Prepare for your Section 4 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section four of the Ontario Real Estate License Program.
#1. What is the primary function of the Condominium Authority Tribunal?
#2. A buyer is purchasing a unit with an exclusive use balcony. What are their responsibilities?
#3. Lucas received a 14-day notice to pay overdue rent or face eviction. Is this notice valid?
#4. Who typically appoints the initial board of directors in a commercial condominium?
#5. What must a declarant deliver within 60 days of the turnover meeting?
#6. How can a salesperson help a seller prepare their home for sale?
#7. How often must the reserve fund study be updated?
#8. What is a tenant’s right if they discover the rental unit is uninhabitable?
#9. What is the first step in creating a counter offer?
#10. What is the primary responsibility of the condominium board regarding finances?
#11. What is the role of the board of directors in a condominium corporation?
#12. What is a lien?
#13. John’s landlord has decided to sell the house and gave him a 60-day notice to vacate. Is this notice valid?
#14. What is a condominium declaration?
#15. What is a short sale?
#16. What is the role of a real estate appraiser?
#17. Who is responsible for maintaining common elements in a condominium?
#18. What is included in a triple net lease?
#19. What should be checked when a tenant requests immediate occupancy?
#20. Who elects the condominium board of directors?
#21. What is the role of a condominium manager?
#22. Mark’s landlord wants to evict him to move a family member into the unit and gave him a 120-day notice. Is this notice valid?
#23. What is the purpose of a waiver in a real estate transaction?
#24. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#25. Emma is drafting an offer and wants to include an escape clause. What is the primary purpose of an escape clause?
#26. How is the proportion of common expense fees determined for each unit?
#27. What document is essential for understanding the specific use restrictions of a commercial condominium unit?
#28. What is a closing disclosure?
#29. David is leasing a retail space and the landlord has provided a non-permitted use schedule. What does this schedule specify?
#30. What right does a tenant have if the landlord fails to make necessary repairs?
#31. What must a salesperson ensure when preparing a lease agreement?
#32. What must be done if a rental application is not approved?
#33. Michael is leasing an industrial space and requires a loading dock for his business. What should he specify in the lease?
#34. What is the role of the board of directors in a condominium corporation?
#35. Zoe is leasing a retail space and wants to have signage rights. What should she ensure is detailed in the lease?
#36. What must be done if an offer becomes difficult to read?
#37. What is a freehold – vacant land condominium?
#38. Mark wants to make an offer on a property but needs to sell his current home first. What type of condition should he include?
#39. What is a contingency in real estate?
#40. What is a contingency in a real estate contract?
#41. When must a condominium corporation’s reserve fund be used?
#42. A buyer asks about the declaration document. What should the salesperson explain?
#43. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#44. What should a salesperson do if a buyer is interested in a property that is in foreclosure?
#45. What is the role of a mutual release in a real estate transaction?
#46. What document outlines the specific rules and regulations of a condominium?
#47. What is the legal requirement for a landlord to provide heat in a rental unit?
#48. Which of the following best describes a condominium corporation?
#49. Which of the following is a common change in a counter offer?
#50. Olivia’s lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
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