Prepare for your Section 2 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section two of the Ontario Real Estate License Program.
#1. According to the Planning Act, what is the impact of an official plan on land development?
#2. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#3. What is a deed of trust?
#4. What is the best way to market a property in a competitive market?
#5. What is the main purpose of a title search?
#6. What should a seller disclose to their brokerage?
#7. What is a short sale?
#8. What is the role of a real estate appraiser?
#9. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#10. How should a salesperson handle offers during a multiple offer situation?
#11. What does the Family Law Act primarily address in the context of real estate?
#12. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#13. What is a balloon mortgage?
#14. What should a salesperson do if a property is overpriced?
#15. What is the purpose of a final walk-through?
#16. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#17. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#18. How does the Municipal Act impact real estate salespersons?
#19. What does the Family Law Act primarily address in the context of real estate?
#20. When is a real estate transaction considered closed?
#21. Henry’s brokerage is handling both the sale and the purchase of properties for him. What should Henry ensure?
#22. What is a lien?
#23. What is an appraisal contingency?
#24. What is the primary purpose of the Statute of Frauds in real estate transactions?
#25. Who typically pays the commission to the brokerage in a real estate transaction?
#26. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#27. What is the primary benefit of a fixed-rate mortgage?
#28. What is the benefit of a home warranty?
#29. What does ‘under contract’ mean in real estate?
#30. What role does the Electronic Commerce Act play in real estate transactions?
#31. What is a buyer representation agreement?
#32. What is private mortgage insurance (PMI)?
#33. How can a salesperson help a seller set the right asking price?
#34. According to the Planning Act, what is the impact of an official plan on land development?
#35. James’s brokerage is preparing a counteroffer on his behalf. What should James ensure?
#36. Grace wants to invest in rental properties. What should her brokerage provide?
#37. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#38. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#39. What obligation does a brokerage have when representing a buyer?
#40. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#41. What is the main advantage of exclusive representation?
#42. Kevin is unsure about signing a listing agreement. What should he do?
#43. What is a home equity loan?
#44. What is the role of a home inspection in a real estate transaction?
#45. What is a real estate disclosure?
#46. What should a buyer consider when choosing a brokerage?
#47. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#48. What is the role of a brokerage in a real estate transaction under REBBA?
#49. What obligations does a salesperson have when handling a property sale with known environmental issues?
#50. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
Results
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