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.

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Residential Real Estate Transactions - Practice Test 03

Ontario Residential Real Estate Transactions - Course 2

1 / 30

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

2 / 30

The current standard for electrical wiring is to use…?

3 / 30

Implied Covenants on a mortgage refer to…?

4 / 30

A wide-shallow lot has…?

5 / 30

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

6 / 30

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

7 / 30

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

8 / 30

Efflorescence on the interior of foundation walls indicates…?

9 / 30

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

10 / 30

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

11 / 30

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

12 / 30

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

13 / 30

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

14 / 30

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

15 / 30

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

16 / 30

A shared/mutual driveway often…?

17 / 30

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

18 / 30

The framing of a structure refers to…?

19 / 30

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

20 / 30

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

21 / 30

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

22 / 30

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

23 / 30

Above ground oil tanks must be replaced every…?

24 / 30

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

25 / 30

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

26 / 30

A musty odour in a house may indicate…?

27 / 30

Which of these types of doors require the least maintenance?

28 / 30

In the CSA standard for windows Criterion A measures what?

29 / 30

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

30 / 30

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

Your score is

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