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?

Expensive remedies being ordered

All/any of these

Heavy fines being levied

The permit being withdrawn

2 / 30

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

Six

Four

Five

Three

3 / 30

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

Disclose them anyway

Concur with the seller's wishes

End their relationship with the seller

Strongly advise the seller to disclose them

4 / 30

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

Decommissioned by licensed contractors

Left as it is

Filled in with rubble

Covered over

5 / 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

6 / 30

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

One

Three

Two

Four

7 / 30

The potability of water refers to its…?

Safety for drinking

Suitability for central heating

Temperature

Pipe corrosion rate

8 / 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

9 / 30

A Class 5 sewage system consists of…?

A holding tank for sewage

A cesspool

A grey water system

A waterless toilet system

10 / 30

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

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

If they do not have suitable educational experience

Unless the client or customer has specifically asked them to

Unless third-party advice is deemed too expensive

11 / 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

12 / 30

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

1980

1975

1970

1985

13 / 30

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

Cheaper than conventional heating

Low operating cost

Quicker delivery of hot water

Better flow of hot water

14 / 30

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

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

Use of garage as an auto repair shop

All/any of them

Hoarding of useless or discarded items

15 / 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

16 / 30

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

CNAREA

AACI

DAR

CRA

17 / 30

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

Sign a listing agreement

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

Ask for a pre-listing presentation

18 / 30

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

Criminal activities in the property

Previous murder or suicide in the property

Death of an infant in a property

Any/all of them

19 / 30

Curb appeal refers to what?

The favourable impression a buyer gets from abundant parking capacity

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 first impression a buyer gets when arriving at a property

20 / 30

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

Mid 1930s

Mid 1940s

Mid 1950s

Mid 1960s

21 / 30

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

Exterior walls

Basements

Interior walls

Roofs

22 / 30

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

To have it removed immediately

To cover it over with plastic sheathing

To consult a licensed electrician

Not to mention it in selling information

23 / 30

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

Residential property up to fourplexes

Agricultural land

Industrial buildings

Apartment buildings

24 / 30

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

Copper

Plastic

CPVC

Lead

25 / 30

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

Have air-conditioning

Contain electric sockets

Contain soft furnishings

Are heated year round

26 / 30

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

Flood protection

Fire protection

Energy efficiency and environmental responsibility

Aesthetic values

27 / 30

Unused oil tanks on a property must be…?

Certified as being empty

Extracted and left on the property

Removed by a TSSA registered technician

Filled with water and sealed

28 / 30

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

Be renovated by an expert

Be replaced immediately

Be carefully monitored

Not be mentioned in selling information

29 / 30

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

Inadvisable as it will deter buyers

A sensible precaution to prevent possible lawsuits

Not necessary in any circumstances

A legal requirement in Ontario

30 / 30

Sick building syndrome refers to what?

Buildings that most people find revolting

Buildings that young people think are cool

Buildings that start to rapidly deteriorate

Buildings that cause illnesses to people living in them

Your score is