Ontario Real Estate Essentials Test 05

Real Estate Essentials - Test 05

If you are preparing for the Ontario Real Estate Essentials Test, you are in the right place. With our online practice tests, you can get an accurate understanding of the exam format and question types. The test assesses your knowledge of real estate laws, principles, and practices in Ontario. It covers various topics, including property ownership, mortgages, financing, and contracts. By taking advantage of our free practice tests, you can gain an edge over other candidates and increase your chances of passing the test on your first attempt. In addition to providing a simulated testing environment, our practice tests also come with detailed explanations of correct answers, allowing you to learn from your mistakes and refine your knowledge.

Real Estate Essentials - Practice Test 05

Ontario Real Estate Essentials - Course 1

1 / 30

Electronic signatures may only be used in a transaction if…?

The seller and the broker agreed to them

The buyer and the broker agreed to them

All parties agree to them

There is no alternative

2 / 30

A contract does not need a consideration element if it is signed under…?

Agreement

Seal

Exceptional circumstances

Court overview

3 / 30

When an owner applies for land severance, the approval body must give its decision within…?

180 days

45 days

90 days

15 days

4 / 30

A patent defect in a property is one that…?

Is not readily visible upon reasonable vigilance/inspection

Renders a property unfit for habitation

Is readily visible upon reasonable vigilance/inspection

Renders a property dangerous

5 / 30

In breach of contract cases, a court may recommend a specific performance remedy, which is what?

An order that the contract must be fulfilled

An order that no compensation is owing

An order that partial compensation must be paid

An order that the full value of the contract must be paid

6 / 30

If a landowner is granted land severance with conditional consent, they usually have how long to fulfil the conditions set?

One year

Six months

Two years

Three years

7 / 30

In terms of "for sale", "open house" and "sold" signs, which of these is controlled by zoning bylaws?

Colour of sign

Material of sign

Size of sign

Wording of sign

8 / 30

Which of these Canadian cities is governed under a specific Act of Parliament rather than the Municipal Act?

Calgary

Montréal

Toronto

Vancouver

9 / 30

If both parties agree to terminate a contract, the contract is terminated by…?

Unavoidable agreement

Shared agreement

Common agreement

Mutual agreement

10 / 30

All electronic documents held by a brokerage must be…?

Protected by strong passwords

Held on dedicated separate hard drives

Accessible to all staff of the brokerage

Also held in hard copy elsewhere

11 / 30

A contract is terminated by "frustration" when…?

Unexpected events occur which make it impossible to fulfil the contract

One party decides that the other is taking too long to fulfil the contract

Both parties agree that it is too frustrating to continue the contract

One party decides that it is too much effort to fulfil the contract

12 / 30

The consideration in a contract which makes it binding may not be…?

A present consideration

A past consideration

Future consideration

Any of these

13 / 30

If one spouse is the registered owner of a matrimonial home and the other is not, they may not dispose of it, mortgage or income rate without…?

Proof that the marriage is irretrievably broken

Proof that they are the only one on the title

Written consent of the non-owner spouse

A court order

14 / 30

Salespersons must witness electronic signatures and ensure that what is added to them?

Address of all participants

Declaration of free will

Date and time

Location

15 / 30

If an owner or buyer wishes to make a use of their property that is not permitted in existing zoning bylaws, they may apply to their local committee of…?

Modification

Adjustment

Exemption

Variation

16 / 30

If the owner of a plot wishes to divide it up into two plots, they must apply to the local municipality for approval of…?

Land division

Land severance

Land rezoning

Land repurposing

17 / 30

Rescission means that a contract…?

Has no validity

Is revoked or cancelled

Is illegal

Must be fulfilled

18 / 30

Which of these falls under zoning bylaws?

Permitted usage

Parking requirements

Building height

All of them

19 / 30

A contract for land will be generally avoidable, sometimes void or never binding if the contract is made with a person under what age?

20 / 30

Which of these would count as sensitive personal information rather than just personal information?

A person's marital status

A person's residential address

A person's date of birth

A person's mental condition

21 / 30

The Official Plan for a municipality may extend up to how far in the future?

15 years

25 years

10 years

20 years

22 / 30

A Subdivision Plan registration is usually required when a landowner wants to divide their land into more than…?

Four lots

Three lots

Two lots

Five lots

23 / 30

Breach-of-contract occurs when…?

The contract is terminated by a third party

One party fails to fulfil its obligations under the contract

Both parties agree to terminate the contract

One party decides to terminate the contract

24 / 30

Provincial policy statements address planning matters of public interest and are reviewed every…?

Two years

Five years

Three years

Seven years

25 / 30

Damages are only payable for breach of contract if…?

Damage to feelings or emotions can be proven

Actual financial loss can be proven

Potential financial losses can be proven

Any of these

26 / 30

Which of these assumes all responsibilities under the Municipal Act?

None of these

An Upper Tier Municipality

A Single Tier Municipality

A Lower Tier Municipality

27 / 30

A "common mistake" in a contract occurs when…?

The seller is aware of an underlying fundamental fact about the property/transaction but not the buyer

The buyer is aware of an underlying fundamental fact about the property/transaction but not the seller

All of these

Both parties are unaware of an underlying fundamental fact about the property/transaction

28 / 30

A Local Planning Appeals Tribunal (LPAT) is responsible for hearing…?

All appeals in a planning related matter

The first appeal in a planning related matter

The first and second appeal in a planning related matter

Preliminary appeals in a planning related matter

29 / 30

Both spouses have equal right of possession of a matrimonial home…?

Under all circumstances

As long as they are both on the title

As long as they are not separated

As long as a contract exists to prove this

30 / 30

The Family Law Act provides similar rights for common-law spouses as for married spouses as long as the couple have lived together for…?

Nine years plus

Seven years plus

Three years plus

Five years plus

Your score is