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

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

2 / 30

Remuneration may be calculated as…?

Any of these

A combination of fixed price and percentage of sale price

A fixed price

A percentage of sale price

3 / 30

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

A customer

The principal

A secondary party

A client

4 / 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…?

Supposed authority

Secondary authority

Additional authority

Implied authority

5 / 30

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

The seller must obtain consent to sell from the other spouse

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 buy out the other spouse before selling

6 / 30

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

A verbal agreement was made that this would happen

There is a tacit understanding that this will happen

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

They have the written consent of both parties

7 / 30

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

Estoppel

Express agreement

Ratification

Implied agreement

8 / 30

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

Via telephone calls

Via industry contacts

Via email

Via the original brokerage

9 / 30

The holdover period after a listing expires is…?

60 days

120 days

Whatever the parties have agreed

90 days

10 / 30

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

Refer the seller to a third-party

Not disclose such inability to the client

Ask the seller to research it for themselves

Ask the seller to wait while they research the matter

11 / 30

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

With all of these

With integrity

With honesty

With fairness

12 / 30

In a real estate transaction, who is the principal?

The seller or buyer

The brokerage

The salesperson

The seller's or buyer's lawyer

13 / 30

A seller customer service agreement is…?

Always exclusive

Sometimes exclusive

Non-exclusive

Any of these

14 / 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?

Twelve months

Six months

Nine months

Three months

15 / 30

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

Alternative services available

Their personal financial position

The brokerage profits for the last year

Any legal action being taken against the brokerage

16 / 30

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

Multiple representation

Conflicted interests

Imputed knowledge

Dual agency

17 / 30

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

The potential profit for the brokerage

The length of time the property has been available

A combination of all of these

Prevailing market conditions

18 / 30

Copies of representation agreements must be delivered upon signing…?

Within one week

Within one month

Within a "reasonable timeframe"

Immediately

19 / 30

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

The brokerage

The real estate board

Any of these

The regulatory authorities

20 / 30

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

Legal obligation

Business contract obligations

Personal profit

Family relationships

21 / 30

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

The same 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

Fewer obligations to the client as the initial agent

22 / 30

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

Estimated market value

Average price calculation

Inflation-based calculation

Comparative market analysis

23 / 30

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

Verbal agreement

Email agreement

None of them

Implied agreement

24 / 30

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

Fall

Rise

Remain the same

Any of these

25 / 30

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

All of these

Client loyalty

Client confidential information

Client's best interests

26 / 30

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

Must pay full remuneration

Must pay 50% remuneration

Must pay 25% remuneration

Is not liable for remuneration

27 / 30

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

The local Real Estate board

The listing brokerage's insurance

The buyer

The seller's lawyers

28 / 30

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

Before the agreement with the agent assigned

Halfway through the agreement with the agent

Throughout the agreement with the agent

After the agreement with the agent has ended

29 / 30

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

On the second page of the agreement

Somewhere in the agreement

On the last page of the agreement

On the first page of the agreement

30 / 30

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

Commissary fees

Obligatory payments

Compensation

Remuneration

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