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. Which document must a seller provide to the buyer before entering a binding agreement of purchase and sale?
#2. What is the primary legislation governing the sale of a business in Ontario?
#3. What is the difference between audited and unaudited statements?
#4. What is a profit and loss statement?
#5. What information is typically included in a commercial lease agreement?
#6. What is the penalty for failing to disclose a conflict of interest?
#7. What does REBBA stand for?
#8. How often must real estate professionals complete continuing education?
#9. What is an asset sale?
#10. What should be included in a commercial lease proposal?
#11. What is a common element in the sale of a business?
#12. What is the role of a listing salesperson?
#13. What does a balance sheet summarize?
#14. What is a key factor in determining the location of a commercial property?
#15. What is the purpose of a status certificate in a commercial condominium?
#16. What should be done if a real estate professional's license is suspended?
#17. What should a buyer’s salesperson obtain from a seller?
#18. Why is it important to assess transportation routes for commercial properties?
#19. Who must sign a confidentiality agreement?
#20. What should a salesperson do if they learn about undisclosed property damage?
#21. What is required before using client testimonials in advertising?
#22. When should a confidentiality agreement be used?
#23. What is a gross lease?
#24. What is a share sale?
#25. What is the consequence of advertising a property without the owner's consent?
#26. Why is it important to have a property inspection before leasing?
#27. What should a salesperson do if a tenant requests modifications to the lease terms?
#28. What is a key aspect of a share sale?
#29. What is the significance of a property's zoning classification?
#30. Why is it important to understand the leasehold improvements required by a tenant?
#31. What is the first step in preparing to lease a commercial property?
#32. Why is it important to verify the square footage of a commercial property?
#33. Who is responsible for providing the lease agreement in a business sale?
#34. What is the purpose of a confidentiality agreement?
#35. What must be considered when leasing a retail property?
#36. What should be included in a property showing package for a buyer?
#37. What is the purpose of a site visit before leasing a commercial property?
#38. How long must a real estate professional keep records of transactions?
#39. What should a seller do if they cannot provide financial statements?
#40. What is the significance of including a condition in the offer?
#41. What is a common clause included in commercial lease agreements?
#42. Why is it important to review local market conditions before leasing a commercial property?
#43. What is a leading practice when preparing to show a commercial property?
#44. What is the significance of a Record of Site Condition (RSC)?
#45. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#46. Which professional should a buyer consult for tax implications?
#47. What should be included in a due diligence checklist for a commercial lease?
#48. Why is it important to understand the tenant mix in a commercial property?
#49. What should a buyer consider about the term of the lease?
#50. What is a triple net lease?
Results
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