Prepare for your Section 1 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 primary purpose of the Statute of Frauds in real estate transactions?
#2. What is the consequence of advertising a property without the owner’s consent?
#3. What is a deed of trust?
#4. What does REBBA regulate regarding brokerage trust accounts?
#5. Who ensures that a brokerage complies with REBBA?
#6. What are the consequences under REBBA for failing to disclose conflict of interest?
#7. What is a common penalty for serious ethical violations in real estate?
#8. What is the primary role of REBBA in real estate regulation?
#9. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#10. What is the primary purpose of the Statute of Frauds in real estate transactions?
#11. Why is it important for real estate advertisements to be clear and not misleading?
#12. What is the role of a mutual release in a real estate transaction?
#13. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#14. Who must ensure compliance with REBBA within a brokerage?
#15. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#16. What is the purpose of a home inspection?
#17. What role does the Electronic Commerce Act play in real estate transactions?
#18. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#19. What kind of training does REBBA mandate for all registered brokers and salespersons?
#20. When must notice be given for the fulfillment of a condition in an agreement?
#21. What should a salesperson do if a property has an encroachment?
#22. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#23. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#24. What is considered a violation of the code of ethics in real estate advertising?
#25. When can a notice of fulfillment be used?
#26. Under REBBA, what is required to maintain a valid salesperson registration?
#27. What is a lease option?
#28. What is required under REBBA for a brokerage when there is a change in the broker of record?
#29. How does the Municipal Act impact real estate salespersons?
#30. What is the purpose of REBBA’s Code of Ethics?
#31. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#32. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#33. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#34. What does REBBA regulate regarding brokerage trust accounts?
#35. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#36. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#37. Why is it important to adhere to advertising regulations in real estate?
#38. What does the Family Law Act primarily address in the context of real estate?
#39. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#40. What should a real estate professional do if they discover a colleague’s unethical behavior?
#41. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#42. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#43. What is required under REBBA for a brokerage when there is a change in the broker of record?
#44. What is required under REBBA for a brokerage when there is a change in the broker of record?
#45. How many days notice must be given for a disciplinary hearing?
#46. What is a balloon mortgage?
#47. What is the purpose of a code of ethics in real estate?
#48. What is the primary purpose of a real estate contract?
#49. What is required under REBBA for a brokerage when there is a change in the broker of record?
Results
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