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. What should a salesperson do if a seller wants to hide a defect?
#2. What can be included in the common elements of a condominium?
#3. How long must brokerages retain documents for a successful transaction?
#4. Michael is leasing an industrial space and requires a loading dock for his business. What should he specify in the lease?
#5. Karen wants to make her offer more attractive in a competitive market. What is one strategy she could use?
#6. What is an earnest money deposit?
#7. Liam is working with a buyer who needs more time to arrange financing. What should he include in the offer?
#8. What must be provided to a potential buyer before they sign an agreement of purchase and sale for a new condominium?
#9. What should a tenant do if they receive an eviction notice?
#10. Mia wants to include her refrigerator in the sale. How should this be documented?
#11. What should a salesperson disclose about previous renovations?
#12. What is required for an offer to be valid?
#13. A buyer wants to make changes to their unit that affect common elements. What is required?
#14. Isabella’s offer was accepted but the completion date needs to be extended. What should she do?
#15. What is the main purpose of a title search?
#16. Ethan is reviewing a counter offer from the seller. What must he ensure?
#17. What is a closing disclosure?
#18. What is a contingency in a real estate contract?
#19. When is a mutual release used in a leasing context?
#20. A buyer wants to add a condition that allows for a structural inspection. What is this condition called?
#21. What is an appraisal contingency?
#22. What should be the focus of rental property advertisements?
#23. What is the maximum amount of a security deposit a landlord can require?
#24. What type of condominium does not include units but has shared common elements?
#25. What must be done if a rental application is not approved?
#26. How can a salesperson help a buyer understand the local market?
#27. What is the most common method of countering an offer?
#28. How can a salesperson assist a first-time homebuyer?
#29. Oliver wants to make his offer conditional on obtaining homeowners insurance. Where should this be specified?
#30. What document should a buyer review to understand the governance of a commercial condominium?
#31. What is the primary purpose of a commercial condominium declaration?
#32. John made an offer on a property which was countered by the seller. What should John do next if he agrees to the new terms?
#33. Can a landlord charge a pet deposit in addition to the security deposit?
#34. What does ‘under contract’ mean in real estate?
#35. What document outlines the rules and regulations of a commercial condominium?
#36. Liam’s landlord entered his apartment without notice while he was at work. What can Liam do?
#37. What is a freehold – vacant land condominium?
#38. What is the role of a mortgage broker?
#39. What is the role of a real estate appraiser?
#40. What is a reserve fund in a condominium corporation used for?
#41. Which type of condominium corporation allows the developer to add new units or common elements in the future?
#42. Jessica’s offer was countered by the seller with a higher price. What term should be adjusted in the offer?
#43. What does the Condominium Act regulate?
#44. Zoe’s landlord is requiring a two-month security deposit. Is this allowed?
#45. What should be done if a deposit cheque bounces?
#46. Michael received a 24-hour notice for the landlord to enter his apartment for repairs. Is this notice valid?
#47. What happens if a counter offer is not accepted?
#48. Liam’s landlord wants to sell the house and gave him a 90-day notice to vacate. Is this notice valid?
#49. What is the purpose of a final walk-through?
#50. Lucas received a 60-day notice to vacate because his landlord wants to move into the unit. Is this notice valid?
Results
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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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