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. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#3. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#4. What does REBBA regulate regarding brokerage trust accounts?
#5. How many days does a real estate professional have to respond to a complaint?
#6. What does the Family Law Act primarily address in the context of real estate?
#7. What is an example of unethical behavior in real estate?
#8. Who ensures that a brokerage complies with REBBA?
#9. What does REBBA require for a brokerage in terms of financial management?
#10. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#11. What are the consequences under REBBA for failing to disclose conflict of interest?
#12. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#13. When must notice be given for the fulfillment of a condition in an agreement?
#14. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#15. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#16. Who must ensure compliance with REBBA within a brokerage?
#17. How does the Municipal Act impact real estate salespersons?
#18. What is the primary role of REBBA in real estate regulation?
#19. What is required for an amendment to be valid?
#20. What are the obligations under REBBA regarding the advertising of real estate services?
#21. What are the obligations under REBBA regarding the advertising of real estate services?
#22. What does REBBA regulate regarding brokerage trust accounts?
#23. What kind of training does REBBA mandate for all registered brokers and salespersons?
#24. Who must ensure compliance with REBBA within a brokerage?
#25. What should be the first step if a real estate professional is accused of an ethics violation?
#26. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#27. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#28. What does REBBA regulate regarding brokerage trust accounts?
#29. According to REBBA, who is responsible for overseeing the ethical conduct of salespersons?
#30. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#31. What is an appraisal contingency?
#32. What is required under REBBA for a brokerage when there is a change in the broker of record?
#33. According to the Planning Act, what is the impact of an official plan on land development?
#34. How does the Municipal Act impact real estate salespersons?
#35. What type of advertising is prohibited in real estate?
#36. What is a condition precedent?
#37. What is the result of a disciplinary action if a violation is proven?
#38. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#39. What role does the Electronic Commerce Act play in real estate transactions?
#40. Scenario: A brokerage is found not keeping proper sales records as per REBBA regulations. What action can RECO take?
#41. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#42. Who ensures that a brokerage complies with REBBA?
#43. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#44. What should be included in all real estate advertisements to comply with regulations?
#45. What does ‘contingent’ mean in a real estate listing?
#46. What is required for a real estate professional to reinstate their license after suspension?
#47. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#48. How many days notice must be given for a disciplinary hearing?
#49. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
Results
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