Prepare for your Section 1 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 are the consequences under REBBA for failing to disclose conflict of interest?
#2. What are the obligations under REBBA regarding the advertising of real estate services?
#3. What is the result of a disciplinary action if a violation is proven?
#4. What type of information is prohibited in real estate advertising?
#5. What is the importance of documenting all communications with clients?
#6. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#7. What is the primary purpose of the Statute of Frauds in real estate transactions?
#8. What does REBBA require for a brokerage in terms of financial management?
#9. What are the obligations under REBBA regarding the advertising of real estate services?
#10. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#11. What kind of training does REBBA mandate for all registered brokers and salespersons?
#12. What role does the Electronic Commerce Act play in real estate transactions?
#13. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#14. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#15. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#16. What kind of training does REBBA mandate for all registered brokers and salespersons?
#17. What must be included in an amendment to an agreement of purchase and sale?
#18. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#19. What should a salesperson do if a buyer wants to include an escalation clause in an offer?
#20. What is the role of the real estate regulatory body?
#21. According to the Planning Act, what is the impact of an official plan on land development?
#22. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#23. How many days does a real estate professional have to pay a fine once imposed?
#24. Who must ensure compliance with REBBA within a brokerage?
#25. Who ensures that a brokerage complies with REBBA?
#26. According to REBBA, who is responsible for overseeing the ethical conduct of salespersons?
#27. What is a dual agency situation?
#28. What are the consequences under REBBA for failing to disclose conflict of interest?
#29. Who oversees the discipline process for real estate professionals?
#30. What is an example of unethical behavior in real estate?
#31. Who ensures that a brokerage complies with REBBA?
#32. How should a salesperson handle a complaint about their professional conduct?
#33. What role does the Electronic Commerce Act play in real estate transactions?
#34. What is the purpose of a waiver in a real estate transaction?
#35. What should be done if a deposit cheque bounces?
#36. What is a balloon mortgage?
#37. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#38. What are the obligations under REBBA regarding the advertising of real estate services?
#39. What can be a consequence of violating the real estate code of ethics?
#40. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#41. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#42. What document is used to amend an agreement of purchase and sale?
#43. According to the Planning Act, what is the impact of an official plan on land development?
#44. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#45. What is the primary purpose of the Statute of Frauds in real estate transactions?
#46. What is the impact of interest rates on the real estate market?
#47. What does REBBA regulate regarding brokerage trust accounts?
#48. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#49. How can a salesperson help a buyer understand the local market?
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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