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

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

An external contractor

A broker from another firm

Any of these

The owner himself/herself

2 / 30

Which of these is a desirable skill for a salesperson?

Mathematical skills

People skills

All of them

Research skills

3 / 30

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

An external contractor of the brokerage

A broker employed by the brokerage

Any employee of the brokerage

The head of a brokerage

4 / 30

In residential resales, the salesperson should expect…?

Emotional issues which have to be addressed

All of these

Irregular working hours

Difficulty planning their own family events

5 / 30

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

Broker of record

Salesperson

Broker

All of these

6 / 30

What is the definition of a balanced market?

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

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

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

When properties sell for the price the owner paid for them

7 / 30

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

The salesperson they have worked with

Any of these

The brokerage

The broker they have worked with

8 / 30

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

Brokers

Brokerages

All of these

Salespeople

9 / 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

10 / 30

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

Getting started

Real estate essentials

Residential real estate transactions

Commercial real estate transactions

11 / 30

Which of these is not a function of RECO?

Investigating complaints about real estate brokers

Setting flat rates for real estate brokers

Educating consumers about the real estate profession

Enforcing standards for real estate education

12 / 30

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

12 months

24 months

36 months

18 months

13 / 30

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

The architects

The interior decorators

The builders

The tradespeople

14 / 30

The broker of record must be...?

Someone who has no regular involvement with the brokerage

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

Someone who only works remotely with the brokerage

Someone who only works part time at the brokerage

15 / 30

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

16 / 30

What is the definition of a sellers' market?

When there are more buyers in the market than sellers

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

17 / 30

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

Global gas prices

Whether they are working with a buyer or a seller

Market conditions

Market characteristics

18 / 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

19 / 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

20 / 30

In residential resales, open houses are usually held…?

Mid week

On holidays

At weekends

Friday evenings

21 / 30

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

All of them

Corporate financial stability

Maintenance fees

Type of building

22 / 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

Reduce your commission

Delay until you have improved your knowledge

Keep this hidden from the client

23 / 30

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

Slower than usual

Any of these

In a reasonable time

Faster than usual

24 / 30

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

Any of these

Experience

Brokerage structure

Size of brokerage

25 / 30

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

Rental profits

Common property

Appreciation profits

Depreciation risks

26 / 30

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

Fairness

Honesty

Profiteering

Integrity

27 / 30

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

Ensure compliance with REBBA

Write the agreements with sellers/buyers

Set the fees charged by the brokerage

Keep the brokerage's records up to date

28 / 30

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

8 months

12 months

6 months

24 months

29 / 30

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

More quickly

More slowly

None of these

For lower prices

30 / 30

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

Bankruptcy

Associations with other businesses

All of them

Unpaid judgements

Your score is