Prepare for your Section 5 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. What should be done if a commercial property has an environmental issue?
#2. What is a leading practice when preparing to show a commercial property?
#3. How often must real estate professionals complete continuing education?
#4. What is the role of a property manager in a commercial lease?
#5. What is a conditional offer?
#6. Why is it important to verify the square footage of a commercial property?
#7. What is the primary legislation governing the sale of a business in Ontario?
#8. What should be done if a real estate professional's license is suspended?
#9. What is a profit and loss statement?
#10. What should a buyer verify about the lease before purchasing a business?
#11. What is the purpose of a confidentiality agreement?
#12. What is the significance of including a condition in the offer?
#13. What type of advertising is prohibited in real estate?
#14. What is required for a real estate professional to reinstate their license after suspension?
#15. Why is it important to review local market conditions before leasing a commercial property?
#16. How soon must a real estate professional report a significant change in their business address to the regulatory body?
#17. How long does a real estate professional have to report a criminal conviction to the regulatory body?
#18. What is a notice to reader report?
#19. What is the purpose of a site visit before leasing a commercial property?
#20. How can a salesperson confirm zoning regulations for a commercial property?
#21. What should a buyer consider about the term of the lease?
#22. What is the penalty for failing to disclose a conflict of interest?
#23. What is a key consideration when selling a business?
#24. What should a seller do if they cannot provide financial statements?
#25. How many days notice must be given for a disciplinary hearing?
#26. What is the purpose of a status certificate in a commercial condominium?
#27. Who is responsible for providing the lease agreement in a business sale?
#28. Why is it important to have a property inspection before leasing?
#29. What is a common requirement for leasing office space?
#30. What should be included in a commercial lease proposal?
#31. Which professional should a buyer consult for tax implications?
#32. Why is due diligence critical in commercial transactions?
#33. What is a key factor in determining the rent for a commercial property?
#34. Why is it important to understand the leasehold improvements required by a tenant?
#35. What is a common financial consideration for industrial properties?
#36. How long must a real estate professional keep records of transactions?
#37. When should a confidentiality agreement be used?
#38. What should be included in a due diligence checklist for a commercial lease?
#39. What is an example of a third-party professional a buyer might consult?
#40. What should be included in a property showing package for a buyer?
#41. Why is it important to review the financial statements of a commercial property?
#42. How many days does a real estate professional have to respond to a complaint?
#43. What information is typically included in a commercial lease agreement?
#44. What is a key difference between an asset sale and a share sale?
#45. What should a salesperson do if a tenant requests modifications to the lease terms?
#46. What should a salesperson do if they find inconsistencies in the property documentation?
#47. What must be included in all real estate advertisements?
#48. What should be done if a real estate professional changes brokerages?
#49. What should a salesperson do if they learn about undisclosed property damage?
#50. Which document must a seller provide to the buyer before entering a binding agreement of purchase and sale?
Results
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