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

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

2 / 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…?

3 / 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…?

4 / 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?

5 / 30

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

6 / 30

What are the common elements of a condominium?

7 / 30

A condominium building comprises units and…?

8 / 30

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

9 / 30

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

10 / 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…?

11 / 30

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

12 / 30

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

13 / 30

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

14 / 30

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

15 / 30

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

16 / 30

Condominium unit insurance is typically…?

17 / 30

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

18 / 30

Who has liability for the debts of a condominium corporation?

19 / 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…?

20 / 30

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

21 / 30

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

22 / 30

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

23 / 30

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

24 / 30

The most common type of residential condominium corporation is…?

25 / 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?

26 / 30

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

27 / 30

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

28 / 30

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

29 / 30

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

30 / 30

Bylaws of a condominium corporation must be approved by…?

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