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. Mary wants to lease a retail space that allows her to pay a fixed minimum rent plus a percentage of her gross sales. What type of lease is this?
#2. What is a key consideration when showing office properties?
#3. What is an appraisal contingency?
#4. What is a material change in a condominium disclosure statement?
#5. What is the purpose of the Condominium Authority of Ontario?
#6. What is the primary benefit of a LEED-certified building?
#7. A potential buyer asks about the role of the condominium board. How should the salesperson respond?
#8. What does REBBA regulate regarding brokerage trust accounts?
#9. How can market trends influence real estate negotiations?
#10. What is a notice to reader report?
#11. Sophia is selling her home and received an offer with a very low deposit. What can she do to protect her interests?
#12. What is the penalty for failing to disclose a conflict of interest?
#13. What is a primary characteristic of a commercial condominium?
#14. What is the primary purpose of the Statute of Frauds in real estate transactions?
#15. What is the significance of a profit and loss statement for a buyer?
#16. What is a shared facilities agreement?
#17. What does REBBA regulate regarding brokerage trust accounts?
#18. What is a landlord's obligation regarding pest control?
#19. What is the primary purpose of the Statute of Frauds in real estate transactions?
#20. What is the role of curb appeal in selling a property?
#21. What is a possible outcome of repeated ethical violations by a real estate professional?
#22. Emily's lease includes a clause that she must professionally clean the carpets upon moving out. Is this clause enforceable?
#23. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#24. Who is responsible for providing the lease agreement in a business sale?
#25. What information is typically included in a commercial lease agreement?
#26. How often must a commercial condominium corporation hold an annual general meeting?
#27. Lisa included a financing condition in her offer. What does this mean?
#28. What must be included in a valid real estate offer?
#29. What is required when an amendment to an agreement is not accepted?
#30. Kevin received multiple offers on his property. What is the best practice to follow?
#31. Hannah is including a condition for obtaining homeowners insurance in her offer. Where should this be specified?
#32. Who pays for the home inspection in a real estate transaction?
#33. Why is it important to understand a commercial buyer's needs?
#34. When is a real estate transaction considered closed?
#35. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#36. Why is it important to understand the leasehold improvements required by a tenant?
#37. What is the primary function of the Condominium Authority Tribunal?
#38. Why is it important for real estate advertisements to be clear and not misleading?
#39. Who is responsible for maintaining common elements in a condominium?
#40. What is required for a real estate professional to reinstate their license after suspension?
#41. Anna received a counter offer that includes a higher purchase price and a quicker closing date. What should she consider before accepting?
#42. How often must smoke alarms be tested in rental units?
#43. How many days' notice must a landlord give a tenant to terminate a month-to-month tenancy without cause?
#44. Michael wants to ensure his property is marketed effectively. What should he discuss with his brokerage?
#45. How often must the reserve fund study be updated?
#46. When must a developer provide a disclosure statement to a potential buyer of a commercial condominium?
#47. What is the primary purpose of a commercial condominium declaration?
#48. In what situation can a landlord evict a tenant without notice?
#49. Zoe's apartment building was sold, and she received a 30-day notice to vacate. Is this notice valid?
#50. What is a key factor in valuing a business?
Results
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