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 is not an example of the Code of Ethics?

Profiteering

Honesty

Fairness

Integrity

2 / 30

In residential resales, open houses are usually held…?

Mid week

At weekends

On holidays

Friday evenings

3 / 30

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

12 months

24 months

8 months

6 months

4 / 30

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

Any of these

The salesperson they have worked with

The brokerage

The broker they have worked with

5 / 30

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

The interior decorators

The tradespeople

The builders

The architects

6 / 30

Which of these is not a function of RECO?

Enforcing standards for real estate education

Educating consumers about the real estate profession

Investigating complaints about real estate brokers

Setting flat rates for real estate brokers

7 / 30

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

Broker

Broker of record

All of these

Salesperson

8 / 30

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

Bankruptcy

Associations with other businesses

Unpaid judgements

All of them

9 / 30

The broker of record must be...?

Someone who has no regular involvement with the brokerage

Someone who only works part time at the brokerage

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

Someone who only works remotely with the brokerage

10 / 30

What is the definition of a balanced market?

When properties sell for the price the owner paid for them

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

11 / 30

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

Any of these

In a reasonable time

Faster than usual

Slower than usual

12 / 30

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

Listing period is having to be extended

Prices having to be reduced

Sales to be rushed through quickly

Buyers asking for more conditions on purchase

13 / 30

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

Appreciation profits

Common property

Depreciation risks

Rental profits

14 / 30

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

The head of a brokerage

A broker employed by the brokerage

An external contractor of the brokerage

Any employee of the brokerage

15 / 30

What is the definition of a buyers' market?

When prices are lower than usual

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

16 / 30

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

All of them

Type of building

Corporate financial stability

Maintenance fees

17 / 30

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

Getting started

Residential real estate transactions

Real estate essentials

Commercial real estate transactions

18 / 30

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

Keep this hidden from the client

Reduce your commission

Delay until you have improved your knowledge

Advise the buyer/seller to obtain services elsewhere

19 / 30

What is the definition of a sellers' 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

Any of these

20 / 30

Which of these is a desirable skill for a salesperson?

Research skills

People skills

All of them

Mathematical skills

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

Write the agreements with sellers/buyers

Ensure compliance with REBBA

22 / 30

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

Any of these

An external contractor

The owner himself/herself

A broker from another firm

23 / 30

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

Brokerage structure

Any of these

Experience

Size of brokerage

24 / 30

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

36 months

18 months

12 months

24 months

25 / 30

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

None of these

For lower prices

More slowly

More quickly

26 / 30

In residential resales, the salesperson should expect…?

Irregular working hours

Emotional issues which have to be addressed

Difficulty planning their own family events

All of these

27 / 30

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

Brokers

All of these

Salespeople

Brokerages

28 / 30

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

Whether they are working with a buyer or a seller

Global gas prices

Market conditions

Market characteristics

29 / 30

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

30 / 30

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

36 months

18 months

24 months

12 months

Your score is