Residential Real Estate Transactions - Test 03

The Ontario Residential Real Estate Transactions Test is a comprehensive examination that assesses one’s knowledge and understanding of the course material. Consisting of 200 multiple-choice questions, it covers various topics related to buying and selling residential real estate in Ontario. To pass the test with flying colors, it is essential to have a strong grasp of the official course material. The test is highly challenging, and individuals are encouraged to adequately prepare beforehand by using the provided practice test. By passing the Ontario Residential Real Estate Transactions Test, individuals can demonstrate their knowledge and competence in the field and become licensed to practice as a residential real estate practitioner in Ontario.

Residential Real Estate Transactions - Practice Test 03

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Efflorescence on the interior of foundation walls indicates…?

That there has never been any water leakage

Moisture was present at some time

The basement is prone to leakage

That the entire house suffers from damp

2 / 30

A wide-shallow lot has…?

Equal depth and frontage

A large rear yard

More depth than frontage

More frontage than depth

3 / 30

In the CSA standard for windows Criterion A measures what?

Airtightness

Watertightness

Wind resistance

Thermal efficiency

4 / 30

Above ground oil tanks must be replaced every…?

10 years

15 years

20 years

5 years

5 / 30

High energy efficiency systems with over 90% rating are installed in all new houses built since December 31…?

2001

2009

2005

2015

6 / 30

Implied Covenants on a mortgage refer to…?

Obligations for a mortgagor

Interest rates

Obligations for a mortgagee

Default terms

7 / 30

Cracks appearing in walls, around doors and windows and in corners may indicate…?

Shifting foundations

Rising damp

Roof problems

Fire damage

8 / 30

Mortgage default insurance premiums do what has the loan to value ratio rises?

Remain static

Any of these

Rise

Fall

9 / 30

The Gross Debt Service Ratio (GDS) refers to the maximum percentage of a borrower's annual income allocated to paying…?

Principal and property taxes

The principal, interest and property taxes

Property taxes and interest

Principal and interest

10 / 30

In a fire, which of these will lose strength earlier?

It depends on the air temperature

A steel beam

A wooden beam

They will both lose strength equally

11 / 30

If window glass has a low emissivity rating, that means…?

It allows more light to exit the building

It allows more sunlight into the building

It blocks sunlight from entering the building

It retains heat within the building

12 / 30

First time buyers of new and resale homes may receive a partial refund of provincial Land Transfer Tax up to a maximum of…?

$2,000

$8,000

$6,000

$4,000

13 / 30

Most lenders will want to keep the borrower's Total Debt Service Ratio at or below…?

20%

40%

30%

50%

14 / 30

Lenders generally want to keep the Gross Debt Service Ratio at or below…?

42%

22%

52%

32%

15 / 30

Solar panels are most suited to a roof that faces…?

Northeast

Southeast

Northwest

Southwest

16 / 30

Provisions in mortgage terms giving the mortgagee an option to purchase the subject property are…?

Standard practice

Only valid with the agreement of all parties

Invalid

Allowed to be imposed by the mortgagee

17 / 30

A musty odour in a house may indicate…?

Basement leakage

Fire damage

Termite damage

Shifting foundations

18 / 30

If a mortgagor has agreed to bi-weekly payments on their mortgage, how many payments per year will they make?

104

19 / 30

The current standard for electrical wiring is to use…?

Steel

Tungsten

Copper

Aluminium

20 / 30

The debtor/borrower in a mortgage transaction is known as the…?

Mortgagizer

Mortgagee

Mortgaged

Mortgagor

21 / 30

A WETT inspection is often required in order to obtain insurance if a house has…?

Woodburning equipment

Oil tanks

A gas furnace

Electrical heaters

22 / 30

The fee of a professional property appraiser, if used, is usually paid by…?

The buyer

The buyer's lawyer

The seller

The broker

23 / 30

Linked houses maybe connected by a low-grade concrete wall or…?

A shared driveway

A party wall

Their garages

Joined upper storeys

24 / 30

When a property requires new hydro lines, the owner will have to bear the expense of installation beyond what length of line?

45 m

35 m

25 m

15 m

25 / 30

Which of these types of doors require the least maintenance?

Panel doors

Glass doors

Wood doors

Steel doors

26 / 30

Which of these is the most expensive type of furnace to run?

Gas

It depends on the property

Electric

Oil

27 / 30

Homeowners may have difficulty in obtaining insurance for their property if the service to their house is…?

100 amps

240 volts

60 amps

200 amps

28 / 30

A shared/mutual driveway often…?

Positively affects a property's value

Makes a property impossible to sell

Negatively affects a property's value

Has no affect on a property's value

29 / 30

The framing of a structure refers to…?

Its rough timber works

The finishing around windows and doors

Its foundations

The finishing of its roof

30 / 30

A mortgage is referred to as a "conventional mortgage" if the amount of the loan is what proportion of the loan to value?

70% or less

80% or less

90% or less

60% or less

Your score is