Additional Residential Real Estate Transactions - Test 02

The Ontario Additional Residential Real Estate Transactions Test is an essential examination for individuals seeking to become licensed real estate agents in Ontario. This test is a requirement for anyone wanting to specialize in residential real estate. It is designed to assess the candidate’s knowledge of industry-accepted practices, real estate law, and regulatory procedures. The test consists of 120 multiple-choice questions and covers various topics such as property valuation, marketing, and documentation. Passing this test on the first try is a great accomplishment and can help boost an individual’s career prospects in the real estate industry.


Additional Residential Real Estate Transactions - Practice Test 02

Ontario Additional Residential Real Estate Transactions - Course 3

1 / 30

A takeout mortgage is used to…?

2 / 30

The owner of an access road may only close it for maintenance once a year for…?

3 / 30

A landowner must generally get a Plan of Subdivision approved and registered if they wish to divide one large parcel of land into more than…?

4 / 30

The maximum warranty coverage for septic systems is…?

5 / 30

Section 21 of the Planning Act states that permission is required if a part of land is to be transferred or leased for more than...?

6 / 30

The Ontario new home warranty program covers major structural defects for…?

7 / 30

If an owner, contractor or subcontractor has registered a lien on the services and materials provided, they may withhold what percentage of the price of these until work is substantially completed?

8 / 30

A salesperson should refer a condominium buyer to third-party professionals…?

9 / 30

A builder does not have to disclose an increase in common expenses after their initial disclosure statement if the increase is below…?

10 / 30

If a buyer's choice of colour, finish or other selected item in a new building cannot be supplied, they must be given how long to select new choices?

11 / 30

Municipalities usually review applications for building permits for residential structures within…?

12 / 30

If an appraisal or a condominium unit is required a salesperson should refer their buyer to a minimum of how many reputable appraisers?

13 / 30

Which of these are excluded from coverage under the provincial new home warranty?

14 / 30

Which of these may make it difficult for a buyer to obtain a mortgage on a condominium unit?

15 / 30

The term "hobby farm" is used for an agricultural property that is primarily…?

16 / 30

A "progress draw mortgage" is used to…?

17 / 30

A restrictive covenant on land…?

18 / 30

If a builder delays occupancy beyond the Firm Occupancy Date buyers have a right to how much compensation?

19 / 30

A "speculative home" is one which a builder has commenced building…?

20 / 30

If an agreement has been signed after January 1, 2018, for a property priced below $600,000, a buyer's deposit is protected up to a maximum of…?

21 / 30

When listing a condominium unit, the square footage quoted should be the…?

22 / 30

A waiver implemented by a buyer, relinquishing some form of rights or interest, may only be used to waive...?

23 / 30

If an owner refuses to pay a Special Assessment for repairs or replacements in common areas when the reserve fund does not have enough money, the corporation can register a lien against their unit within…?

24 / 30

Every condominium corporation is required to conduct a Reserve Fund Study every…?

25 / 30

Which of these properties will require permits from the Ministry of Natural Resources and Forestry in order to implement improvements?

26 / 30

Failure to disclose all material facts to a buyer about a condominium property may result in fines and/or legal actions against…?

27 / 30

Properties are excluded from the new building warranty if pre-existing foundations or footings exceed what proportion of the entire foundation?

28 / 30

Tarion warranty protects a buyer's deposit in the case of non-completion, builder bankruptcy et cetera up to a maximum of…?

29 / 30

If a condominium unit is to be used as a principal residence, buyers can receive a rebate on Harmonised Sales Tax (HST) up to a maximum of…?

30 / 30

If a buyer requests a Status Certificate from a condominium corporation/management, it must be provided within 10 calendar days and the buyer cannot be charged more than…?

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