Prepare for your Section 1 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. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#2. What is a dual agency situation?
#3. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#4. What is the role of a mortgage broker?
#5. What is the penalty for failing to disclose a conflict of interest?
#6. How many days does a real estate professional have to pay a fine once imposed?
#7. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#8. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#9. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#10. What action should be taken if a real estate advertisement is found to be misleading?
#11. What should be done if a real estate professional's license is suspended?
#12. What kind of training does REBBA mandate for all registered brokers and salespersons?
#13. What is the primary purpose of the Statute of Frauds in real estate transactions?
#14. Why is it important to adhere to advertising regulations in real estate?
#15. What is required when an amendment to an agreement is not accepted?
#16. What does the Family Law Act primarily address in the context of real estate?
#17. How many days notice must be given for a disciplinary hearing?
#18. What action can RECO take if a brokerage fails to maintain proper records as per REBBA?
#19. How soon must a real estate professional notify the regulatory body of any legal action taken against them?
#20. How does the Municipal Act impact real estate salespersons?
#21. Who ensures that a brokerage complies with REBBA?
#22. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#23. What is the result of a disciplinary action if a violation is proven?
#24. What should be done if a real estate professional changes brokerages?
#25. What is required under REBBA for a brokerage when there is a change in the broker of record?
#26. Under REBBA, what financial practice must brokerages adhere to with respect to client funds?
#27. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#28. What should be included in all real estate advertisements to comply with regulations?
#29. Who ensures that a brokerage complies with REBBA?
#30. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#31. What is a common penalty for serious ethical violations in real estate?
#32. According to REBBA, what is mandatory for maintaining a salesperson’s registration?
#33. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#34. How does REBBA define the responsibilities of a broker of record with regard to compliance?
#35. What is a disciplinary hearing in real estate?
#36. What does the Family Law Act primarily address in the context of real estate?
#37. Under REBBA, which body is primarily responsible for enforcing the Code of Ethics?
#38. What should a real estate professional do if they are unsure about an ethical issue?
#39. What are the obligations under REBBA regarding the advertising of real estate services?
#40. What is the purpose of a code of ethics in real estate?
#41. Scenario: A couple is divorcing and needs to divide their property. Which legislation provides guidelines for this process?
#42. How long must a real estate professional keep records of transactions?
#43. Why is transparency important in real estate transactions?
#44. What should be done if a deposit cheque bounces?
#45. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#46. According to the Planning Act, what is the impact of an official plan on land development?
#47. What role does the Electronic Commerce Act play in real estate transactions?
#48. What does REBBA regulate regarding brokerage trust accounts?
#49. What must be included in all real estate advertisements?
Results
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