Residential Real Estate Transactions - Test 04

The Ontario Residential Real Estate Transactions Test is a comprehensive assessment that evaluates a candidate’s knowledge of the official course material. The test consists of 200 multiple-choice questions that cover a wide variety of topics related to real estate transactions, including contract law, property ownership, agency relationships, and financing. To succeed on the exam, candidates need a strong understanding of real estate terminology, legal concepts, and practical application. However, with thorough preparation and practice, it is possible to pass the test with flying colors and gain certification as a knowledgeable and competent real estate professional. Whether you are a new agent looking to jump-start your career, or an experienced professional seeking to expand your knowledge base.

Residential Real Estate Transactions - Practice Test 04

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Providing false information when applying for a building permit may lead to what?

Heavy fines being levied

Expensive remedies being ordered

All/any of these

The permit being withdrawn

2 / 30

Under the Ontario Building Code a septic system must be at least what distance from any structure?

5 m

25 m

15 m

30 m

3 / 30

A person accredited to provide valuations for all types of real estate properties including industrial, commercial and agricultural, has the designation…?

AACI

CNAREA

CRA

DAR

4 / 30

Which of these is an advantage of a tankless water heater?

Low operating cost

Cheaper than conventional heating

Quicker delivery of hot water

Better flow of hot water

5 / 30

A house may need its water system replacing if the pipes are made of…?

Copper

CPVC

Plastic

Lead

6 / 30

If aluminium wiring is present in a property, the seller may be advised…?

To have it removed immediately

To consult a licensed electrician

To cover it over with plastic sheathing

Not to mention it in selling information

7 / 30

Checks should be made for asbestos as an insulating material in homes built up to…?

Mid 1930s

Mid 1940s

Mid 1960s

Mid 1950s

8 / 30

99. The voluntary R-2000 certification system is used to certify homes for…?

Energy efficiency and environmental responsibility

Flood protection

Fire protection

Aesthetic values

9 / 30

A Class 5 sewage system consists of…?

A holding tank for sewage

A waterless toilet system

A grey water system

A cesspool

10 / 30

In terms of local economic conditions, regression refers to…?

A house that does not have easy access to local amenities

A house that is reasonably similar to all others in the neighbourhood

An inferior house located in a neighbourhood where most other houses are superior

A superior house located in a neighbourhood where most other houses are inferior

11 / 30

Which of these uses of a property could lead to the creation of material latent defects?

All/any of them

Hoarding of useless or discarded items

Use of garage as an auto repair shop

Use as an illegal narcotics lab (other than for cannabis or marijuana)

12 / 30

If a property has an unused water well it should be…?

Filled in with rubble

Decommissioned by licensed contractors

Left as it is

Covered over

13 / 30

117. Registrants are prohibited from providing value opinions to clients or customers…?

Unless third-party advice is deemed too expensive

If a property is valued at more than $500,000

Unless the client or customer has specifically asked them to

If they do not have suitable educational experience

14 / 30

A Form Report is generally used for estimating the market value of…?

Apartment buildings

Agricultural land

Industrial buildings

Residential property up to fourplexes

15 / 30

Revealing any stigma attached to a property to potential buyers is…?

A sensible precaution to prevent possible lawsuits

Not necessary in any circumstances

Inadvisable as it will deter buyers

A legal requirement in Ontario

16 / 30

A property which takes water from a well must have water quality tested at least…?

Once every two years

Once every five years

Twice a year

Once a year

17 / 30

Closed cell spray foam insulation is most frequently used for…?

Basements

Exterior walls

Roofs

Interior walls

18 / 30

The total living area of a property is calculated using the external measurements of all above grade living areas that…?

Are heated year round

Contain soft furnishings

Contain electric sockets

Have air-conditioning

19 / 30

A brick masonry wall consists of how many layers of bricks?

Three

Two

One

Four

20 / 30

Urea formaldehyde foam insulation (UFFI) may be found in homes built up to…?

1975

1985

1980

1970

21 / 30

A seller becomes a client of a brokerage when they…?

Sign a listing agreement

Ask a salesperson to determine their needs

Ask for a pre-listing presentation

Ask a salesperson's advice about selling

22 / 30

Unused oil tanks on a property must be…?

Filled with water and sealed

Extracted and left on the property

Removed by a TSSA registered technician

Certified as being empty

23 / 30

If an area of a property cannot be accessed for inspection, the salesperson should…?

Refuse to continue with inspection

Tell the seller to make a suitable discount to the asking price

Document that on their information

Leave that area off their information

24 / 30

Sick building syndrome refers to what?

Buildings that start to rapidly deteriorate

Buildings that young people think are cool

Buildings that most people find revolting

Buildings that cause illnesses to people living in them

25 / 30

The potability of water refers to its…?

Temperature

Pipe corrosion rate

Suitability for central heating

Safety for drinking

26 / 30

A person with Canadian Residential Appraisal status may evaluate housing containing up to how many self-contained units?

Five

Four

Three

Six

27 / 30

If a seller asks a salesperson to hide certain material facts, e.g. unused underground fuel tanks, the seller must...?

End their relationship with the seller

Disclose them anyway

Strongly advise the seller to disclose them

Concur with the seller's wishes

28 / 30

Which of these could lead to a property being "stigmatised"?

Previous murder or suicide in the property

Death of an infant in a property

Criminal activities in the property

Any/all of them

29 / 30

If a property has knob and tube type wiring, it should generally…?

Be renovated by an expert

Not be mentioned in selling information

Be carefully monitored

Be replaced immediately

30 / 30

Curb appeal refers to what?

The first impression a buyer gets when arriving at a property

The first impression a buyer gets when walking through the front door

The favourable impression a buyer gets from abundant parking capacity

The favourable impression a buyer gets from being close to a fire hydrant

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