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 should a salesperson do if they find inconsistencies in the property documentation?
#2. What is a leading practice when preparing to show a commercial property?
#3. What is a conditional offer?
#4. Why is it important to understand the leasehold improvements required by a tenant?
#5. Which document must a seller provide to the buyer before entering a binding agreement of purchase and sale?
#6. When should a confidentiality agreement be used?
#7. What is a common use for industrial properties?
#8. What is the penalty for failing to disclose a conflict of interest?
#9. What does REBBA stand for?
#10. What is the significance of a profit and loss statement for a buyer?
#11. What is a key difference between an asset sale and a share sale?
#12. What should be included in a commercial lease proposal?
#13. What should a salesperson do if a tenant requests modifications to the lease terms?
#14. What should be done if a real estate professional’s license is suspended?
#15. What is a balance sheet?
#16. Why is it important to review the financial statements of a commercial property?
#17. What should a buyer’s salesperson obtain from a seller?
#18. Why should a salesperson understand the business operations of a potential tenant?
#19. What does a balance sheet summarize?
#20. What is the consequence of advertising a property without the owner’s consent?
#21. Why is it important to review local market conditions before leasing a commercial property?
#22. What is a key factor in determining the location of a commercial property?
#23. Why is tenant mix important in a commercial property?
#24. What should be included in a property showing package for a buyer?
#25. How many days notice must be given for a disciplinary hearing?
#26. What should be included in a marketing plan for selling a business?
#27. What is the significance of including a condition in the offer?
#28. What is a share sale?
#29. What is required before using client testimonials in advertising?
#30. What is a common clause included in commercial lease agreements?
#31. What is a gross lease?
#32. What is an asset sale?
#33. What is the first step in preparing to lease a commercial property?
#34. How many days does a real estate professional have to pay a fine once imposed?
#35. What must be considered when leasing a retail property?
#36. What information is required in an online property advertisement?
#37. What should be done if a real estate professional changes brokerages?
#38. What information is typically included in a commercial lease agreement?
#39. Why is it important to understand the tenant mix in a commercial property?
#40. What is the purpose of a confidentiality agreement?
#41. Why is it important to verify the tenant’s business credit history?
#42. Why is it important to verify the square footage of a commercial property?
#43. What should a buyer consider about the term of the lease?
#44. What is a key factor in determining the rent for a commercial property?
#45. Why is it important to have a property inspection before leasing?
#46. What is the maximum number of days a real estate professional has to correct a misleading advertisement?
#47. What should be done if a commercial property has an environmental issue?
#48. What is a triple net lease?
#49. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#50. Which professional should a buyer consult for tax implications?
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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