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 is included in a status certificate?
#2. A buyer wants to rescind their purchase agreement within the cooling-off period. What must they provide?
#3. A buyer is interested in a resale condominium. What should they do before finalizing the purchase?
#4. A buyer wants to add a condition that allows for a structural inspection. What is this condition called?
#5. What is an appraisal contingency?
#6. What is a reserve fund in a condominium corporation used for?
#7. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#8. A buyer’s lawyer requests more time for the title search. What should the salesperson do?
#9. Natalie wants to take possession of the property as soon as possible. What term is she looking to adjust?
#10. What action can a tenant take if they receive an illegal rent increase?
#11. What is a shared facilities agreement?
#12. What is required for a lease to be binding?
#13. What type of condominium does not include units but has shared common elements?
#14. John is leasing an office space and the landlord includes the electricity charges in the rent. What type of meter arrangement is this?
#15. How should a salesperson handle multiple offers on a property?
#16. What does a shared facilities agreement typically include?
#17. What should a salesperson disclose about previous renovations?
#18. How should a salesperson handle a landlord’s request to exclude pets?
#19. Sophie wants to ensure that the garden shed is included in the sale. How should this be documented?
#20. Anna received a counter offer that includes a higher purchase price and a quicker closing date. What should she consider before accepting?
#21. A new condominium owner wants to know their voting rights. What should they be informed about?
#22. What should be done if a deposit cheque bounces?
#23. How is the proportion of common expense fees determined for each unit?
#24. What should a salesperson do if a tenant has not signed a representation agreement?
#25. What is an adjustable-rate mortgage (ARM)?
#26. What is the primary function of the Condominium Authority Tribunal?
#27. Lisa included a financing condition in her offer. What does this mean?
#28. What is the primary function of the Condominium Authority Tribunal?
#29. Lucas received a 60-day notice to vacate because his landlord wants to move into the unit. Is this notice valid?
#30. Which statement about advertising rental properties is correct?
#31. What is the primary responsibility of the condominium board regarding finances?
#32. What document is often used to collect sensitive information from prospective tenants?
#33. What is the role of the board of directors in a condominium corporation?
#34. What is the role of a real estate appraiser?
#35. What must be disclosed to potential buyers in a commercial condominium disclosure statement?
#36. A buyer is purchasing a unit with an exclusive use balcony. What are their responsibilities?
#37. What type of condominium does not include units but has shared common elements?
#38. How often must a commercial condominium corporation hold an annual general meeting?
#39. What is a closing disclosure?
#40. What is the purpose of an escape clause?
#41. Mark’s landlord gave him a 48-hour notice to enter the property for a routine inspection. Is this notice period sufficient?
#42. David’s landlord failed to repair a leaking roof despite multiple requests. What can David legally do?
#43. Who typically appoints the initial board of directors in a commercial condominium?
#44. What document outlines the rules and regulations of a commercial condominium?
#45. Henry is selling his home and receives an offer with a very low deposit. What can he do?
#46. When must notice be given for the fulfillment of a condition in an agreement?
#47. What must a declarant deliver within 60 days of the turnover meeting?
#48. What should a salesperson do if a property appraisal comes in lower than the offer price?
#49. What must be included in an amendment to an agreement of purchase and sale?
#50. What must a landlord provide if they wish to enter the rental unit?
Results
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