Prepare for your Section 3 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section three of the Ontario Real Estate License Program.
#1. What is the significance of an earnest money deposit?
#2. What is a condition precedent?
#3. Which form is used to identify the fulfillment of a condition in an agreement?
#4. When must a buyer provide the deposit after an offer is accepted?
#5. What is the purpose of the Personal Information Protection and Electronic Documents Act (PIPEDA) in real estate?
#6. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#7. Ella is making an offer on a house and wants the sale to be conditional on a satisfactory appraisal. What should she include?
#8. What is a balloon mortgage?
#9. What is the correct course of action for a salesperson if a property has an unpermitted addition?
#10. What is an escrow account used for?
#11. Isabella received an offer on her property but is unsure if it’s fair. What should she ask her brokerage?
#12. Sophia wants to rent her property instead of selling it. What should she discuss with her brokerage?
#13. Daniel’s offer was countered by the seller with a higher price and removal of some chattels. What should Daniel do if he disagrees?
#14. What should a salesperson do if a property appraisal comes in lower than the offer price?
#15. Liam’s landlord wants to sell the property he is renting. What should Liam do?
#16. Rachel is a first-time homebuyer. What should her brokerage provide?
#17. Kevin is unsure about signing a listing agreement. What should he do?
#18. How should a salesperson handle offers during a multiple offer situation?
#19. What is a common reason for an offer to be conditional?
#20. Nina wants to ensure the inclusion of all existing light fixtures in her purchase. How should this be documented?
#21. What is the primary benefit of a fixed-rate mortgage?
#22. What is a contingency in real estate?
#23. Hannah is including a condition for obtaining homeowners insurance in her offer. Where should this be specified?
#24. How should a salesperson respond if a buyer finds a significant issue during the home inspection?
#25. How can a buyer make their offer more attractive to a seller?
#26. Sophia’s brokerage has multiple offers on her property. How should the brokerage handle this?
#27. What happens if the seller makes a counteroffer?
#28. Who typically holds the deposit once an offer is accepted?
#29. What is the purpose of a home inspection condition in an offer?
#30. What should a salesperson do if they suspect a property has lead paint?
#31. When must notice be given for the fulfillment of a condition in an agreement?
#32. Liam is including a condition for a water quality test in his offer. Where should this be specified?
#33. What is a dual agency situation?
#34. What should a salesperson do if a seller wants to hide a defect?
#35. What is the purpose of a final walk-through?
#36. What should a buyer consider when choosing a brokerage?
#37. Lily wants to take possession of the property as soon as possible. What should she focus on in her offer?
#38. How should a salesperson handle a buyer’s request for a property history?
#39. How should a salesperson manage a situation where a property is suspected to be overpriced?
#40. What is private mortgage insurance (PMI)?
#41. What is a dual agency?
#42. Who is responsible for providing accurate information about a property?
#43. Laura’s brokerage failed to disclose a material fact about a property she purchased. What can she do?
#44. What is a buyer representation agreement?
#45. Who pays for the home inspection in a real estate transaction?
#46. Why is location important in real estate?
#47. What is an escalation clause in an offer?
#48. What is the main advantage of exclusive representation?
#49. What should a salesperson do if they notice mold during a property showing?
#50. What is a deed of trust?
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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