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. Why is it important to verify the tenant’s business credit history?
#2. What is the significance of a property’s zoning classification?
#3. Why is it important to assess transportation routes for commercial properties?
#4. What is the primary legislation governing the sale of a business in Ontario?
#5. When should a confidentiality agreement be used?
#6. What should be included in a commercial lease proposal?
#7. What is a key factor in valuing a business?
#8. What information is required in an online property advertisement?
#9. What is the significance of including a condition in the offer?
#10. Why is it important to understand a commercial buyer’s needs?
#11. Why is it important to review the financial statements of a commercial property?
#12. What is a common clause included in commercial lease agreements?
#13. What is a CAM charge in a commercial lease?
#14. What is a balance sheet?
#15. What is the significance of a Record of Site Condition (RSC)?
#16. What is the penalty for failing to disclose a conflict of interest?
#17. What type of advertising is prohibited in real estate?
#18. How many days does a real estate professional have to respond to a complaint?
#19. How often must real estate professionals complete continuing education?
#20. What does REBBA stand for?
#21. What should be included in a property showing package for a buyer?
#22. What should a buyer’s salesperson obtain from a seller?
#23. What should be done if a real estate professional’s license is suspended?
#24. Who is responsible for providing the lease agreement in a business sale?
#25. Why is due diligence critical in commercial transactions?
#26. What should a buyer consider about the term of the lease?
#27. How long must a real estate professional keep records of transactions?
#28. What is the difference between audited and unaudited statements?
#29. What is a notice to reader report?
#30. What is the role of a listing salesperson?
#31. What is the purpose of a site visit before leasing a commercial property?
#32. What is the consequence of advertising a property without the owner’s consent?
#33. What must be considered when leasing a retail property?
#34. How can a salesperson confirm zoning regulations for a commercial property?
#35. What is the result of a disciplinary action if a violation is proven?
#36. What should be done if a real estate professional changes brokerages?
#37. What must be included in all real estate advertisements?
#38. What is the purpose of a confidentiality agreement?
#39. Why is parking availability important for commercial properties?
#40. What is a profit and loss statement?
#41. What should be done if a commercial property has an environmental issue?
#42. Why is it important to have a property inspection before leasing?
#43. What is a leading practice when preparing to show a commercial property?
#44. What is the importance of the income and expense statement?
#45. Why is tenant mix important in a commercial property?
#46. What should a buyer verify about the lease before purchasing a business?
#47. What is the purpose of a status certificate in a commercial condominium?
#48. Why is it important to understand the leasehold improvements required by a tenant?
#49. Why should a salesperson understand the business operations of a potential tenant?
#50. What is a common use for industrial properties?
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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