Additional Residential Real Estate Transactions

Additional Residential Real Estate Transactions - Test 01

The Ontario Additional Residential Real Estate Transactions Test is an important exam that aspiring real estate professionals should aim to pass with flying colors. The test consists of 120 multiple-choice questions, all based on the official textbook. The examination is designed to measure the candidate’s understanding of real estate transactions, legal concepts, ethical considerations, and other relevant aspects of the field. To prepare for the test, individuals need to study the textbook comprehensively, paying close attention to details and critical concepts. The exam is challenging, but with the right preparation, one can pass it on the first try. Once passed, professionals can begin their journey in the industry, equipped with the necessary knowledge and skills to excel.

Additional Residential Real Estate Transactions - Practice Test 01

Ontario Additional Residential Real Estate Transactions - Course 3

1 / 30

In a freehold common element condominium, each owner owns…?

Their own unit only

Only parts of the common areas

Neither land nor their unit

A part of the land the condominium stands on

2 / 30

In a leasehold condominium, the lease term lasts for up to…?

89 years

99 years

79 years

109 years

3 / 30

Buyer deposits for condominiums are protected up to a maximum of…?

$20,000

$15,000

$5,000

$10,000

4 / 30

Who has liability for the debts of a condominium corporation?

Landlord

Head of board of directors

Board of directors

Unit owners

5 / 30

In a freehold standard condominium, each unit owner pays their share of maintenance cost for common elements based on…?

Their personal salary

The amount they paid for their unit

The square footage of the unit

The date they moved into the condominium

6 / 30

Who has the higher responsibility for cleanliness, maintenance, repairs et cetera in a condominium building?

Unit owners

Differs from building to building

They have the same responsibility

Unit tenants

7 / 30

Bylaws of a condominium corporation must be approved by…?

75% plus of unit owners

60% plus of unit owners

50% plus of unit owners

90% plus of unit owners

8 / 30

Which of these might fall under an "exclusive use common element" agreement?

A balcony

A corridor

A swimming pool

A shared entrance hall

9 / 30

Newly appointed condominium directors must take online training from the CAO within what time of appointment?

Three months

One month

Nine months

Six months

10 / 30

The most common type of residential condominium corporation is…?

Freehold common element

Freehold vacant land

Freehold standard

Freehold phased

11 / 30

In order to call a meeting regarding changes to rules and bylaws in a condominium, at least what percentage of unit owners must request it?

15%

30%

50%

12 / 30

What is the maximum term of office for a member of the board of directors of a condominium corporation?

Three years

Two years

One year

Five years

13 / 30

Buyers of a condominium unit have how long to terminate an agreement of purchase and sale (cooling off period)?

48 hours

10 days

24 hours

5 days

14 / 30

A salesperson should advise a potential buyer to act cautiously if the tenant-to-only ratio in a condominium building is greater than…?

50%

15%

25%

15 / 30

When a turnover meeting is held, audited financial statements must be delivered to the new board of directors within…?

60 days

30 days

90 days

15 days

16 / 30

A corporation's authorised person may enter a condominium unit…?

With reasonable notice

Under no circumstances

Only in an emergency situation

Only if the unit owner gives permission

17 / 30

Details of the proportionate share of each unit in common elements and share of common expenses are contained in the builder's or developer's…?

Description

Derivation

Declamation

Declaration

18 / 30

What are the common elements of a condominium?

The outside areas and parking spaces

The corridors and foyers

Every part including the units

Every part except the units themselves

19 / 30

The board of directors of a condominium is selected by…?

The owning corporation

Unit owners

The developer/builder

The municipality

20 / 30

A high-rise apartment building is one which has…?

6+ storeys

5+ storeys

10+ storeys

4+ storeys

21 / 30

If a condominium unit owner defaults in payment for common expenses, they may lose…?

The right to vote on condominium issues

The right to use their parking space

The right to enjoy shared power and heating apparatus

The right to use communal areas

22 / 30

If unit owners wish to call for a meeting to discuss changes to rules and bylaws, they must do so within what time of receiving notice of changes?

60 days

15 days

30 days

5 days

23 / 30

A condominium manager holding a general or transitional general license can work for a maximum of how many condominium corporations?

24 / 30

Under the Ontario New Home Warranties Plan Act common elements must be covered for a maximum of $50,000 times the number of units, up to a maximum of…?

$1.5 million

$2 million

$2.5 million

$500,000

25 / 30

A condominium unit owner may ask for a reduction in their maintenance fees if they don't use which of the following facilities?

None of them

Parking lot

Tennis court

Swimming pool

26 / 30

A condominium building comprises units and…?

Corridors and foyers

Outside space

Shared areas

Common elements

27 / 30

Which of these taxes may apply to the purchase of new condominium units?

Capital Gains Tax

HST

Land Transfer Tax

Any/all of them

28 / 30

If a condominium manager has provided services for less than two years under supervision of a general license holder, they have a limited license which means they cannot make expenditures of more than…?

$1,000

$250

$500

$100

29 / 30

If a builder does not provide possession to a condominium buyer by the Firm Occupancy Date, they must compensate them up to a maximum of…?

$10,000

$7,500

$5,000

$2,500

30 / 30

Condominium unit insurance is typically…?

The same as for other properties

More expensive than for other properties

Totally dependent on the type of unit

Cheaper than for other the properties

Your score is