Prepare for your Section 3 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section three of the Ontario Real Estate License Program.
#1. What must be included in an amendment to an agreement of purchase and sale?
#2. When does an offer become a legally binding contract?
#3. What is a real estate disclosure?
#4. Kevin received multiple offers on his property. What is the best practice to follow?
#5. What is a lien?
#6. What is the first step in making an offer on a property?
#7. What should a salesperson do if a buyer is interested in a property that is in foreclosure?
#8. What is the purpose of a home inspection?
#9. When must a buyer provide the deposit after an offer is accepted?
#10. How can staging affect the sale of a property?
#11. What is the correct course of action for a salesperson if a property has an unpermitted addition?
#12. What is private mortgage insurance (PMI)?
#13. What should a salesperson do if they notice mold during a property showing?
#14. How can a salesperson help a buyer understand the local market?
#15. Jack’s offer includes a clause that the seller must repair the heating system. What type of clause is this?
#16. What is the purpose of the Personal Information Protection and Electronic Documents Act (PIPEDA) in real estate?
#17. What must be included in a valid real estate offer?
#18. What does a financing condition protect the buyer from?
#19. What is the purpose of a waiver in a real estate transaction?
#20. What is a balloon mortgage?
#21. What is the role of a home inspection in a real estate transaction?
#22. What should a salesperson do if they learn that a new landfill is planned near a property they are selling?
#23. What is the purpose of an irrevocable period in an offer?
#24. How can market trends influence real estate negotiations?
#25. What is a contingency in a real estate contract?
#26. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#27. Matthew’s offer includes a condition for the sale of his current home within 30 days. What happens if this condition is not met?
#28. What is the primary purpose of an open house?
#29. How does a salesperson ensure they are providing the best service when representing a buyer?
#30. What should a buyer do if their offer is rejected?
#31. Isabella received an offer on her property but is unsure if it’s fair. What should she ask her brokerage?
#32. How should a salesperson handle a buyer’s request for a property history?
#33. How can a salesperson help a buyer during a bidding war?
#34. How should a salesperson handle a situation where a property has been on the market for a long time?
#35. What is a deed of trust?
#36. When is a real estate transaction considered closed?
#37. What should a salesperson do if a seller wants to hide a defect?
#38. How should a salesperson handle multiple offers on a property?
#39. What is a key factor in determining property value?
#40. Olivia wants to include a condition for a structural engineer’s report before purchase. What is this condition called?
#41. What is the primary benefit of a fixed-rate mortgage?
#42. What is the significance of an earnest money deposit?
#43. What should a salesperson do if a property has an encroachment?
#44. What is the role of a real estate appraiser?
#45. Who pays for the home inspection in a real estate transaction?
#46. What is the importance of a comparative market analysis (CMA)?
#47. Sophia’s brokerage has multiple offers on her property. How should the brokerage handle this?
#48. What should a salesperson do if a buyer wants to make an offer below market value?
#49. What is the impact of high property taxes on property sales?
#50. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
Results
Congratulations!
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!
We’re Sorry
Unfortunately, you did not pass the Practice Ontario Real Estate License Practice Exam this time. Don’t be discouraged; this is an opportunity to identify areas where you need further study and improvement. Review the materials, focus on your weak points, and try again. Your persistence and effort will lead you to success. Keep going!
No responses yet