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 should a salesperson do if they find inconsistencies in the property documentation?
#2. What is a common element in the sale of a business?
#3. When should a confidentiality agreement be used?
#4. What is the significance of including a condition in the offer?
#5. What is a key factor in valuing a business?
#6. How often must real estate professionals complete continuing education?
#7. What type of advertising is prohibited in real estate?
#8. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#9. What is a CAM charge in a commercial lease?
#10. What is an asset sale?
#11. What is a notice to reader report?
#12. What should a buyer’s salesperson obtain from a seller?
#13. What is a gross lease?
#14. What should be included in a property showing package for a buyer?
#15. How many days notice must be given for a disciplinary hearing?
#16. What is a common financial consideration for industrial properties?
#17. What is a common clause included in commercial lease agreements?
#18. What should be included in a due diligence checklist for a commercial lease?
#19. Why should a salesperson understand the business operations of a potential tenant?
#20. Why is it important for real estate advertisements to be clear and not misleading?
#21. What is a key difference between an asset sale and a share sale?
#22. What is a key factor in determining the location of a commercial property?
#23. How can a salesperson confirm zoning regulations for a commercial property?
#24. What is the difference between audited and unaudited statements?
#25. How long must a real estate professional keep records of transactions?
#26. How many days does a real estate professional have to respond to a complaint?
#27. What is the significance of a property’s zoning classification?
#28. Why is parking availability important for commercial properties?
#29. What is an example of a third-party professional a buyer might consult?
#30. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#31. What is the result of a disciplinary action if a violation is proven?
#32. What is the purpose of a confidentiality agreement?
#33. Why is it important to understand a commercial buyer’s needs?
#34. What is the significance of a Record of Site Condition (RSC)?
#35. What should a buyer consider about the term of the lease?
#36. Which professional should a buyer consult for tax implications?
#37. What is a profit and loss statement?
#38. What should a salesperson do if a tenant requests modifications to the lease terms?
#39. What is a share sale?
#40. What is a triple net lease?
#41. Why is tenant mix important in a commercial property?
#42. Why is it important to understand the leasehold improvements required by a tenant?
#43. What must be included in all real estate advertisements?
#44. Why is it important to review the financial statements of a commercial property?
#45. What is the consequence of advertising a property without the owner’s consent?
#46. What is the purpose of a status certificate in a commercial condominium?
#47. What is required before using client testimonials in advertising?
#48. Why is it important to verify the square footage of a commercial property?
#49. Why is it important to have a property inspection before leasing?
#50. What should be done if a commercial property has an environmental issue?
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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