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. According to REBBA, who is responsible for overseeing the ethical conduct of salespersons?
#2. What is required under REBBA for a brokerage when there is a change in the broker of record?
#3. What is the consequence of advertising a property without the owner’s consent?
#4. 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?
#5. What is the primary role of REBBA in real estate regulation?
#6. What does REBBA regulate regarding brokerage trust accounts?
#7. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#8. How can real estate professionals avoid ethical violations?
#9. What is a contingency in real estate?
#10. What does REBBA regulate regarding brokerage trust accounts?
#11. What are the consequences under REBBA for failing to disclose conflict of interest?
#12. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#13. How long must a real estate professional keep records of transactions?
#14. Who must ensure compliance with REBBA within a brokerage?
#15. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#16. What are the obligations under REBBA regarding the advertising of real estate services?
#17. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#18. According to the Planning Act, what is the impact of an official plan on land development?
#19. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#20. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#21. How does the Municipal Act impact real estate salespersons?
#22. What should be the first step if a real estate professional is accused of an ethics violation?
#23. What role does the Electronic Commerce Act play in real estate transactions?
#24. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#25. What is required under REBBA for a brokerage when there is a change in the broker of record?
#26. How should a salesperson handle a complaint about their professional conduct?
#27. What must be included in all real estate advertisements?
#28. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#29. What is required before using client testimonials in advertising?
#30. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#31. What is the purpose of REBBA’s Code of Ethics?
#32. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#33. What role does the Electronic Commerce Act play in real estate transactions?
#34. What should a salesperson do if a property has an encroachment?
#35. What does ‘contingent’ mean in a real estate listing?
#36. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#37. What is the purpose of title insurance?
#38. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#39. What should be done if a real estate professional’s license is suspended?
#40. What is the role of a home appraiser?
#41. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#42. What is required for an amendment to be valid?
#43. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#44. What is a zoning ordinance?
#45. What is a lease option?
#46. What is the role of a mortgage broker?
#47. Scenario: A brokerage is found not keeping proper sales records as per REBBA regulations. What action can RECO take?
#48. What are the consequences under REBBA for failing to disclose conflict of interest?
#49. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
Results
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