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. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#2. What is a zoning ordinance?
#3. What are the consequences under REBBA for failing to disclose conflict of interest?
#4. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#5. According to the Planning Act, what is the impact of an official plan on land development?
#6. How can real estate professionals avoid ethical violations?
#7. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#8. Which form is used to identify the fulfillment of a condition in an agreement?
#9. What is an earnest money deposit?
#10. What are the consequences under REBBA for failing to disclose conflict of interest?
#11. How does the Municipal Act impact real estate salespersons?
#12. Who ensures that a brokerage complies with REBBA?
#13. What role does the Electronic Commerce Act play in real estate transactions?
#14. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#15. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#16. What is a dual agency situation?
#17. What is required under REBBA for a brokerage when there is a change in the broker of record?
#18. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#19. What does REBBA regulate regarding brokerage trust accounts?
#20. What does REBBA regulate regarding brokerage trust accounts?
#21. What is required under REBBA for a brokerage when there is a change in the broker of record?
#22. What does the Family Law Act primarily address in the context of real estate?
#23. Who must ensure compliance with REBBA within a brokerage?
#24. What is the maximum number of days a real estate professional has to correct a misleading advertisement?
#25. Which document is required to terminate a binding agreement?
#26. What is a common penalty for serious ethical violations in real estate?
#27. What should be the first step if a real estate professional is accused of an ethics violation?
#28. What is a disciplinary hearing in real estate?
#29. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#30. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#31. What does ‘contingent’ mean in a real estate listing?
#32. What are the obligations under REBBA regarding the advertising of real estate services?
#33. What should be done if a real estate professional changes brokerages?
#34. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#35. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#36. What is required under REBBA for a brokerage when there is a change in the broker of record?
#37. What role does the Electronic Commerce Act play in real estate transactions?
#38. What should be included in all real estate advertisements to comply with regulations?
#39. What is the role of a mutual release in a real estate transaction?
#40. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#41. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#42. Who ensures that a brokerage complies with REBBA?
#43. Who ensures that a brokerage complies with REBBA?
#44. How many days does a real estate professional have to respond to a complaint?
#45. What is a property deed?
#46. What is the role of a mortgage broker?
#47. What is a lease option?
#48. What are the consequences under REBBA for failing to disclose conflict of interest?
#49. What should a real estate professional do if they are unsure about an ethical issue?
Results
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