Real Estate Essentials - Test 04

Taking the Ontario Real Estate Essentials test is an essential step toward becoming a licensed real estate agent in the province. Fortunately, this online site allows you to take advantage of free practice tests to prepare yourself for the real exam. These practice tests contain questions similar in nature and difficulty level to the actual exam, ensuring that you are well-equipped to tackle the challenging questions that will be presented to you. Through these practice tests, you can identify areas you need to improve on and leverage the resources available to better understand the different concepts.


Real Estate Essentials - Practice Test 04

Ontario Real Estate Essentials - Course 1

1 / 30

If a registrant is purchasing or selling real estate in which they have a direct or indirect interest, they must…?

2 / 30

If a breach of an Agreement of Purchase and Sale occurs, the seller can only take legal action against…?

3 / 30

If a registrant is taken to court for failure to comply with regulations, what is the maximum prison term they may face?

4 / 30

Every brokerage must maintain a Real Estate Trust Account. What must be kept in this account?

5 / 30

What is the maximum fine RECO can impose on a Broker of Record for breaching regulations?

6 / 30

What is the maximum fine a brokerage can face for breaching the Code of Ethics?

7 / 30

If the Registrar proposes to revoke, suspend or refuse to register an individual, they have how long after service of notice to appeal that decision?

8 / 30

If any registrant is found to have breached the Code of Ethics RECO's Discipline Committee must publish its decision on its website and leave it there for a minimum of…?

9 / 30

Which is the only one of these activities that an unregistered person may undertake?

10 / 30

Which of these sanctions can the Registrar impose if they believe an applicant or registrant does not meet required standards?

11 / 30

The Real Estate and Business Brokers Act details the requirements in Real Estate trading for…?

12 / 30

Any advertisement by a registrant must include…?

13 / 30

A person can only be involved in trading activity in real estate once…?

14 / 30

If a registrant is taken to court for failure to comply with regulations, what is the maximum fine they may face?

15 / 30

Any advertising by a registrant must not contain…?

16 / 30

When a brokerage receives a buyer's deposit, it must be deposited in the Real Estate Trust Account within what time?

17 / 30

A corporation found to have made false statements, assisted others in providing false information or false advertising may be fined up to…?

18 / 30

The cost of registering a transfer/deed must be met by the…?

19 / 30

Any information that can affect a person's decision to buy or sell a property is known as a…?

20 / 30

Which of these people is exempt from registration to trade in real estate?

21 / 30

When an offer or acceptance is made via electronic communication, a document is deemed received when…?

22 / 30

When an Agreement of Purchase and Sale has been signed, the buyer has how long to conduct a title search and raise an objection on title?

23 / 30

A legally binding agreement between two or more parties to do something lawful or not do something for a consideration or for a promise is known as a…?

24 / 30

A brokerage can only pay remuneration to…?

25 / 30

The Standard Charge Terms document contains what?

26 / 30

Which is the only one of these activities that can only be undertaken by a registered person?

27 / 30

Under the Land Registration Reform Act, the number of standard registration documents has been reduced to…?

28 / 30

An Implied Covenant covers the obligations of…?

29 / 30

Which of these does RECO have the power to do?

30 / 30

A lease must be in writing to be legally enforceable if it is for a duration of…?

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