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 should a salesperson do if they learn that a new landfill is planned near a property they are selling?
#2. What is the impact of interest rates on the real estate market?
#3. What is a common contingency in a real estate contract?
#4. What must be included in a valid real estate offer?
#5. How can a buyer ensure they are working with a licensed brokerage?
#6. How can a salesperson help a buyer understand the local market?
#7. Sophia’s brokerage has multiple offers on her property. How should the brokerage handle this?
#8. Tyler wants to ensure that the seller repairs a leaky roof before closing. How should this be included?
#9. What is private mortgage insurance (PMI)?
#10. What should a buyer consider when choosing a brokerage?
#11. What is the role of a mutual release in a real estate transaction?
#12. What is the significance of an earnest money deposit?
#13. Liam is including a condition for a water quality test in his offer. Where should this be specified?
#14. What is required for an amendment to be valid?
#15. What obligations does a salesperson have when handling a property sale with known environmental issues?
#16. Andrew received a counter offer with an adjusted purchase price. What must he ensure is correct before accepting?
#17. What should a salesperson do if a seller wants to hide a defect?
#18. What does ‘contingent’ mean in a real estate listing?
#19. What is the role of a real estate appraiser?
#20. What should a buyer do if their offer is rejected?
#21. What is a contingency in a real estate contract?
#22. Ella is making an offer on a house and wants the sale to be conditional on a satisfactory appraisal. What should she include?
#23. What happens if the conditions of an offer are not met?
#24. Lily wants to take possession of the property as soon as possible. What should she focus on in her offer?
#25. What should a salesperson do if they notice mold during a property showing?
#26. Henry’s brokerage is handling both the sale and the purchase of properties for him. What should Henry ensure?
#27. What should a seller do if they receive multiple offers?
#28. What must be included in an amendment to an agreement of purchase and sale?
#29. What is required when an amendment to an agreement is not accepted?
#30. What is a lease option?
#31. Who pays for the home inspection in a real estate transaction?
#32. Jack’s offer includes a clause that the seller must repair the heating system. What type of clause is this?
#33. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#34. Grace received a counter offer that changes the irrevocable date. What must she ensure before accepting?
#35. What should a salesperson do if a buyer is interested in a property that is in foreclosure?
#36. Who typically holds the deposit once an offer is accepted?
#37. What is the role of the real estate agent during the offer process?
#38. What is a dual agency situation?
#39. What is a short sale?
#40. What is the role of a home appraiser?
#41. Ben’s offer was accepted but he needs more time for a title search. What should he do?
#42. What is the role of curb appeal in selling a property?
#43. Anna wants to know if a brokerage has any complaints against them. Where should she check?
#44. Olivia is buying a property and her brokerage is also representing the seller. What type of relationship is this?
#45. How can a salesperson assist a client in determining a competitive offer price?
#46. Who must sign the offer for it to be legally binding?
#47. What is the purpose of a listing agreement?
#48. What is a balloon mortgage?
#49. What is the main advantage of exclusive representation?
#50. What document is used to amend an agreement of purchase and sale?
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!
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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!
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