Real Estate Essentials - Test 07

Taking the Ontario Real Estate Essentials Test can be an intimidating experience for some individuals. However, with the availability of these free practice tests on this online site, one can feel more confident and prepared to pass the test on the first attempt. The Ontario Real Estate Essentials Test is a comprehensive exam that covers essential topics such as property law, real estate mathematics, and real estate practices and procedures. By taking advantage of these free practice tests, one can ensure that they are fully equipped with the knowledge necessary to succeed. It is important to note that passing this exam is a crucial step towards obtaining a real estate license in Ontario. Therefore, investing time and effort in preparing for the Ontario Real Estate Essentials Test is crucial.

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Real Estate Essentials - Practice Test 07

Ontario Real Estate Essentials - Course 1

1 / 20

Which of these factors might make the authorities decide that business tax applies to the profit from selling a property?

2 / 20

An unlawful agreement between competitors to fix prices and manipulate the market is a conspiracy in law if it is agreed…?

3 / 20

A taxpayer's principal residence, which is exempt from taxation when sold, is the one…?

4 / 20

If a non-resident seller has not paid the tax liability on a property when the sale has closed with full payment being received, who is liable to pay the tax owing?

5 / 20

Registrants should be familiar with the Greenbelt Act 2005 and disclose to potential buyers if they want to buy land that comes under its purview because…?

6 / 20

The warranty for new homes and condominiums in Ontario is provided by whom?

7 / 20

The Ontario two-year warranty scheme for new homes does not cover damage caused by what?

8 / 20

A typical home will be rated for energy efficiency under the EnerGuide program as falling within what range?

9 / 20

Under what circumstances is it permissible for one brokerage to refuse to cooperate/deal with another because they are offering lower rates of commission?

10 / 20

Non-compliance with the federal Competition Act by a real estate brokerage may result in criminal penalties of up to…?

11 / 20

R2000 homes typically have an energy efficiency rating above…?

12 / 20

Capital Gains tax is applied to what percentage of the profit/gain from the sale of a capital item?

13 / 20

What is a key factor for deciding whether Capital Gains tax applies?

14 / 20

The Ontario warranty scheme for new homes does not cover which of these types of property?

15 / 20

What is the maximum warranty available for new freehold homes and condominium units under the Ontario warranty scheme?

16 / 20

The fine for having a building or making alterations that do not comply with the Ontario Building Code and Fire Code can be up to how much for a first offence?

17 / 20

To qualify as a principal residence (subject to certain exceptions), a property must sit on an area of land that does not exceed…?

18 / 20

How many phases are there of the Environmental Site Assessment for land for development?

19 / 20

Which of these types of property might be not subject to Capital Gains tax when sold?

20 / 20

Which of these is it not permitted for a representative of a brokerage to describe themselves as when sending Commercial Electronic Messages?

Your score is

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