Prepare for your Section 4 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section four of the Ontario Real Estate License Program.
#1. David is leasing a retail space and the landlord has provided a non-permitted use schedule. What does this schedule specify?
#2. Anna received a counter offer that includes a higher purchase price and a quicker closing date. What should she consider before accepting?
#3. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#4. What must a developer provide to a buyer when selling a new condominium unit?
#5. How can a salesperson assist a client in determining a competitive offer price?
#6. What document should a buyer review to understand the governance of a commercial condominium?
#7. What is the first step in creating a counter offer?
#8. Jessica’s offer was countered by the seller with a higher price. What term should be adjusted in the offer?
#9. What is required for a tenant to withhold rent due to repairs not being made?
#10. Michael is leasing an industrial space and requires a loading dock for his business. What should he specify in the lease?
#11. What is a zoning ordinance?
#12. David received a notice for a rent increase of 8% effective in 90 days. Is this notice valid?
#13. What is a lease option?
#14. What is the role of a mutual release in a real estate transaction?
#15. Lucas is buying a condo and wants to ensure that the building allows pets. How should he include this in his offer?
#16. How long does a tenant have to respond to an eviction notice for non-payment of rent?
#17. What must be included in Schedule A of an offer?
#18. What should a potential buyer review to assess the financial health of a commercial condominium?
#19. What is a tenant’s right if they discover the rental unit is uninhabitable?
#20. What should be the focus of rental property advertisements?
#21. A buyer is looking at a mixed-use condominium. What should they be aware of regarding shared facilities?
#22. Which of the following is a common change in a counter offer?
#23. What should a salesperson do if they suspect a tenant might cause issues?
#24. What must a developer provide to a buyer when selling a new condominium unit?
#25. What must be provided to a potential buyer before they sign an agreement of purchase and sale for a new condominium?
#26. Lucas received a 14-day notice to pay overdue rent or face eviction. Is this notice valid?
#27. In a leasehold condominium, what do purchasers own?
#28. How often must the reserve fund study be updated?
#29. Who is responsible for maintaining common elements in a condominium?
#30. What is the significance of an earnest money deposit?
#31. Who is responsible for insuring the common elements in a commercial condominium?
#32. Zoe’s apartment building was sold, and she received a 30-day notice to vacate. Is this notice valid?
#33. What is the purpose of a shared facilities agreement?
#34. What must be included in a disclosure statement for a new condominium?
#35. When must a salesperson disclose their interest in a property?
#36. Michael’s offer was accepted with conditions. Who is responsible for fulfilling these conditions?
#37. What should be checked when a tenant requests immediate occupancy?
#38. In what scenario can the board of directors make rule changes without owner approval?
#39. Laura wants to ensure the swimming pool is in good condition before finalizing the purchase. What should she include in her offer?
#40. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#41. What is the role of the board of directors in a condominium corporation?
#42. What is a property deed?
#43. How can a salesperson help a buyer understand the local market?
#44. What is a freehold – vacant land condominium?
#45. Lucas is leasing an industrial space and needs to know the total electrical capacity. Who is responsible for providing this information?
#46. Olivia’s lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
#47. What type of condominium does not include units but has shared common elements?
#48. What is the primary benefit of a LEED-certified building?
#49. What does ‘under contract’ mean in real estate?
#50. What is the purpose of an escape clause?
Results
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