Prepare for your Section 5 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section one of the Ontario Real Estate License Program.
#1. What is a gross lease?
#2. What is a balance sheet?
#3. What is the penalty for failing to disclose a conflict of interest?
#4. What is a common use for industrial properties?
#5. How long must a real estate professional keep records of transactions?
#6. What is a key aspect of a share sale?
#7. Why is it important to verify the square footage of a commercial property?
#8. What is the purpose of a confidentiality agreement?
#9. What should be included in a commercial lease proposal?
#10. What must be included in all real estate advertisements?
#11. What should a seller do if they cannot provide financial statements?
#12. What is the consequence of advertising a property without the owner’s consent?
#13. Which professional should a buyer consult for tax implications?
#14. What is a key factor in determining the location of a commercial property?
#15. What is the role of a property manager in a commercial lease?
#16. What is a conditional offer?
#17. What is a key consideration when selling a business?
#18. What should be done if a commercial property has an environmental issue?
#19. What is required before using client testimonials in advertising?
#20. What does REBBA stand for?
#21. Why is it important to have a property inspection before leasing?
#22. What is required for a real estate professional to reinstate their license after suspension?
#23. What is the purpose of a status certificate in a commercial condominium?
#24. Why is it important to understand the tenant mix in a commercial property?
#25. Who must sign a confidentiality agreement?
#26. What must be considered when leasing a retail property?
#27. Why is it important to understand the leasehold improvements required by a tenant?
#28. Why is it important for real estate advertisements to be clear and not misleading?
#29. What is the first step in preparing to lease a commercial property?
#30. How many days notice must be given for a disciplinary hearing?
#31. Why is it important to understand a commercial buyer’s needs?
#32. What is the primary legislation governing the sale of a business in Ontario?
#33. How many days does a real estate professional have to respond to a complaint?
#34. How can a salesperson confirm zoning regulations for a commercial property?
#35. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#36. Why should a salesperson understand the business operations of a potential tenant?
#37. Why is it important to review local market conditions before leasing a commercial property?
#38. What should a salesperson do if they find inconsistencies in the property documentation?
#39. What information is required in an online property advertisement?
#40. What is a key difference between an asset sale and a share sale?
#41. Why is it important to assess transportation routes for commercial properties?
#42. Who is responsible for providing the lease agreement in a business sale?
#43. What is the purpose of a site visit before leasing a commercial property?
#44. What is the significance of including a condition in the offer?
#45. Why is tenant mix important in a commercial property?
#46. What is the result of a disciplinary action if a violation is proven?
#47. What is a key factor in determining the rent for a commercial property?
#48. What is the significance of a property’s zoning classification?
#49. What is a triple net lease?
#50. What is a notice to reader report?
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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