Prepare for your Section 5 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section one of the Ontario Real Estate License Program.
#1. What is the difference between audited and unaudited statements?
#2. What does a balance sheet summarize?
#3. What information is typically included in a commercial lease agreement?
#4. Which professional should a buyer consult for tax implications?
#5. Why is it important to review local market conditions before leasing a commercial property?
#6. What should a salesperson do if they learn about undisclosed property damage?
#7. What is a notice to reader report?
#8. Why is parking availability important for commercial properties?
#9. What should be done if a commercial property has an environmental issue?
#10. How many days does a real estate professional have to pay a fine once imposed?
#11. What must be included in all real estate advertisements?
#12. Why is it important to have a property inspection before leasing?
#13. What is the significance of a property’s zoning classification?
#14. What is a key difference between an asset sale and a share sale?
#15. What is a triple net lease?
#16. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#17. What should be included in a property showing package for a buyer?
#18. What is a share sale?
#19. What is the role of a property manager in a commercial lease?
#20. What is a leading practice when preparing to show a commercial property?
#21. What should be done if a real estate professional changes brokerages?
#22. What should a buyer’s salesperson obtain from a seller?
#23. What is a key aspect of a share sale?
#24. What is a key consideration when selling a business?
#25. Why is it important to verify the square footage of a commercial property?
#26. Why is it important to assess transportation routes for commercial properties?
#27. Why is it important to verify the tenant’s business credit history?
#28. What is a key factor in valuing a business?
#29. What should a seller do if they cannot provide financial statements?
#30. What is a balance sheet?
#31. What is the significance of a Record of Site Condition (RSC)?
#32. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#33. Why is it important to review the financial statements of a commercial property?
#34. What should be done if a real estate professional’s license is suspended?
#35. When should a confidentiality agreement be used?
#36. What information is required in an online property advertisement?
#37. How long must a real estate professional keep records of transactions?
#38. What does REBBA stand for?
#39. What should a salesperson do if they find inconsistencies in the property documentation?
#40. What is a common financial consideration for industrial properties?
#41. What is a CAM charge in a commercial lease?
#42. What should a buyer consider about the term of the lease?
#43. What is the significance of a profit and loss statement for a buyer?
#44. What is a common use for industrial properties?
#45. How many days does a real estate professional have to respond to a complaint?
#46. What is a common requirement for leasing office space?
#47. What must be considered when leasing a retail property?
#48. Which document must a seller provide to the buyer before entering a binding agreement of purchase and sale?
#49. Why is due diligence critical in commercial transactions?
#50. What is a key factor in determining the location of a commercial property?
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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