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

Copies of representation agreements must be delivered upon signing…?

Within one month

Immediately

Within a "reasonable timeframe"

Within one week

2 / 30

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

Rise

Any of these

Fall

Remain the same

3 / 30

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

The length of time the property has been available

A combination of all of these

Prevailing market conditions

The potential profit for the brokerage

4 / 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

5 / 30

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

They have the written consent of both parties

There is a tacit understanding that this will happen

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

A verbal agreement was made that this would happen

6 / 30

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

If the client is unable to attend the signing themselves

If the client is incapacitated

If given authority by the client

None

7 / 30

Remuneration may be calculated as…?

Any of these

A combination of fixed price and percentage of sale price

A percentage of sale price

A fixed price

8 / 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?

Six months

Three months

Twelve months

Nine months

9 / 30

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

The real estate board

The regulatory authorities

The brokerage

Any of these

10 / 30

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

With all of these

With fairness

With integrity

With honesty

11 / 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

Implied agreement

Estoppel

Ratification

12 / 30

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

Remuneration

Compensation

Commissary fees

Obligatory payments

13 / 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…?

Additional authority

Secondary authority

Implied authority

Supposed authority

14 / 30

The holdover period after a listing expires is…?

90 days

120 days

Whatever the parties have agreed

60 days

15 / 30

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

Client loyalty

Client's best interests

All of these

Client confidential information

16 / 30

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

Via the original brokerage

Via telephone calls

Via industry contacts

Via email

17 / 30

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

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

No obligations to the client unless later agreed

18 / 30

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

Dual agency

Conflicted interests

Multiple representation

Imputed knowledge

19 / 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 wait while they research the matter

Not disclose such inability to the client

Ask the seller to research it for themselves

20 / 30

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

A client

The principal

A customer

A secondary party

21 / 30

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

None of them

Email agreement

Verbal agreement

Implied agreement

22 / 30

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

Alternative services available

The brokerage profits for the last year

Their personal financial position

Any legal action being taken against the brokerage

23 / 30

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

The buyer

The listing brokerage's insurance

The local Real Estate board

The seller's lawyers

24 / 30

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

Business contract obligations

Personal profit

Legal obligation

Family relationships

25 / 30

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

Must pay 25% remuneration

Must pay 50% remuneration

Is not liable for remuneration

Must pay full remuneration

26 / 30

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

On the last page of the agreement

Somewhere in the agreement

On the first page of the agreement

On the second page of the agreement

27 / 30

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

After the agreement with the agent has ended

Before the agreement with the agent assigned

Halfway through the agreement with the agent

Throughout the agreement with the agent

28 / 30

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

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

The seller must buy out the other spouse before selling

The seller must obtain consent to sell from the other spouse

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

29 / 30

In a real estate transaction, who is the principal?

The seller or buyer

The brokerage

The seller's or buyer's lawyer

The salesperson

30 / 30

A seller customer service agreement is…?

Any of these

Always exclusive

Non-exclusive

Sometimes exclusive

Your score is