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

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

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

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

2 / 30

A Class 5 sewage system consists of…?

A waterless toilet system

A holding tank for sewage

A grey water system

A cesspool

3 / 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

A legal requirement in Ontario

Not necessary in any circumstances

4 / 30

Sick building syndrome refers to what?

Buildings that young people think are cool

Buildings that cause illnesses to people living in them

Buildings that most people find revolting

Buildings that start to rapidly deteriorate

5 / 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

6 / 30

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

Apartment buildings

Agricultural land

Residential property up to fourplexes

Industrial buildings

7 / 30

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

To cover it over with plastic sheathing

Not to mention it in selling information

To have it removed immediately

To consult a licensed electrician

8 / 30

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

Quicker delivery of hot water

Low operating cost

Cheaper than conventional heating

Better flow of hot water

9 / 30

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

Criminal activities in the property

Previous murder or suicide in the property

Any/all of them

Death of an infant in a property

10 / 30

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

Fire protection

Flood protection

Aesthetic values

Energy efficiency and environmental responsibility

11 / 30

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

CRA

CNAREA

DAR

AACI

12 / 30

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

Ask for a pre-listing presentation

Sign a listing agreement

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

13 / 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 abundant parking capacity

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

The first impression a buyer gets when arriving at a property

14 / 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

15 / 30

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

Six

Five

Three

Four

16 / 30

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

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

Leave that area off their information

Refuse to continue with inspection

Document that on their information

17 / 30

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

Mid 1940s

Mid 1930s

Mid 1950s

Mid 1960s

18 / 30

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

Once every five years

Twice a year

Once a year

Once every two years

19 / 30

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

30 m

15 m

25 m

5 m

20 / 30

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

All/any of these

Expensive remedies being ordered

The permit being withdrawn

Heavy fines being levied

21 / 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

Concur with the seller's wishes

Strongly advise the seller to disclose them

22 / 30

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

Exterior walls

Roofs

Interior walls

Basements

23 / 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)

24 / 30

The potability of water refers to its…?

Pipe corrosion rate

Suitability for central heating

Temperature

Safety for drinking

25 / 30

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

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

A house that does not have easy access to local amenities

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

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

26 / 30

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

Filled in with rubble

Left as it is

Covered over

Decommissioned by licensed contractors

27 / 30

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

1970

1985

1975

1980

28 / 30

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

Be replaced immediately

Be renovated by an expert

Not be mentioned in selling information

Be carefully monitored

29 / 30

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

Three

Four

Two

One

30 / 30

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

Copper

Plastic

Lead

CPVC

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