Residential Real Estate Transactions - Test 02

The test comprises 200 multiple-choice questions, all drawn from the official course materials that cover a broad range of topics such as agreements of purchase and sale, marketing properties, calculations, and financing. The test is designed to assess students’ comprehension of and familiarity with such crucial topics, ensuring that candidates have the necessary knowledge and skills to succeed in their prospective field. Passing the Ontario Residential Real Estate Transactions Test can be challenging, but with good preparation and a thorough understanding of the official course materials, aspiring real estate agents can increase their chances of passing the exam with flying colors.

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Residential Real Estate Transactions - Practice Test 02

Ontario Residential Real Estate Transactions - Course 2

1 / 30

In a land lease arrangement, a person wishing to sell the property they have on the land must give the landlord how long to decide whether they wish to exercise their right of first refusal when they receive an offer?

2 / 30

Which of these would not form part of a common element condominium?

3 / 30

When it comes to the negotiating process, a salesperson should…?

4 / 30

In a "two storey" property, the living area…?

5 / 30

Which of these could have a significant influence on the property a buyer chooses?

6 / 30

The official plan for a municipality must be reviewed how often?

7 / 30

In which of these conditions might a salesperson advise a seller to negotiate for higher prices and/or hold out for unconditional offers?

8 / 30

Townhouses comprise a minimum of how many units?

9 / 30

Amendments to a seller representation agreement require…?

10 / 30

The "Right of eminent domain" gives the right to acquire private property compulsorily on payment of fair compensation to…?

11 / 30

The bylaws of a condominium corporation are not valid unless they are voted for by…?

12 / 30

Restrictive covenants…?

13 / 30

Which of these requirements must supersede the others for a salesperson?

14 / 30

Approval of Land Severance must be obtained if an owner wishes to divide their land into a maximum of how many parcels?

15 / 30

Which of these would be described as a "latent defect"?

16 / 30

The only persons authorised to sign the Assignment of Buyer Representation Agreement are...?

17 / 30

If a listing agreement is cancelled, the holdover provisions…?

18 / 30

A buyer may be liable for HST if the property they are buying is…?

19 / 30

If one landowner has an easement over your land, that makes you…?

20 / 30

If a seller is non-resident or buying a property as an investment, the salesperson should inform them about their...?

21 / 30

Which of these might lead to the requirement to extend the listing period?

22 / 30

How long a "sold" sign can remain on a property after it has been sold is decided by…?

23 / 30

Owners may not be able to exercise all natural rights on the property if it is…?

24 / 30

Which of these is not covered by the monthly fee paid by members of a condominium?

25 / 30

Which of these should a salesperson consider when deciding on the best interests of a seller?

26 / 30

When a buyer is a customer rather than a client, the salesperson should…?

27 / 30

Which of these could be described as creating a "stigma" for a property?

28 / 30

A "Fee simple estate" provides…?

29 / 30

A rezoning application may not be accepted if the municipality has passed a new comprehensive zoning bylaw within the past…?

30 / 30

If the Ontario Heritage Trust decides to designate a property as a heritage property, the owner has how long to appeal that decision?

Your score is

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