Prepare for your Section 4 Ontario real estate license with this free comprehensive practice exam. This exam covers key topics from section four of the Ontario Real Estate License Program.
#1. A buyer wants to make changes to their unit that affect common elements. What is required?
#2. Who is responsible for maintaining common elements in a commercial condominium?
#3. In a leasehold condominium, what do purchasers own?
#4. Sarah has a month-to-month lease and received a notice to vacate in 30 days without cause. Is this notice valid?
#5. What is the minimum notice period for a tenant to terminate a month-to-month tenancy?
#6. How often must a commercial condominium corporation hold an annual general meeting?
#7. What is the minimum notice period a landlord must give a tenant for eviction due to non-payment of rent?
#8. When is a commercial condominium developer required to call a turnover meeting?
#9. Emma is drafting an offer and wants to include an escape clause. What is the primary purpose of an escape clause?
#10. When must a salesperson disclose their interest in a property?
#11. What is the purpose of the Condominium Authority of Ontario?
#12. What is the purpose of an escape clause?
#13. What is the purpose of Schedule A in an offer?
#14. What is a lien in the context of a condominium?
#15. How is the proportion of common expense fees determined for each unit?
#16. What is the main difference between commercial and residential condominiums in terms of governance?
#17. What should be done if a deposit cheque bounces?
#18. Who elects the condominium board of directors?
#19. A buyer is interested in a unit in a freehold – phased condominium. What should they be aware of?
#20. What is a tenant’s right if they discover the rental unit is uninhabitable?
#21. How long must brokerages retain documents for a successful transaction?
#22. Which type of condominium corporation allows the developer to add new units or common elements in the future?
#23. What must be included in Schedule A of an offer?
#24. What must be provided to a potential buyer before they sign an agreement of purchase and sale for a new condominium?
#25. Isabella’s offer was accepted but the completion date needs to be extended. What should she do?
#26. What is required for a tenant to withhold rent due to repairs not being made?
#27. Which statement about advertising rental properties is correct?
#28. What is the purpose of the Personal Information Protection and Electronic Documents Act (PIPEDA) in real estate?
#29. How long should the listing brokerage retain unsuccessful offers?
#30. What is included in a condominium’s common elements?
#31. What does ‘under contract’ mean in real estate?
#32. Sophia’s offer includes a condition for the sale of her current home. How long should she allow for this condition to be fulfilled?
#33. What must a declarant deliver within 60 days of the turnover meeting?
#34. What is the impact of interest rates on the real estate market?
#35. What must be included in a rental application form?
#36. Tom is leasing an industrial property and needs to ensure the building can support his heavy equipment. What should he check?
#37. How should a salesperson handle a situation where a property has been on the market for a long time?
#38. What happens if a commercial condominium owner fails to pay their common expenses?
#39. What is required for a lease to be binding?
#40. What should be done to ensure clauses are clear and concise?
#41. How often must a reserve fund study be updated for a commercial condominium?
#42. Who is typically responsible for preparing the budget for a new commercial condominium?
#43. What should be the focus of rental property advertisements?
#44. What is the primary responsibility of the condominium board regarding finances?
#45. Which of the following is a correct statement about freehold standard condominiums?
#46. What should be done if a condition requires an escape clause?
#47. What should a salesperson do if a property is overpriced?
#48. Mia wants to include her refrigerator in the sale. How should this be documented?
#49. Why is location important in real estate?
#50. What can happen if a condominium owner fails to pay common expense fees?
Results
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