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

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

2005

2001

2015

2009

2 / 30

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

Electric

Oil

Gas

It depends on the property

3 / 30

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

52%

22%

42%

32%

4 / 30

A shared/mutual driveway often…?

Positively affects a property's value

Has no affect on a property's value

Negatively affects a property's value

Makes a property impossible to sell

5 / 30

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

They will both lose strength equally

It depends on the air temperature

A wooden beam

A steel beam

6 / 30

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

Southeast

Northeast

Southwest

Northwest

7 / 30

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

Property taxes and interest

Principal and interest

The principal, interest and property taxes

Principal and property taxes

8 / 30

Implied Covenants on a mortgage refer to…?

Obligations for a mortgagor

Interest rates

Default terms

Obligations for a mortgagee

9 / 30

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

60% or less

70% or less

90% or less

80% or less

10 / 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

15 m

25 m

11 / 30

A musty odour in a house may indicate…?

Termite damage

Fire damage

Shifting foundations

Basement leakage

12 / 30

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

Their garages

A party wall

Joined upper storeys

A shared driveway

13 / 30

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

$8,000

$6,000

$4,000

$2,000

14 / 30

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

Oil tanks

Woodburning equipment

Electrical heaters

A gas furnace

15 / 30

In the CSA standard for windows Criterion A measures what?

Watertightness

Airtightness

Wind resistance

Thermal efficiency

16 / 30

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

104

17 / 30

The current standard for electrical wiring is to use…?

Tungsten

Steel

Aluminium

Copper

18 / 30

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

Roof problems

Shifting foundations

Rising damp

Fire damage

19 / 30

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

It retains heat within the building

It allows more sunlight into the building

It allows more light to exit the building

It blocks sunlight from entering the building

20 / 30

The framing of a structure refers to…?

The finishing of its roof

Its foundations

Its rough timber works

The finishing around windows and doors

21 / 30

Efflorescence on the interior of foundation walls indicates…?

The basement is prone to leakage

That there has never been any water leakage

Moisture was present at some time

That the entire house suffers from damp

22 / 30

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

Fall

Any of these

Remain static

Rise

23 / 30

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

The broker

The buyer

The seller

The buyer's lawyer

24 / 30

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

Mortgagizer

Mortgagor

Mortgagee

Mortgaged

25 / 30

Which of these types of doors require the least maintenance?

Panel doors

Glass doors

Steel doors

Wood doors

26 / 30

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

50%

30%

40%

20%

27 / 30

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

240 volts

60 amps

200 amps

100 amps

28 / 30

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

Only valid with the agreement of all parties

Allowed to be imposed by the mortgagee

Standard practice

Invalid

29 / 30

Above ground oil tanks must be replaced every…?

15 years

5 years

10 years

20 years

30 / 30

A wide-shallow lot has…?

More frontage than depth

More depth than frontage

A large rear yard

Equal depth and frontage

Your score is