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. What is a reserve fund in a condominium corporation used for?
#2. What must happen for a condominium bylaw to be amended?
#3. What is the impact of high property taxes on property sales?
#4. How often must a commercial condominium corporation hold an annual general meeting?
#5. Anna is leasing an office space and needs to know if shared facilities like meeting rooms are available. Where should she look?
#6. Jackson wants to ensure that the property's fireplace is included in the sale. Where should this be documented?
#7. What must be provided to a potential buyer before they sign an agreement of purchase and sale for a new condominium?
#8. What is the purpose of a deposit in an offer?
#9. When can a notice of fulfillment be used?
#10. What must a developer provide to a buyer when selling a new condominium unit?
#11. What should a salesperson do if a seller wants to hide a defect?
#12. What should a salesperson do if they suspect a tenant might cause issues?
#13. What should a tenant do if they receive an eviction notice?
#14. What should a salesperson disclose about previous renovations?
#15. When is a commercial condominium developer required to call a turnover meeting?
#16. Anna's landlord gave her a 60-day notice to vacate for a major renovation. Is this notice period sufficient?
#17. What is the first date to be identified in an offer plan?
#18. Natalie wants to take possession of the property as soon as possible. What term is she looking to adjust?
#19. How long must brokerages retain documents for a successful transaction?
#20. Oliver wants to make his offer conditional on obtaining homeowners insurance. Where should this be specified?
#21. What is a tenant's right if they discover the rental unit is uninhabitable?
#22. When is a real estate transaction considered closed?
#23. Sophie wants to ensure that the garden shed is included in the sale. How should this be documented?
#24. Mark is leasing a retail space and the landlord requires all tenants to report their monthly sales figures. What type of lease is this likely to be?
#25. Alex is buying a property and wants assurance that the appliances are in working order. Where should this be included?
#26. What is a common contingency in a real estate contract?
#27. If a buyer wants to ensure the property is free from legal issues before finalizing the purchase, what should be included?
#28. A buyer is interested in a resale condominium. What should they do before finalizing the purchase?
#29. How can a salesperson help a seller set the right asking price?
#30. What is the legal requirement for a landlord to provide heat in a rental unit?
#31. Laura is negotiating a lease for an office space and wants to ensure that she has enough parking spots for her employees. Where should this be detailed?
#32. What happens if a commercial condominium owner fails to pay their common expenses?
#33. Lucas is buying a condo and wants to ensure that the building allows pets. How should he include this in his offer?
#34. What is required for a buyer to rescind their agreement of purchase and sale within the cooling-off period?
#35. What is the primary benefit of a LEED-certified building?
#36. David is preparing an offer and needs to list key dates. Which of the following is NOT typically included?
#37. How is the proportion of common expense fees determined for each unit?
#38. Emma is drafting an offer and wants to include an escape clause. What is the primary purpose of an escape clause?
#39. What is required when an amendment to an agreement is not accepted?
#40. What must be included in an amendment to an agreement of purchase and sale?
#41. Sophia received a 30-day notice to vacate because her landlord wants to renovate the unit. Is this notice valid?
#42. A couple is purchasing a leasehold condominium. What is unique about their ownership?
#43. What is the importance of a comparative market analysis (CMA)?
#44. What must be included in a rental application form?
#45. John's landlord has decided to sell the house and gave him a 60-day notice to vacate. Is this notice valid?
#46. Sarah has a month-to-month lease and received a notice to vacate in 30 days without cause. Is this notice valid?
#47. What is the role of a mutual release in a real estate transaction?
#48. What can be included in the common elements of a condominium?
#49. What is the maximum amount of a security deposit a landlord can require?
#50. In what scenario can the board of directors make rule changes without owner approval?
Results
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