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. What should a buyer verify about the lease before purchasing a business?
#2. What is the main difference between commercial and residential condominiums in terms of governance?
#3. What is the purpose of a waiver in a real estate transaction?
#4. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#5. What is the role of the Condominium Management Regulatory Authority of Ontario?
#6. A buyer is interested in a unit in a freehold - phased condominium. What should they be aware of?
#7. Who ensures that a brokerage complies with REBBA?
#8. Mark's landlord wants to evict him to move a family member into the unit and gave him a 120-day notice. Is this notice valid?
#9. How is the proportion of common expense fees determined for each unit?
#10. What is the main purpose of a tenant fit-up?
#11. What must be included in an amendment to an agreement of purchase and sale?
#12. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#13. What is required for a buyer to accept a counter offer?
#14. What is the standard notice period a tenant must give to terminate a fixed-term lease early?
#15. Which document is required to terminate a binding agreement?
#16. Why is it important for real estate advertisements to be clear and not misleading?
#17. What is required for a condominium board of directors to make rule changes?
#18. Under REBBA, what is required to maintain a valid salesperson registration?
#19. How can a salesperson confirm zoning regulations for a commercial property?
#20. What is a profit and loss statement?
#21. Thomas included a condition for the sale of his current home. What is this condition called?
#22. How often must a reserve fund study be updated for a commercial condominium?
#23. What is the primary function of the Condominium Authority Tribunal?
#24. What must be done if a rental application is not approved?
#25. Liam is working with a buyer who needs more time to arrange financing. What should he include in the offer?
#26. Matthew's offer includes a condition for the sale of his current home within 30 days. What happens if this condition is not met?
#27. Olivia wants to include a condition for a structural engineer's report before purchase. What is this condition called?
#28. What is the purpose of a shared facilities agreement?
#29. What is a common red flag when reviewing a rental application?
#30. Lucas received a 14-day notice to pay overdue rent or face eviction. Is this notice valid?
#31. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#32. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#33. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#34. What should a salesperson do if a seller wants to hide a defect?
#35. What should a seller do if they cannot provide financial statements?
#36. Scenario: A salesperson fails to disclose a conflict of interest. Under REBBA, what is the likely consequence?
#37. According to the Planning Act, what is the impact of an official plan on land development?
#38. What is required for an amendment to be valid?
#39. Who must sign the offer for it to be legally binding?
#40. Sophia's offer includes a condition for the sale of her current home. How long should she allow for this condition to be fulfilled?
#41. Why is it important to check zoning regulations before showing a commercial property?
#42. What is a gross lease?
#43. Who is typically responsible for preparing the budget for a new commercial condominium?
#44. How long must brokerages retain documents for a successful transaction?
#45. What should be included in a property showing package for a buyer?
#46. What is the significance of a property's zoning classification?
#47. What is the main purpose of a title search?
#48. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#49. What is an example of a third-party professional a buyer might consult?
#50. What are the obligations under REBBA regarding the advertising of real estate services?
Results
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