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. What is the main purpose of a title search?
#2. What is a balloon mortgage?
#3. How does the Municipal Act impact real estate salespersons?
#4. What is the purpose of a home inspection?
#5. How does the Municipal Act impact real estate salespersons?
#6. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#7. What is the impact of high property taxes on property sales?
#8. What is the primary purpose of the Statute of Frauds in real estate transactions?
#9. What is the primary purpose of the Statute of Frauds in real estate transactions?
#10. What does the Family Law Act primarily address in the context of real estate?
#11. According to the Planning Act, what is the impact of an official plan on land development?
#12. What is a contingency in real estate?
#13. What is the impact of interest rates on the real estate market?
#14. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#15. What should a salesperson do if a seller wants to hide a defect?
#16. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#17. What is a key factor to consider when buying an investment property?
#18. How can a salesperson help a seller set the right asking price?
#19. What does ‘contingent’ mean in a real estate listing?
#20. What should a salesperson do if a property is overpriced?
#21. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#22. What should a salesperson do if they suspect a property has lead paint?
#23. How can a salesperson assist a client in determining a competitive offer price?
#24. How does the Municipal Act impact real estate salespersons?
#25. How should a salesperson handle multiple offers on a property?
#26. What is an escrow account used for?
#27. What are the obligations under REBBA regarding the advertising of real estate services?
#28. How can a salesperson assist a first-time homebuyer?
#29. What should a salesperson do if a property appraisal comes in lower than the offer price?
#30. David wants to terminate his buyer representation agreement. What should he do?
#31. What is a real estate disclosure?
#32. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#33. What is a dual agency?
#34. What is the role of a brokerage in a real estate transaction under REBBA?
#35. Laura’s brokerage failed to disclose a material fact about a property she purchased. What can she do?
#36. James’s brokerage is preparing a counteroffer on his behalf. What should James ensure?
#37. What should a salesperson disclose about previous renovations?
#38. How should a salesperson handle offers during a multiple offer situation?
#39. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#40. What should a salesperson do if a buyer wants to back out of a purchase contract?
#41. What should a buyer consider when choosing a brokerage?
#42. What obligation does a brokerage have when representing a buyer?
#43. How should a salesperson handle a buyer who is concerned about property taxes?
#44. How should a salesperson advise a buyer when interest rates are expected to rise?
#45. What is private mortgage insurance (PMI)?
#46. What should a salesperson do if they learn that a new landfill is planned near a property they are selling?
#47. How can a buyer ensure they are working with a licensed brokerage?
#48. What is an appraisal contingency?
#49. What is the best way to market a property in a competitive market?
#50. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
Results
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You have successfully passed the Practice Ontario Real Estate License Practice Exam. Your hard work and dedication have paid off, and you’re one step closer to achieving your goal of becoming a real estate professional. Keep up the great work as you prepare for the official exam. Well done!
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