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 significance of a Record of Site Condition (RSC)?
#2. What is required for a real estate professional to reinstate their license after suspension?
#3. What is the significance of a property’s zoning classification?
#4. How can a salesperson confirm zoning regulations for a commercial property?
#5. Why is due diligence critical in commercial transactions?
#6. Who must sign a confidentiality agreement?
#7. How many days notice must be given for a disciplinary hearing?
#8. How often must real estate professionals complete continuing education?
#9. What is an example of a third-party professional a buyer might consult?
#10. What should be done if a real estate professional changes brokerages?
#11. What information is typically included in a commercial lease agreement?
#12. What should a salesperson do if they learn about undisclosed property damage?
#13. What is the first step in preparing to lease a commercial property?
#14. What is a common use for industrial properties?
#15. What should a salesperson do if they find inconsistencies in the property documentation?
#16. How many days does a real estate professional have to pay a fine once imposed?
#17. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#18. What is required before using client testimonials in advertising?
#19. Why is it important to verify the square footage of a commercial property?
#20. Why is it important to verify the tenant’s business credit history?
#21. Why is it important to assess transportation routes for commercial properties?
#22. What should be included in a marketing plan for selling a business?
#23. How long must a real estate professional keep records of transactions?
#24. What is a key factor in determining the rent for a commercial property?
#25. What information is required in an online property advertisement?
#26. Who is responsible for providing the lease agreement in a business sale?
#27. What should be included in a due diligence checklist for a commercial lease?
#28. What must be included in all real estate advertisements?
#29. What should be included in a property showing package for a buyer?
#30. What is a profit and loss statement?
#31. Why is it important to understand a commercial buyer’s needs?
#32. What should be included in a commercial lease proposal?
#33. What is a common element in the sale of a business?
#34. What should a seller do if they cannot provide financial statements?
#35. What type of advertising is prohibited in real estate?
#36. Why is it important to review the financial statements of a commercial property?
#37. What is the purpose of a site visit before leasing a commercial property?
#38. What is the significance of a profit and loss statement for a buyer?
#39. What is the consequence of advertising a property without the owner’s consent?
#40. What is the result of a disciplinary action if a violation is proven?
#41. Why is it important to have a property inspection before leasing?
#42. What should be done if a real estate professional’s license is suspended?
#43. What is the role of a property manager in a commercial lease?
#44. Why is it important for real estate advertisements to be clear and not misleading?
#45. What is a key factor in determining the location of a commercial property?
#46. Why is it important to understand the tenant mix in a commercial property?
#47. What should a buyer verify about the lease before purchasing a business?
#48. What must be considered when leasing a retail property?
#49. What is an asset sale?
#50. Why should a salesperson understand the business operations of a potential tenant?
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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