Ontario Real Estate Essentials Test 01

Real Estate Essentials - Test 01

Taking the Ontario Real Estate Essentials Test is an important step for anyone looking to enter the real estate industry in Ontario. The test assesses an individual’s knowledge of essential topics related to real estate in Ontario. These topics include real estate law, regulations, ethics, and business practices. To pass the test, one must demonstrate a good understanding of all these areas. This is where the free practice tests offered on this online site can immensely help. By going through these practice tests repeatedly, individuals can gain a deeper understanding of the topics covered and get accustomed to the actual test format. With this kind of preparation, passing the Ontario Real Estate Essentials Test on the first attempt is achievable and highly likely.

Real Estate Essentials - Practice Test 01

Ontario Real Estate - Course 1

1 / 30

Which of these characteristics should you not expect in a buyers' market?

Prices having to be reduced

Sales to be rushed through quickly

Buyers asking for more conditions on purchase

Listing period is having to be extended

2 / 30

Which of these will not affect the day-to-day activities of a salesperson?

Market conditions

Global gas prices

Market characteristics

Whether they are working with a buyer or a seller

3 / 30

In a sellers' market, properties tend to sell…?

None of these

More slowly

More quickly

For lower prices

4 / 30

The broker of record provides guidance and advice to salespersons and brokers regardless of...?

Any of these

Brokerage structure

Experience

Size of brokerage

5 / 30

The minimum age for obtaining a real estate salesperson registration in Ontario is…?

6 / 30

Which of these is a desirable skill for a salesperson?

All of them

Mathematical skills

People skills

Research skills

7 / 30

Which of these is the only pre-registration course that does not require an in-person theory examination?

Real estate essentials

Commercial real estate transactions

Residential real estate transactions

Getting started

8 / 30

In a balanced market, you would usually expect sales to occur…?

In a reasonable time

Faster than usual

Any of these

Slower than usual

9 / 30

When a seller makes an agreement with a real estate business, the agreement is with...?

Any of these

The brokerage

The salesperson they have worked with

The broker they have worked with

10 / 30

In residential resales, the salesperson should expect…?

Emotional issues which have to be addressed

Difficulty planning their own family events

All of these

Irregular working hours

11 / 30

Once a person is registered as a real estate salesperson with RECO, the post-registration educational requirements must be completed within…?

24 months

36 months

18 months

12 months

12 / 30

What is the definition of a sellers' market?

When the number of sellers in the market matches the number of buyers

Any of these

When there are more sellers in the market than buyers

When there are more buyers in the market than sellers

13 / 30

Condominium ownership involves a specific "unit" and shared ownership of…?

Rental profits

Appreciation profits

Common property

Depreciation risks

14 / 30

What is the definition of a balanced market?

When there are more sellers in the market than the number of buyers

When the number of sellers in the market matches the number of buyers

When there are more buyers in the market than the number of sellers

When properties sell for the price the owner paid for them

15 / 30

To maintain registration, every registrant with RECO must complete the Mandatory Continuing Education courses every…?

36 months

24 months

18 months

12 months

16 / 30

If you are unable to provide services with reasonable skill, knowledge, judgement and competence, you should...

Advise the buyer/seller to obtain services elsewhere

Keep this hidden from the client

Delay until you have improved your knowledge

Reduce your commission

17 / 30

In residential resales, open houses are usually held…?

On holidays

Mid week

At weekends

Friday evenings

18 / 30

It is compulsory to take out RECO's purchase insurance coverage for...?

Brokerages

All of these

Salespeople

Brokers

19 / 30

When selling new homes, the salesperson will be working with…?

The architects

The builders

The tradespeople

The interior decorators

20 / 30

The broker of record must be...?

Someone involved in the day-to-day running of the brokerage

Someone who only works remotely with the brokerage

Someone who has no regular involvement with the brokerage

Someone who only works part time at the brokerage

21 / 30

The broker of record is designated by a brokerage to...?

Set the fees charged by the brokerage

Keep the brokerage's records up to date

Ensure compliance with REBBA

Write the agreements with sellers/buyers

22 / 30

Which of these can affect the value of units in a condominium?

All of them

Corporate financial stability

Maintenance fees

Type of building

23 / 30

The broker of record in a brokerage must be...?

The head of a brokerage

Any employee of the brokerage

A broker employed by the brokerage

An external contractor of the brokerage

24 / 30

Which of these is not an example of the Code of Ethics?

Profiteering

Fairness

Honesty

Integrity

25 / 30

Which of these is not permitted to use the term "agent" in their advertising?

Salesperson

All of these

Broker

Broker of record

26 / 30

Which of these is not a function of RECO?

Setting flat rates for real estate brokers

Investigating complaints about real estate brokers

Educating consumers about the real estate profession

Enforcing standards for real estate education

27 / 30

What is the definition of a buyers' market?

When there are more sellers in the market than buyers

When there are more buyers in the market than sellers

When the number of sellers in the market matches the number of buyers

When prices are lower than usual

28 / 30

Which of these must be disclosed when applying for RECO registration?

Unpaid judgements

All of them

Bankruptcy

Associations with other businesses

29 / 30

In a sole proprietorship, the broker of record must be...?

A broker from another firm

An external contractor

Any of these

The owner himself/herself

30 / 30

Once the pre-registration courses are complete, you must find a brokerage and apply to RECO for registration within…?

8 months

6 months

24 months

12 months

Your score is