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 private mortgage insurance (PMI)?
#2. Grace wants to invest in rental properties. What should her brokerage provide?
#3. Emma is buying a house and wants her brokerage to keep her information confidential. What should she do?
#4. What is the role of a home appraiser?
#5. How should a salesperson respond if a buyer finds a significant issue during the home inspection?
#6. What is a contingency in a real estate contract?
#7. What is a key factor in determining property value?
#8. What is a dual agency?
#9. What is a condition precedent?
#10. How can a salesperson help a seller set the right asking price?
#11. Rachel’s offer was accepted but she needs more time to arrange financing. What should she do?
#12. What should a salesperson do if a buyer wants to back out of a purchase contract?
#13. What happens if the conditions of an offer are not met?
#14. What is the purpose of a home inspection condition in an offer?
#15. What is a common reason for an offer to be conditional?
#16. How can a salesperson help a buyer during a bidding war?
#17. What is an escrow account used for?
#18. What is the role of a real estate appraiser?
#19. Liam’s landlord wants to sell the property he is renting. What should Liam do?
#20. Liam is including a condition for a water quality test in his offer. Where should this be specified?
#21. Why is it important to include a financing condition in an offer?
#22. What should a salesperson do if a seller wants to hide a defect?
#23. How can a buyer ensure they are working with a licensed brokerage?
#24. What should a buyer do if their offer is rejected?
#25. Rachel is a first-time homebuyer. What should her brokerage provide?
#26. What does ‘contingent’ mean in a real estate listing?
#27. What is the purpose of a listing agreement?
#28. What is a home equity loan?
#29. What is the impact of high property taxes on property sales?
#30. James’s brokerage is preparing a counteroffer on his behalf. What should James ensure?
#31. What is the function of a deed?
#32. What is the purpose of a home inspection?
#33. What is the purpose of title insurance?
#34. Who is responsible for providing accurate information about a property?
#35. Hannah is including a condition for obtaining homeowners insurance in her offer. Where should this be specified?
#36. What is a common contingency in a real estate contract?
#37. What does a financing condition protect the buyer from?
#38. What obligation does a brokerage have when representing a buyer?
#39. What is the impact of interest rates on the real estate market?
#40. How does a salesperson ensure they are providing the best service when representing a buyer?
#41. Henry’s brokerage is handling both the sale and the purchase of properties for him. What should Henry ensure?
#42. What is the primary purpose of a real estate contract?
#43. Kevin is unsure about signing a listing agreement. What should he do?
#44. What should a seller do if they receive multiple offers?
#45. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#46. David wants to terminate his buyer representation agreement. What should he do?
#47. What is the main advantage of exclusive representation?
#48. What is the benefit of a pre-approval letter for a buyer?
#49. Ella is making an offer on a house and wants the sale to be conditional on a satisfactory appraisal. What should she include?
#50. When is a real estate transaction considered closed?
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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