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. George received an offer with a very high deposit. What might this indicate about the buyer?
#2. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#3. Rachel’s offer was accepted but she needs more time to arrange financing. What should she do?
#4. What is a condition precedent?
#5. What does ‘under contract’ mean in real estate?
#6. How can a salesperson help a seller prepare their home for sale?
#7. What must be included in an amendment to an agreement of purchase and sale?
#8. How can a salesperson help a buyer understand the local market?
#9. What is the purpose of a home inspection?
#10. David wants to terminate his buyer representation agreement. What should he do?
#11. Liam is including a condition for a water quality test in his offer. Where should this be specified?
#12. What is a common reason for a real estate deal to fall through?
#13. How can a buyer ensure they are working with a licensed brokerage?
#14. Sophia wants to rent her property instead of selling it. What should she discuss with her brokerage?
#15. What is a common reason for an offer to be conditional?
#16. What is the best strategy for pricing a home to sell quickly?
#17. What is the purpose of title insurance?
#18. What should a salesperson disclose about previous renovations?
#19. What is a deed of trust?
#20. What is the purpose of a home inspection condition in an offer?
#21. When can a notice of fulfillment be used?
#22. What should a buyer do if they find issues during a home inspection?
#23. Who typically holds the deposit once an offer is accepted?
#24. What happens if the conditions of an offer are not met?
#25. How can a buyer withdraw an offer before it is accepted?
#26. Tyler wants to ensure that the seller repairs a leaky roof before closing. How should this be included?
#27. What should be done if a deposit cheque bounces?
#28. What should a buyer do if their offer is rejected?
#29. How should a salesperson handle a buyer who is concerned about property taxes?
#30. What is the role of a real estate appraiser?
#31. What is the role of a home appraiser?
#32. How should a salesperson handle offers during a multiple offer situation?
#33. What should a salesperson do if they learn that a new landfill is planned near a property they are selling?
#34. What is required for an amendment to be valid?
#35. How can a salesperson help a seller set the right asking price?
#36. Lily wants to take possession of the property as soon as possible. What should she focus on in her offer?
#37. Andrew received a counter offer with an adjusted purchase price. What must he ensure is correct before accepting?
#38. What is a common contingency included in offers?
#39. What is the first step in making an offer on a property?
#40. Grace wants to invest in rental properties. What should her brokerage provide?
#41. Hannah is including a condition for obtaining homeowners insurance in her offer. Where should this be specified?
#42. Zoe wants to make her offer conditional on the sale of her current home. What should she include?
#43. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#44. What is a buyer representation agreement?
#45. When does an offer become a legally binding contract?
#46. Chloe wants to include a condition that the property must pass a pest inspection. Where should this be documented?
#47. What is the best way to market a property in a competitive market?
#48. How should a salesperson handle a buyer’s request for a property history?
#49. What should a salesperson do if a buyer is interested in a property that is in foreclosure?
#50. What is the role of a mutual release in a real estate transaction?
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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