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. In a leasehold condominium, what do purchasers own?
#2. Lucas received a 14-day notice to pay overdue rent or face eviction. Is this notice valid?
#3. How often must a reserve fund study be updated for a commercial condominium?
#4. What is the maximum amount of a security deposit a landlord can require?
#5. Who is responsible for insuring the common elements in a commercial condominium?
#6. What is the purpose of an escape clause?
#7. Who must complete the director training program provided by the Condominium Authority of Ontario?
#8. What must a landlord provide if they wish to enter the rental unit?
#9. What is required for a salesperson to maintain competence in leasing properties?
#10. What is the most common method of countering an offer?
#11. Emily's lease includes a clause that she must professionally clean the carpets upon moving out. Is this clause enforceable?
#12. What should a salesperson disclose about previous renovations?
#13. What is a dual agency situation?
#14. Who is typically responsible for preparing the budget for a new commercial condominium?
#15. When must a condominium corporation's reserve fund be used?
#16. What is an anchor tenant?
#17. What is the standard notice period a tenant must give to terminate a fixed-term lease early?
#18. What happens if a commercial condominium owner fails to pay their common expenses?
#19. Why is location important in real estate?
#20. What is an earnest money deposit?
#21. What is the role of a mortgage broker?
#22. A potential buyer asks about the role of the condominium board. How should the salesperson respond?
#23. Who elects the board of directors in a commercial condominium?
#24. What is the minimum notice period for a tenant to terminate a month-to-month tenancy?
#25. Who elects the condominium board of directors?
#26. What should a salesperson do if they suspect a tenant might cause issues?
#27. Zoe's apartment building was sold, and she received a 30-day notice to vacate. Is this notice valid?
#28. Olivia's lease specifies a 60-day notice period for termination by the tenant. Is this notice period valid?
#29. Michael's offer was accepted with conditions. Who is responsible for fulfilling these conditions?
#30. What is the role of a home appraiser?
#31. What is the main benefit of a shared facilities agreement in a mixed-use condominium?
#32. What must happen for a condominium bylaw to be amended?
#33. What is required for a tenant to withhold rent due to repairs not being made?
#34. In what situation can a landlord evict a tenant without notice?
#35. Ethan is reviewing a counter offer from the seller. What must he ensure?
#36. A buyer is concerned about the financial health of a condominium. What document should they ask for?
#37. Anna is leasing an office space and needs to know if shared facilities like meeting rooms are available. Where should she look?
#38. Liam is leasing a space in a new office building and wants to ensure that the landlord will complete renovations to improve building accessibility. What should he include in the lease?
#39. What is a common contingency in a real estate contract?
#40. What is required for a condominium board to amend a bylaw?
#41. Sophie wants to ensure that the garden shed is included in the sale. How should this be documented?
#42. Lucy is negotiating a lease for a restaurant in a shopping mall. She wants assurance that no other restaurants will open in the same mall. What clause should she include?
#43. Under what circumstances can a tenant break a lease without penalty?
#44. What should a tenant do if they receive an eviction notice?
#45. What is the purpose of a shared facilities agreement?
#46. What is the first step in the four-step offer plan?
#47. What is a home equity loan?
#48. What should be done if a condition requires an escape clause?
#49. What should not be included in a stacked condition?
#50. What does the Condominium Act regulate?
Results
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