Practice Exam – Ontario Real Estate License

Practice Exam – Ontario Real Estate License

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?

Finish

Results

Congratulations! 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!

We’re Sorry

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