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

A musty odour in a house may indicate…?

Shifting foundations

Termite damage

Fire damage

Basement leakage

2 / 30

The current standard for electrical wiring is to use…?

Aluminium

Copper

Steel

Tungsten

3 / 30

Efflorescence on the interior of foundation walls indicates…?

That the entire house suffers from damp

The basement is prone to leakage

That there has never been any water leakage

Moisture was present at some time

4 / 30

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

Any of these

Remain static

Fall

Rise

5 / 30

Implied Covenants on a mortgage refer to…?

Interest rates

Obligations for a mortgagor

Default terms

Obligations for a mortgagee

6 / 30

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

A steel beam

It depends on the air temperature

They will both lose strength equally

A wooden beam

7 / 30

A shared/mutual driveway often…?

Makes a property impossible to sell

Positively affects a property's value

Has no affect on a property's value

Negatively affects a property's value

8 / 30

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

The buyer

The seller

The buyer's lawyer

The broker

9 / 30

In the CSA standard for windows Criterion A measures what?

Watertightness

Thermal efficiency

Wind resistance

Airtightness

10 / 30

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

Northeast

Northwest

Southeast

Southwest

11 / 30

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

42%

32%

22%

52%

12 / 30

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

It depends on the property

Oil

Electric

Gas

13 / 30

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

50%

40%

20%

30%

14 / 30

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

2001

2009

2015

2005

15 / 30

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

Allowed to be imposed by the mortgagee

Standard practice

Invalid

Only valid with the agreement of all parties

16 / 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

$6,000

$4,000

$8,000

17 / 30

Above ground oil tanks must be replaced every…?

20 years

15 years

5 years

10 years

18 / 30

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

It allows more sunlight into the building

It retains heat within the building

It allows more light to exit the building

It blocks sunlight from entering the building

19 / 30

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

Electrical heaters

Oil tanks

Woodburning equipment

A gas furnace

20 / 30

The framing of a structure refers to…?

The finishing around windows and doors

Its foundations

The finishing of its roof

Its rough timber works

21 / 30

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

240 volts

200 amps

60 amps

100 amps

22 / 30

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

Their garages

A party wall

Joined upper storeys

A shared driveway

23 / 30

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

Principal and interest

Property taxes and interest

Principal and property taxes

The principal, interest and property taxes

24 / 30

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

Fire damage

Shifting foundations

Roof problems

Rising damp

25 / 30

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

104

26 / 30

A wide-shallow lot has…?

More depth than frontage

More frontage than depth

A large rear yard

Equal depth and frontage

27 / 30

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

35 m

15 m

25 m

45 m

28 / 30

Which of these types of doors require the least maintenance?

Wood doors

Steel doors

Glass doors

Panel doors

29 / 30

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

90% or less

60% or less

70% or less

80% or less

30 / 30

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

Mortgaged

Mortgagor

Mortgagee

Mortgagizer

Your score is