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 should be done if a real estate professional changes brokerages?
#2. What is the result of a disciplinary action if a violation is proven?
#3. Who must ensure compliance with REBBA within a brokerage?
#4. What does REBBA require for a brokerage in terms of financial management?
#5. What is required for a real estate professional to reinstate their license after suspension?
#6. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#7. Who ensures that a brokerage complies with REBBA?
#8. What is an earnest money deposit?
#9. What are the consequences under REBBA for failing to disclose conflict of interest?
#10. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#11. What is a dual agency situation?
#12. When can a notice of fulfillment be used?
#13. What does REBBA regulate regarding brokerage trust accounts?
#14. What is a possible outcome of repeated ethical violations by a real estate professional?
#15. What should be done if a deposit cheque bounces?
#16. What does ‘contingent’ mean in a real estate listing?
#17. According to the Planning Act, what is the impact of an official plan on land development?
#18. What is a condition precedent?
#19. How should a salesperson advise a buyer when interest rates are expected to rise?
#20. Why is transparency important in real estate transactions?
#21. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#22. How does the Municipal Act impact real estate salespersons?
#23. What is required before using client testimonials in advertising?
#24. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#25. Who must ensure compliance with REBBA within a brokerage?
#26. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#27. How long must a real estate professional keep records of transactions?
#28. What is the consequence of advertising a property without the owner’s consent?
#29. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#30. What kind of training does REBBA mandate for all registered brokers and salespersons?
#31. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#32. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#33. Which form is used to identify the fulfillment of a condition in an agreement?
#34. Who ensures that a brokerage complies with REBBA?
#35. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#36. What should a salesperson do if a property has an encroachment?
#37. When must notice be given for the fulfillment of a condition in an agreement?
#38. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#39. What does REBBA regulate regarding brokerage trust accounts?
#40. What is required under REBBA for a brokerage when there is a change in the broker of record?
#41. What role does the Electronic Commerce Act play in real estate transactions?
#42. What is required under REBBA for a brokerage when there is a change in the broker of record?
#43. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#44. What must be included in all real estate advertisements?
#45. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#46. What is the purpose of the Personal Information Protection and Electronic Documents Act (PIPEDA) in real estate?
#47. Who ensures that a brokerage complies with REBBA?
#48. How does the Municipal Act impact real estate salespersons?
#49. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
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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