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

Implied Covenants on a mortgage refer to…?

Obligations for a mortgagee

Obligations for a mortgagor

Default terms

Interest rates

2 / 30

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

Standard practice

Invalid

Only valid with the agreement of all parties

Allowed to be imposed by the mortgagee

3 / 30

The framing of a structure refers to…?

The finishing of its roof

Its foundations

The finishing around windows and doors

Its rough timber works

4 / 30

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

It blocks sunlight from entering the building

It allows more sunlight into the building

It retains heat within the building

It allows more light to exit the building

5 / 30

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

100 amps

240 volts

200 amps

60 amps

6 / 30

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

Shifting foundations

Fire damage

Roof problems

Rising damp

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

Principal and property taxes

The principal, interest and property taxes

8 / 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

9 / 30

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

They will both lose strength equally

It depends on the air temperature

A steel beam

A wooden beam

10 / 30

In the CSA standard for windows Criterion A measures what?

Thermal efficiency

Airtightness

Wind resistance

Watertightness

11 / 30

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

104

12 / 30

Above ground oil tanks must be replaced every…?

20 years

15 years

10 years

5 years

13 / 30

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

Woodburning equipment

Electrical heaters

A gas furnace

Oil tanks

14 / 30

The current standard for electrical wiring is to use…?

Aluminium

Steel

Tungsten

Copper

15 / 30

Which of these types of doors require the least maintenance?

Panel doors

Steel doors

Wood doors

Glass doors

16 / 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

15 m

35 m

25 m

17 / 30

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

Mortgagizer

Mortgaged

Mortgagee

Mortgagor

18 / 30

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

$6,000

$4,000

$8,000

$2,000

19 / 30

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

Northeast

Southeast

Northwest

Southwest

20 / 30

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

80% or less

70% or less

60% or less

90% or less

21 / 30

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

2005

2009

2015

2001

22 / 30

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

The buyer

The broker

The seller

The buyer's lawyer

23 / 30

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

22%

32%

42%

52%

24 / 30

A wide-shallow lot has…?

More depth than frontage

More frontage than depth

Equal depth and frontage

A large rear yard

25 / 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

26 / 30

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

30%

40%

50%

20%

27 / 30

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

Electric

It depends on the property

Gas

Oil

28 / 30

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

Fall

Rise

Remain static

Any of these

29 / 30

A musty odour in a house may indicate…?

Shifting foundations

Termite damage

Basement leakage

Fire damage

30 / 30

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

A shared driveway

Joined upper storeys

Their garages

A party wall

Your score is