is the primary role of REBBA in real estate regulation?
#39. What is a disciplinary hearing in real estate?
#40. What should be done if a real estate professional changes brokerages?
#41. What should a real estate professional do if they discover a colleague’s unethical behavior?
#42. What does ‘contingent’ mean in a real estate listing?
#43. When must notice be given for the fulfillment of a condition in an agreement?
#44. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#45. What is required under REBBA for a brokerage when there is a change in the broker of record?
#46. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#47. What is required under REBBA for a brokerage when there is a change in the broker of record?
#48. What is the purpose of title insurance?
#49. How does the Municipal Act impact real estate salespersons?
Results
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