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. Kevin received multiple offers on his property. What is the best practice to follow?
#2. Who typically holds the deposit once an offer is accepted?
#3. What is a key factor in determining property value?
#4. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#5. What is the purpose of title insurance?
#6. What should a seller disclose to their brokerage?
#7. Matthew’s offer includes a condition for the sale of his current home within 30 days. What happens if this condition is not met?
#8. What is the impact of interest rates on the real estate market?
#9. What should a buyer do if they find issues during a home inspection?
#10. What is the purpose of the Personal Information Protection and Electronic Documents Act (PIPEDA) in real estate?
#11. How can a salesperson help a buyer during a bidding war?
#12. What is the importance of a comparative market analysis (CMA)?
#13. What is the first step in making an offer on a property?
#14. What must be included in a valid real estate offer?
#15. Tyler wants to ensure that the seller repairs a leaky roof before closing. How should this be included?
#16. What does ‘contingent’ mean in a real estate listing?
#17. What is a contingency in real estate?
#18. What is an escrow account used for?
#19. Michael wants to ensure his property is marketed effectively. What should he discuss with his brokerage?
#20. Grace received a counter offer that changes the irrevocable date. What must she ensure before accepting?
#21. Zoe wants to make her offer conditional on the sale of her current home. What should she include?
#22. What is private mortgage insurance (PMI)?
#23. What is an appraisal contingency?
#24. Sophia’s brokerage has multiple offers on her property. How should the brokerage handle this?
#25. What is the primary purpose of a real estate contract?
#26. Emma is buying a house and wants her brokerage to keep her information confidential. What should she do?
#27. What is a common contingency in a real estate contract?
#28. Mark is buying a home and wants to make an informed decision. What should he ask his brokerage to provide?
#29. Who pays for the home inspection in a real estate transaction?
#30. How should a salesperson respond if a buyer finds a significant issue during the home inspection?
#31. What is the benefit of a pre-approval letter for a buyer?
#32. What is a balloon mortgage?
#33. James’s brokerage is preparing a counteroffer on his behalf. What should James ensure?
#34. What is a condition precedent?
#35. What should a salesperson do if a buyer is interested in a property that is in foreclosure?
#36. Rachel is a first-time homebuyer. What should her brokerage provide?
#37. What is a common contingency included in offers?
#38. How can a salesperson help a buyer understand the local market?
#39. What is a home equity loan?
#40. When does an offer become a legally binding contract?
#41. Who typically pays the commission to the brokerage in a real estate transaction?
#42. Kevin is unsure about signing a listing agreement. What should he do?
#43. Tyler’s brokerage is helping him buy a property. What should the brokerage avoid doing?
#44. Rachel’s offer was accepted but she needs more time to arrange financing. What should she do?
#45. What is a short sale?
#46. John is selling his house and hires a brokerage to represent him. What should he expect from the brokerage?
#47. What should a buyer do if their offer is rejected?
#48. What is a closing disclosure?
#49. What is the role of a home inspection in a real estate transaction?
#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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