Residential Real Estate Transactions - Test 04

The Ontario Residential Real Estate Transactions Test is a comprehensive assessment that evaluates a candidate’s knowledge of the official course material. The test consists of 200 multiple-choice questions that cover a wide variety of topics related to real estate transactions, including contract law, property ownership, agency relationships, and financing. To succeed on the exam, candidates need a strong understanding of real estate terminology, legal concepts, and practical application. However, with thorough preparation and practice, it is possible to pass the test with flying colors and gain certification as a knowledgeable and competent real estate professional. Whether you are a new agent looking to jump-start your career, or an experienced professional seeking to expand your knowledge base.

Residential Real Estate Transactions - Practice Test 04

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Revealing any stigma attached to a property to potential buyers is…?

A sensible precaution to prevent possible lawsuits

Inadvisable as it will deter buyers

Not necessary in any circumstances

A legal requirement in Ontario

2 / 30

If an area of a property cannot be accessed for inspection, the salesperson should…?

Document that on their information

Refuse to continue with inspection

Leave that area off their information

Tell the seller to make a suitable discount to the asking price

3 / 30

A person with Canadian Residential Appraisal status may evaluate housing containing up to how many self-contained units?

Three

Six

Four

Five

4 / 30

A seller becomes a client of a brokerage when they…?

Sign a listing agreement

Ask a salesperson's advice about selling

Ask for a pre-listing presentation

Ask a salesperson to determine their needs

5 / 30

117. Registrants are prohibited from providing value opinions to clients or customers…?

If a property is valued at more than $500,000

Unless the client or customer has specifically asked them to

Unless third-party advice is deemed too expensive

If they do not have suitable educational experience

6 / 30

A Form Report is generally used for estimating the market value of…?

Apartment buildings

Residential property up to fourplexes

Industrial buildings

Agricultural land

7 / 30

If a property has knob and tube type wiring, it should generally…?

Be replaced immediately

Be carefully monitored

Be renovated by an expert

Not be mentioned in selling information

8 / 30

A person accredited to provide valuations for all types of real estate properties including industrial, commercial and agricultural, has the designation…?

DAR

CRA

AACI

CNAREA

9 / 30

Which of these could lead to a property being "stigmatised"?

Any/all of them

Previous murder or suicide in the property

Death of an infant in a property

Criminal activities in the property

10 / 30

Checks should be made for asbestos as an insulating material in homes built up to…?

Mid 1950s

Mid 1940s

Mid 1930s

Mid 1960s

11 / 30

A house may need its water system replacing if the pipes are made of…?

Copper

Lead

Plastic

CPVC

12 / 30

99. The voluntary R-2000 certification system is used to certify homes for…?

Flood protection

Fire protection

Energy efficiency and environmental responsibility

Aesthetic values

13 / 30

If aluminium wiring is present in a property, the seller may be advised…?

To have it removed immediately

Not to mention it in selling information

To consult a licensed electrician

To cover it over with plastic sheathing

14 / 30

Providing false information when applying for a building permit may lead to what?

All/any of these

Expensive remedies being ordered

Heavy fines being levied

The permit being withdrawn

15 / 30

Closed cell spray foam insulation is most frequently used for…?

Exterior walls

Interior walls

Roofs

Basements

16 / 30

If a property has an unused water well it should be…?

Decommissioned by licensed contractors

Filled in with rubble

Left as it is

Covered over

17 / 30

The total living area of a property is calculated using the external measurements of all above grade living areas that…?

Contain electric sockets

Are heated year round

Contain soft furnishings

Have air-conditioning

18 / 30

Curb appeal refers to what?

The favourable impression a buyer gets from being close to a fire hydrant

The first impression a buyer gets when arriving at a property

The first impression a buyer gets when walking through the front door

The favourable impression a buyer gets from abundant parking capacity

19 / 30

A brick masonry wall consists of how many layers of bricks?

One

Two

Three

Four

20 / 30

A property which takes water from a well must have water quality tested at least…?

Once every two years

Once a year

Twice a year

Once every five years

21 / 30

Which of these uses of a property could lead to the creation of material latent defects?

Use of garage as an auto repair shop

All/any of them

Hoarding of useless or discarded items

Use as an illegal narcotics lab (other than for cannabis or marijuana)

22 / 30

Unused oil tanks on a property must be…?

Filled with water and sealed

Certified as being empty

Extracted and left on the property

Removed by a TSSA registered technician

23 / 30

If a seller asks a salesperson to hide certain material facts, e.g. unused underground fuel tanks, the seller must...?

Disclose them anyway

End their relationship with the seller

Strongly advise the seller to disclose them

Concur with the seller's wishes

24 / 30

In terms of local economic conditions, regression refers to…?

A house that does not have easy access to local amenities

A superior house located in a neighbourhood where most other houses are inferior

A house that is reasonably similar to all others in the neighbourhood

An inferior house located in a neighbourhood where most other houses are superior

25 / 30

The potability of water refers to its…?

Temperature

Pipe corrosion rate

Safety for drinking

Suitability for central heating

26 / 30

Urea formaldehyde foam insulation (UFFI) may be found in homes built up to…?

1980

1985

1970

1975

27 / 30

A Class 5 sewage system consists of…?

A cesspool

A grey water system

A holding tank for sewage

A waterless toilet system

28 / 30

Sick building syndrome refers to what?

Buildings that young people think are cool

Buildings that most people find revolting

Buildings that cause illnesses to people living in them

Buildings that start to rapidly deteriorate

29 / 30

Which of these is an advantage of a tankless water heater?

Quicker delivery of hot water

Better flow of hot water

Low operating cost

Cheaper than conventional heating

30 / 30

Under the Ontario Building Code a septic system must be at least what distance from any structure?

15 m

5 m

30 m

25 m

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