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 must a real estate professional keep records of transactions?
#2. How many days notice must be given for a disciplinary hearing?
#3. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#4. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#5. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#6. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#7. Who ensures that a brokerage complies with REBBA?
#8. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#9. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#10. Who ensures that a brokerage complies with REBBA?
#11. How should a salesperson advise a buyer when interest rates are expected to rise?
#12. What does the Family Law Act primarily address in the context of real estate?
#13. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#14. What is a dual agency situation?
#15. How does the Municipal Act impact real estate salespersons?
#16. What is a deed of trust?
#17. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#18. What are the obligations under REBBA regarding the advertising of real estate services?
#19. According to the Planning Act, what is the impact of an official plan on land development?
#20. What are the consequences under REBBA for failing to disclose conflict of interest?
#21. What is the primary role of REBBA in real estate regulation?
#22. What does the Family Law Act primarily address in the context of real estate?
#23. Scenario: A salesperson at a brokerage uses misleading advertising despite REBBA’s regulations. What could be the consequences?
#24. What is the primary purpose of the Statute of Frauds in real estate transactions?
#25. What is the result of a disciplinary action if a violation is proven?
#26. Who ensures that a brokerage complies with REBBA?
#27. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#28. What is the purpose of title insurance?
#29. Which form is used to identify the fulfillment of a condition in an agreement?
#30. What role does the Electronic Commerce Act play in real estate transactions?
#31. What are the obligations under REBBA regarding the advertising of real estate services?
#32. What should be included in all real estate advertisements to comply with regulations?
#33. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#34. What is a contingency in real estate?
#35. According to the Planning Act, what is the impact of an official plan on land development?
#36. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#37. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#38. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#39. What should be done if a real estate professional changes brokerages?
#40. What is required before using client testimonials in advertising?
#41. What is the role of a home appraiser?
#42. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#43. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#44. What does REBBA regulate regarding brokerage trust accounts?
#45. What are the consequences under REBBA for failing to disclose conflict of interest?
#46. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#47. What is the primary purpose of a real estate contract?
#48. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#49. What kind of training does REBBA mandate for all registered brokers and salespersons?
Results
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