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 main benefit of a shared facilities agreement in a mixed-use condominium?
#2. Who elects the board of directors in a commercial condominium?
#3. What is a tenant’s right if they discover the rental unit is uninhabitable?
#4. What is the primary function of the Condominium Authority Tribunal?
#5. Michael received a 24-hour notice for the landlord to enter his apartment for repairs. Is this notice valid?
#6. Who is responsible for calling a turnover meeting in a commercial condominium?
#7. What is the purpose of a final walk-through?
#8. David is preparing an offer and needs to list key dates. Which of the following is NOT typically included?
#9. How can a salesperson help a seller prepare their home for sale?
#10. How many days’ notice must a landlord give a tenant to terminate a month-to-month tenancy without cause?
#11. A buyer is concerned about the financial health of a condominium. What document should they ask for?
#12. What is a zoning ordinance?
#13. What must be done if a rental application is not approved?
#14. Mark’s landlord gave him a 48-hour notice to enter the property for a routine inspection. Is this notice period sufficient?
#15. What is a common issue found during home inspections?
#16. What is the maximum allowable rent increase in a rent-controlled area?
#17. Which document is required to terminate a binding agreement?
#18. What is the main difference between commercial and residential condominiums in terms of governance?
#19. What is the role of a home appraiser?
#20. 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?
#21. Isabella’s offer was accepted but the completion date needs to be extended. What should she do?
#22. Michael is leasing an industrial space and requires a loading dock for his business. What should he specify in the lease?
#23. What is a material change in a condominium disclosure statement?
#24. Thomas included a condition for the sale of his current home. What is this condition called?
#25. Emma is leasing an office space and needs to know if the property complies with the Accessibility for Ontarians with Disabilities Act. Who should she ask?
#26. Which type of condominium corporation allows the developer to add new units or common elements in the future?
#27. Mark wants to make an offer on a property but needs to sell his current home first. What type of condition should he include?
#28. What is the maximum amount of a security deposit a landlord can require?
#29. What is the first date to be identified in an offer plan?
#30. What is the function of a status certificate?
#31. What right does a tenant have if the landlord fails to make necessary repairs?
#32. What type of condominium does not include units but has shared common elements?
#33. What is included in a condominium’s common elements?
#34. A buyer wants to make modifications to an exclusive use common element. What must they do first?
#35. What is the first step in creating a counter offer?
#36. When can a notice of fulfillment be used?
#37. Mary wants to lease a retail space that allows her to pay a fixed minimum rent plus a percentage of her gross sales. What type of lease is this?
#38. When must a developer provide a disclosure statement to a potential buyer of a commercial condominium?
#39. What must be done if an offer becomes difficult to read?
#40. David received a notice for a rent increase of 8% effective in 90 days. Is this notice valid?
#41. What is a counter offer?
#42. What is a freehold – vacant land condominium?
#43. What is the purpose of a shared facilities agreement?
#44. What is the purpose of a New Owner Information Certificate (NOIC)?
#45. What is a short sale?
#46. What should a potential buyer review to assess the financial health of a commercial condominium?
#47. What is the minimum notice period a landlord must give a tenant for eviction due to non-payment of rent?
#48. What is the impact of interest rates on the real estate market?
#49. What is a lease option?
#50. Who is responsible for insuring the common elements in a commercial condominium?
Results
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