Prepare for your Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from the five main sections of the Ontario Real Estate License Program.
#1. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#2. What is the consequence of not having a sufficient reserve fund?
#3. What does ‘contingent’ mean in a real estate listing?
#4. What should a seller do if they cannot provide financial statements?
#5. Tyler wants to ensure that the seller repairs a leaky roof before closing. How should this be included?
#6. What is a condominium declaration?
#7. What is the role of curb appeal in selling a property?
#8. A buyer wants to know what happens if they don’t pay their common expense fees. What is the consequence?
#9. How can a buyer withdraw an offer before it is accepted?
#10. What is the first step in preparing to lease a commercial property?
#11. Olivia needs to amend the offer to include a longer closing period. What should she adjust?
#12. Under REBBA, what is required to maintain a valid salesperson registration?
#13. A buyer wants to add a condition that allows for a structural inspection. What is this condition called?
#14. Daniel’s offer was countered by the seller with a higher price and removal of some chattels. What should Daniel do if he disagrees?
#15. What is the consequence of advertising a property without the owner’s consent?
#16. John made an offer on a property which was countered by the seller. What should John do next if he agrees to the new terms?
#17. A couple is purchasing a leasehold condominium. What is unique about their ownership?
#18. According to the Planning Act, what is the impact of an official plan on land development?
#19. What is the primary purpose of the Statute of Frauds in real estate transactions?
#20. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#21. What should a salesperson ensure when adding additional terms to the standard lease?
#22. Henry is selling his home and receives an offer with a very low deposit. What can he do?
#23. Grace wants to invest in rental properties. What should her brokerage provide?
#24. Which professional should a buyer consult for tax implications?
#25. What should be included in a commercial lease proposal?
#26. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#27. Sarah is purchasing a home and wants to include a condition for a home inspection. How many days should she typically allow for this condition to be fulfilled?
#28. What is required for a salesperson to maintain competence in leasing properties?
#29. What happens if the conditions of an offer are not met?
#30. What should a buyer do if they find issues during a home inspection?
#31. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#32. How does the Municipal Act impact real estate salespersons?
#33. Which type of condominium corporation allows the developer to add new units or common elements in the future?
#34. Michael wants to ensure his property is marketed effectively. What should he discuss with his brokerage?
#35. What should a salesperson do if they suspect a tenant might cause issues?
#36. Henry’s brokerage is handling both the sale and the purchase of properties for him. What should Henry ensure?
#37. Oliver wants to make his offer conditional on obtaining homeowners insurance. Where should this be specified?
#38. What is an escalation clause in an offer?
#39. Mary wants to lease a retail space that allows her to pay a fixed minimum rent plus a percentage of her gross sales. What type of lease is this?
#40. What does the Family Law Act primarily address in the context of real estate?
#41. What is the first step in the four-step offer plan?
#42. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#43. David received a notice for a rent increase of 8% effective in 90 days. Is this notice valid?
#44. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#45. What should a salesperson do if a property has an encroachment?
#46. Olivia’s lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
#47. What is the role of the Condominium Management Regulatory Authority of Ontario?
#48. Under what circumstances can a tenant break a lease without penalty?
#49. What is the minimum notice period a landlord must give a tenant for eviction due to non-payment of rent?
#50. Liam’s landlord wants to sell the house and gave him a 90-day notice to vacate. Is this notice valid?
Results
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