Prepare for your Section 2 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section two of the Ontario Real Estate License Program.
#1. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#2. What is the primary benefit of a fixed-rate mortgage?
#3. What is a zoning ordinance?
#4. What is the primary purpose of a real estate contract?
#5. What does the Family Law Act primarily address in the context of real estate?
#6. According to the Planning Act, what is the impact of an official plan on land development?
#7. What should a seller disclose to their brokerage?
#8. Liam's landlord wants to sell the property he is renting. What should Liam do?
#9. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#10. What is a contingency in real estate?
#11. Who is responsible for providing accurate information about a property?
#12. What is the significance of an earnest money deposit?
#13. What does the Family Law Act primarily address in the context of real estate?
#14. How can a salesperson help a buyer understand the local market?
#15. What is the role of a mortgage broker?
#16. What is the primary purpose of the Statute of Frauds in real estate transactions?
#17. Sophia's brokerage has multiple offers on her property. How should the brokerage handle this?
#18. How does the Municipal Act impact real estate salespersons?
#19. What is a deed of trust?
#20. Grace wants to invest in rental properties. What should her brokerage provide?
#21. When is a real estate transaction considered closed?
#22. What is an escrow account used for?
#23. What is a contingency in a real estate contract?
#24. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#25. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#26. Scenario: A salesperson fails to disclose a significant dual agency relationship. What legislation does this breach?
#27. What is the role of a home appraiser?
#28. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#29. Under the Vendors and Purchasers Act, who is responsible for the costs of registering the transfer/deed?
#30. What does 'contingent' mean in a real estate listing?
#31. Scenario: A developer wants to change the zoning of a property. Which act regulates this process?
#32. What are the obligations under REBBA regarding the advertising of real estate services?
#33. What is a common reason for a real estate deal to fall through?
#34. Tyler's brokerage is helping him buy a property. What should the brokerage avoid doing?
#35. What is the best way to market a property in a competitive market?
#36. Anna wants to know if a brokerage has any complaints against them. Where should she check?
#37. What is the benefit of a home warranty?
#38. Olivia is buying a property and her brokerage is also representing the seller. What type of relationship is this?
#39. Kevin is unsure about signing a listing agreement. What should he do?
#40. How can a salesperson help a buyer during a bidding war?
#41. What does 'under contract' mean in real estate?
#42. What is a lien?
#43. What is the role of a real estate appraiser?
#44. Who typically pays the commission to the brokerage in a real estate transaction?
#45. According to the Planning Act, what is the impact of an official plan on land development?
#46. What should a salesperson do if a property has an encroachment?
#47. What is the primary purpose of the Statute of Frauds in real estate transactions?
#48. How does the Municipal Act impact real estate salespersons?
#49. What is the impact of good school districts on property value?
#50. According to the Planning Act, what is the impact of an official plan on land development?
Results
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