Residential Real Estate Transactions - Test 01

If you are looking to become a registered real estate salesperson in Ontario, passing the Ontario Residential Real Estate Transactions Test is a must. It is a comprehensive examination consisting of 200 multiple-choice questions, which cover the official course material. The test essentially assesses your understanding of Ontario’s residential real estate industry standards, laws, and procedures. To excel in the exam, you need to have a solid understanding of the various aspects of residential real estate transactions. The test covers topics such as the legal aspects of the transaction, different types of residential real estate properties, property marketing, and pricing strategies, just to name a few. The questions are designed to test your knowledge, comprehension, and analytical thinking skills. With enough preparation and practice, you can successfully clear the exam and obtain your real estate registration in Ontario.

Residential Real Estate Transactions - Practice Test 01

Ontario Residential Real Estate Transactions - Course 2

1 / 30

If a seller or listing brokerage fails to pay agreed remuneration, responsibility for that remuneration falls to…?

The buyer

The local Real Estate board

The listing brokerage's insurance

The seller's lawyers

2 / 30

Which of these is an acceptable alternative to a written agreement when trading in real estate?

Implied agreement

Email agreement

Verbal agreement

None of them

3 / 30

A seller customer service agreement is…?

Sometimes exclusive

Always exclusive

Non-exclusive

Any of these

4 / 30

In real estate, when an agent works for more than one party in a transaction this is known as…?

Imputed knowledge

Multiple representation

Dual agency

Conflicted interests

5 / 30

The date of commencement and expiry date of an agreement must be displayed…?

On the second page of the agreement

On the first page of the agreement

Somewhere in the agreement

On the last page of the agreement

6 / 30

When an agent is given express authority to act for a client, they may take additional actions for the benefit of the client under what is known as…?

Secondary authority

Additional authority

Supposed authority

Implied authority

7 / 30

Remuneration may be calculated as…?

Any of these

A percentage of sale price

A combination of fixed price and percentage of sale price

A fixed price

8 / 30

When a sub agent is engaged by the initial agent, this agent has…?

No obligations to the client unless later agreed

The same obligations to the client as the initial agent

Fewer obligations to the client as the initial agent

More obligations to the client as the initial agent

9 / 30

Under what circumstances can a brokerage sign a contract on behalf of the client?

If given authority by the client

None

If the client is incapacitated

If the client is unable to attend the signing themselves

10 / 30

When remuneration is being charged as a flexible percentage of sale price, as the sale price rises the percentage must…?

Remain the same

Any of these

Rise

Fall

11 / 30

A salesperson who wishes to communicate with the seller/buyer clients of other brokerages must do so…?

Via email

Via telephone calls

Via the original brokerage

Via industry contacts

12 / 30

The obligation of "minimum information before agreement" obliges a brokerage to give sellers or buyers information on…?

Any legal action being taken against the brokerage

The brokerage profits for the last year

Their personal financial position

Alternative services available

13 / 30

If a situation or matter is beyond a salesperson's education or experience, they must…?

Refer the seller to a third-party

Ask the seller to research it for themselves

Not disclose such inability to the client

Ask the seller to wait while they research the matter

14 / 30

If an agreement does not complete due to a seller's default or neglect, the seller…?

Must pay 50% remuneration

Must pay 25% remuneration

Is not liable for remuneration

Must pay full remuneration

15 / 30

Which of these is the only thing that should stop an agent placing the interest of their client above everything else?

Personal profit

Family relationships

Business contract obligations

Legal obligation

16 / 30

A brokerage may only enter into a representation agreement resulting in a multiple representation situation if…?

The agent believes it's in the best interests of the client

They have the written consent of both parties

A verbal agreement was made that this would happen

There is a tacit understanding that this will happen

17 / 30

If a property is a matrimonial home and only one spouse is on the title…?

The seller must buy out the other spouse before selling

The spouse on the title has the right to sell as they choose

Only the spouse not on the title has the right to sell

The seller must obtain consent to sell from the other spouse

18 / 30

The Code of Ethics requires salespersons to treat their customers…?

With honesty

With fairness

With all of these

With integrity

19 / 30

A party not being represented by a brokerage but being provided limited services is known as…?

A secondary party

A client

A customer

The principal

20 / 30

In a real estate transaction, who is the principal?

The brokerage

The seller or buyer

The salesperson

The seller's or buyer's lawyer

21 / 30

A registrant may not claim to any party that remuneration is fixed by…?

Any of these

The regulatory authorities

The real estate board

The brokerage

22 / 30

The monies paid by a client to a brokerage are known as…?

Remuneration

Obligatory payments

Compensation

Commissary fees

23 / 30

The "holdover period" during which a client must pay remuneration to the agent if they sell their property privately begins…?

Throughout the agreement with the agent

After the agreement with the agent has ended

Before the agreement with the agent assigned

Halfway through the agreement with the agent

24 / 30

The holdover period after a listing expires is…?

Whatever the parties have agreed

60 days

120 days

90 days

25 / 30

Copies of representation agreements must be delivered upon signing…?

Within a "reasonable timeframe"

Within one month

Immediately

Within one week

26 / 30

A salesperson's advice to a seller as to whether they should accept, reject or counter offers should be based on…?

A combination of all of these

The potential profit for the brokerage

Prevailing market conditions

The length of time the property has been available

27 / 30

When an agency relationship is terminated, the agent still has an obligation to protect…?

Client confidential information

Client's best interests

Client loyalty

All of these

28 / 30

The salesperson can help the seller estimate the market value of their property using a…?

Comparative market analysis

Average price calculation

Estimated market value

Inflation-based calculation

29 / 30

When an agent acts without authority/in excess of authority but the principal accepts the benefit of such action, this is known as…?

Express agreement

Estoppel

Ratification

Implied agreement

30 / 30

A client must give written consent on an agreement next to the expiry date if that date is more than how far in the future?

Three months

Six months

Nine months

Twelve months

Your score is