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 does ‘under contract’ mean in real estate?
#2. What is the role of a commercial condominium board of directors?
#3. Oliver wants to make his offer conditional on obtaining homeowners insurance. Where should this be specified?
#4. Who is responsible for insuring the common elements in a commercial condominium?
#5. What right does a tenant have if the landlord fails to make necessary repairs?
#6. Sophia received a 30-day notice to vacate because her landlord wants to renovate the unit. Is this notice valid?
#7. How often can a landlord inspect a rental property?
#8. When must a developer provide a disclosure statement to a potential buyer of a commercial condominium?
#9. What is a key factor to consider when buying an investment property?
#10. How often must smoke alarms be tested in rental units?
#11. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#12. What is a counter offer?
#13. Michael received a 24-hour notice for the landlord to enter his apartment for repairs. Is this notice valid?
#14. Lucas received a 14-day notice to pay overdue rent or face eviction. Is this notice valid?
#15. How should a salesperson handle a landlord’s request to exclude pets?
#16. What does a shared facilities agreement typically include?
#17. Anna’s landlord gave her a 60-day notice to vacate for a major renovation. Is this notice period sufficient?
#18. Laura is negotiating a lease for an office space and wants to ensure that she has enough parking spots for her employees. Where should this be detailed?
#19. What is a home equity loan?
#20. Olivia’s lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
#21. How long must brokerages retain documents for a successful transaction?
#22. What must be included in a disclosure statement for a new condominium?
#23. A buyer wants to rescind their purchase agreement within the cooling-off period. What must they provide?
#24. Zoe’s apartment building was sold, and she received a 30-day notice to vacate. Is this notice valid?
#25. What must be included in an amendment to an agreement of purchase and sale?
#26. How can a salesperson help a buyer understand the local market?
#27. How often must a reserve fund study be updated for a commercial condominium?
#28. What is the consequence of not paying common expense fees in a commercial condominium?
#29. When must notice be given for the fulfillment of a condition in an agreement?
#30. What is a zoning ordinance?
#31. Under what circumstances can a tenant break a lease without penalty?
#32. What is an anchor tenant?
#33. What is the most common method of countering an offer?
#34. Mark wants to make an offer on a property but needs to sell his current home first. What type of condition should he include?
#35. What is the function of a status certificate?
#36. What is the purpose of title insurance?
#37. A buyer wants to know what happens if they don’t pay their common expense fees. What is the consequence?
#38. What should a salesperson disclose about previous renovations?
#39. What is a condominium declaration?
#40. What is the role of the board of directors in a condominium corporation?
#41. What is a freehold – vacant land condominium?
#42. A buyer is purchasing a unit with an exclusive use balcony. What are their responsibilities?
#43. What must be provided to a potential buyer before they sign an agreement of purchase and sale for a new condominium?
#44. What is the role of a mutual release in a real estate transaction?
#45. When is a commercial condominium developer required to call a turnover meeting?
#46. What is the role of a condominium manager?
#47. What is the main purpose of a tenant fit-up?
#48. What is a reserve fund in a condominium corporation used for?
#49. What is the main purpose of a title search?
#50. Why is location important in real estate?
Results
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