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

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

30 days

15 days

60 days

90 days

2 / 30

Condominium unit insurance is typically…?

The same as for other properties

Cheaper than for other the properties

More expensive than for other properties

Totally dependent on the type of unit

3 / 30

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

Two years

Five years

Three years

One year

4 / 30

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

The owning corporation

Unit owners

The municipality

The developer/builder

5 / 30

Who has liability for the debts of a condominium corporation?

Landlord

Head of board of directors

Unit owners

Board of directors

6 / 30

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

The square footage of the unit

The amount they paid for their unit

Their personal salary

The date they moved into the condominium

7 / 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

8 / 30

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

Unit owners

They have the same responsibility

Unit tenants

Differs from building to building

9 / 30

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

$5,000

$20,000

$10,000

$15,000

10 / 30

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

79 years

99 years

109 years

89 years

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?

30%

15%

50%

12 / 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…?

$500

$1,000

$100

$250

13 / 30

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

The right to use communal areas

The right to enjoy shared power and heating apparatus

The right to vote on condominium issues

The right to use their parking space

14 / 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…?

$2,500

$10,000

$5,000

$7,500

15 / 30

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

Six months

Three months

One month

Nine months

16 / 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…?

Declaration

Derivation

Description

Declamation

17 / 30

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

HST

Land Transfer Tax

Any/all of them

Capital Gains Tax

18 / 30

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

A shared entrance hall

A corridor

A swimming pool

A balcony

19 / 30

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

A part of the land the condominium stands on

Their own unit only

Neither land nor their unit

Only parts of the common areas

20 / 30

A condominium building comprises units and…?

Shared areas

Outside space

Corridors and foyers

Common elements

21 / 30

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

25%

50%

15%

22 / 30

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

5+ storeys

6+ storeys

4+ storeys

10+ storeys

23 / 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…?

$500,000

$1.5 million

$2.5 million

$2 million

24 / 30

The most common type of residential condominium corporation is…?

Freehold phased

Freehold vacant land

Freehold standard

Freehold common element

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?

Tennis court

Parking lot

Swimming pool

None of them

26 / 30

What are the common elements of a condominium?

Every part except the units themselves

The outside areas and parking spaces

The corridors and foyers

Every part including the units

27 / 30

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

Only in an emergency situation

Only if the unit owner gives permission

Under no circumstances

With reasonable notice

28 / 30

Bylaws of a condominium corporation must be approved by…?

50% plus of unit owners

60% plus of unit owners

90% plus of unit owners

75% plus of unit owners

29 / 30

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

30 / 30

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

5 days

24 hours

48 hours

10 days

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