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 are the obligations under REBBA regarding the advertising of real estate services?
#2. Anna wants to know if a brokerage has any complaints against them. Where should she check?
#3. What does the Family Law Act primarily address in the context of real estate?
#4. What is a dual agency?
#5. What are the obligations under REBBA regarding the advertising of real estate services?
#6. What is a contingency in real estate?
#7. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#8. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#9. Sophia’s brokerage has multiple offers on her property. How should the brokerage handle this?
#10. How should a salesperson advise a buyer when interest rates are expected to rise?
#11. What is the purpose of a home inspection?
#12. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#13. How does the Municipal Act impact real estate salespersons?
#14. What is the best way to market a property in a competitive market?
#15. What is the main purpose of a title search?
#16. Who typically pays the commission to the brokerage in a real estate transaction?
#17. How should a salesperson handle a buyer’s request for a property history?
#18. Kevin is unsure about signing a listing agreement. What should he do?
#19. What is the role of a real estate appraiser?
#20. How should a salesperson handle multiple offers on a property?
#21. What is the role of a mortgage broker?
#22. What is a deed of trust?
#23. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#24. What does ‘contingent’ mean in a real estate listing?
#25. What is the best strategy for pricing a home to sell quickly?
#26. What does the Family Law Act primarily address in the context of real estate?
#27. Henry’s brokerage is handling both the sale and the purchase of properties for him. What should Henry ensure?
#28. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#29. What is the purpose of a listing agreement?
#30. What is private mortgage insurance (PMI)?
#31. What does the Family Law Act primarily address in the context of real estate?
#32. Sophia wants to rent her property instead of selling it. What should she discuss with her brokerage?
#33. Isabella received an offer on her property but is unsure if it’s fair. What should she ask her brokerage?
#34. What obligation does a brokerage have when representing a buyer?
#35. What is a zoning ordinance?
#36. What is an adjustable-rate mortgage (ARM)?
#37. What should a salesperson do if a buyer wants to back out of a purchase contract?
#38. What is a real estate disclosure?
#39. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#40. Who is responsible for providing accurate information about a property?
#41. How does the Municipal Act impact real estate salespersons?
#42. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#43. What is a common reason for a real estate deal to fall through?
#44. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#45. How can a salesperson help a buyer during a bidding war?
#46. What does ‘under contract’ mean in real estate?
#47. What are the obligations under REBBA regarding the advertising of real estate services?
#48. James’s brokerage is preparing a counteroffer on his behalf. What should James ensure?
#49. What is a home equity loan?
#50. How should a salesperson handle a buyer who is concerned about property taxes?
Results
Congratulations!
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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Unfortunately, you did not pass the Practice Ontario Real Estate License Practice Exam this time. Don’t be discouraged; this is an opportunity to identify areas where you need further study and improvement. Review the materials, focus on your weak points, and try again. Your persistence and effort will lead you to success. Keep going!
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