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

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

Copper

CPVC

Plastic

Lead

2 / 30

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

Unless the client or customer has specifically asked them to

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

Unless third-party advice is deemed too expensive

If they do not have suitable educational experience

3 / 30

Unused oil tanks on a property must be…?

Certified as being empty

Filled with water and sealed

Extracted and left on the property

Removed by a TSSA registered technician

4 / 30

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

The permit being withdrawn

All/any of these

Expensive remedies being ordered

Heavy fines being levied

5 / 30

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

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

Sign a listing agreement

Ask for a pre-listing presentation

6 / 30

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

Filled in with rubble

Left as it is

Decommissioned by licensed contractors

Covered over

7 / 30

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

1980

1970

1985

1975

8 / 30

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

Not necessary in any circumstances

Inadvisable as it will deter buyers

A sensible precaution to prevent possible lawsuits

A legal requirement in Ontario

9 / 30

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

Contain soft furnishings

Contain electric sockets

Are heated year round

Have air-conditioning

10 / 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

11 / 30

A Class 5 sewage system consists of…?

A holding tank for sewage

A grey water system

A cesspool

A waterless toilet system

12 / 30

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

Residential property up to fourplexes

Apartment buildings

Industrial buildings

Agricultural land

13 / 30

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

Four

Three

One

Two

14 / 30

The potability of water refers to its…?

Suitability for central heating

Safety for drinking

Temperature

Pipe corrosion rate

15 / 30

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

Disclose them anyway

Strongly advise the seller to disclose them

Concur with the seller's wishes

End their relationship with the seller

16 / 30

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

15 m

5 m

30 m

25 m

17 / 30

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

Better flow of hot water

Low operating cost

Cheaper than conventional heating

Quicker delivery of hot water

18 / 30

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

Not be mentioned in selling information

Be carefully monitored

Be replaced immediately

Be renovated by an expert

19 / 30

Curb appeal refers to what?

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

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

The favourable impression a buyer gets from abundant parking capacity

The first impression a buyer gets when arriving at a property

20 / 30

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

Death of an infant in a property

Previous murder or suicide in the property

Any/all of them

Criminal activities in the property

21 / 30

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

Document that on their information

Leave that area off their information

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

Refuse to continue with inspection

22 / 30

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

Flood protection

Energy efficiency and environmental responsibility

Fire protection

Aesthetic values

23 / 30

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

Mid 1960s

Mid 1950s

Mid 1930s

Mid 1940s

24 / 30

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

Exterior walls

Roofs

Interior walls

Basements

25 / 30

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

Once every two years

Twice a year

Once a year

Once every five years

26 / 30

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

AACI

CNAREA

DAR

CRA

27 / 30

Sick building syndrome refers to what?

Buildings that young people think are cool

Buildings that start to rapidly deteriorate

Buildings that cause illnesses to people living in them

Buildings that most people find revolting

28 / 30

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

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

A house that does not have easy access to local amenities

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

29 / 30

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

Use of garage as an auto repair shop

All/any of them

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

Hoarding of useless or discarded items

30 / 30

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

Four

Six

Three

Five

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