Prepare for your Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from the five main sections of the Ontario Real Estate License Program.
#1. When is a real estate transaction considered closed?
#2. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#3. What is a key consideration when selling a business?
#4. What information is typically included in a commercial lease agreement?
#5. What is a common use for industrial properties?
#6. Which of the following is a correct statement about freehold standard condominiums?
#7. Olivia's lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
#8. What does the Family Law Act primarily address in the context of real estate?
#9. Which of the following best describes a condominium corporation?
#10. What should a salesperson ensure when adding additional terms to the standard lease?
#11. Why is it important to review local market conditions before leasing a commercial property?
#12. Liam's landlord entered his apartment without notice while he was at work. What can Liam do?
#13. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#14. When must a condominium corporation's reserve fund be used?
#15. What is a short sale?
#16. John made an offer on a property which was countered by the seller. What should John do next if he agrees to the new terms?
#17. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#18. John is selling his house and hires a brokerage to represent him. What should he expect from the brokerage?
#19. What does REBBA regulate regarding brokerage trust accounts?
#20. What are the consequences under REBBA for failing to disclose conflict of interest?
#21. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#22. Under REBBA, what is required to maintain a valid salesperson registration?
#23. What is the main purpose of a tenant fit-up?
#24. Rachel's offer was accepted but she needs more time to arrange financing. What should she do?
#25. What is a lease option?
#26. What should a salesperson disclose about previous renovations?
#27. What is a notice to reader report?
#28. What kind of training does REBBA mandate for all registered brokers and salespersons?
#29. David received a notice for a rent increase of 8% effective in 90 days. Is this notice valid?
#30. Laura wants to ensure the swimming pool is in good condition before finalizing the purchase. What should she include in her offer?
#31. John's landlord has decided to sell the house and gave him a 60-day notice to vacate. Is this notice valid?
#32. Who is responsible for drafting the terms and conditions of an offer?
#33. What should a tenant do if they receive an eviction notice?
#34. What action should be taken if a real estate advertisement is found to be misleading?
#35. What should a salesperson do before showing an industrial property?
#36. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#37. What is the importance of a comparative market analysis (CMA)?
#38. What should a buyer do if they find issues during a home inspection?
#39. What is a key factor in determining the rent for a commercial property?
#40. How can a salesperson help a buyer understand the local market?
#41. What is the role of the board of directors in a condominium corporation?
#42. What does a balance sheet summarize?
#43. A buyer wants to make modifications to an exclusive use common element. What must they do first?
#44. Anna's landlord gave her a 60-day notice to vacate for a major renovation. Is this notice period sufficient?
#45. What can happen if a condominium owner fails to pay common expense fees?
#46. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#47. What is an asset sale?
#48. Michael received a 24-hour notice for the landlord to enter his apartment for repairs. Is this notice valid?
#49. Which of the following is a common change in a counter offer?
#50. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
Results
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