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

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

Not to mention it in selling information

To cover it over with plastic sheathing

To consult a licensed electrician

To have it removed immediately

2 / 30

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

Leave that area off their information

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

Refuse to continue with inspection

Document that on their information

3 / 30

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

A sensible precaution to prevent possible lawsuits

Not necessary in any circumstances

A legal requirement in Ontario

Inadvisable as it will deter buyers

4 / 30

A Class 5 sewage system consists of…?

A waterless toilet system

A holding tank for sewage

A cesspool

A grey water system

5 / 30

Unused oil tanks on a property must be…?

Removed by a TSSA registered technician

Extracted and left on the property

Certified as being empty

Filled with water and sealed

6 / 30

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

Interior walls

Exterior walls

Roofs

Basements

7 / 30

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

Have air-conditioning

Are heated year round

Contain electric sockets

Contain soft furnishings

8 / 30

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

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

Unless the client or customer has specifically asked them to

Unless third-party advice is deemed too expensive

If they do not have suitable educational experience

9 / 30

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

Criminal activities in the property

Death of an infant in a property

Any/all of them

Previous murder or suicide in the property

10 / 30

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

Decommissioned by licensed contractors

Covered over

Left as it is

Filled in with rubble

11 / 30

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

Once a year

Once every five years

Once every two years

Twice a year

12 / 30

The potability of water refers to its…?

Suitability for central heating

Safety for drinking

Pipe corrosion rate

Temperature

13 / 30

Curb appeal refers to what?

The first impression a buyer gets when arriving at a property

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

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

The favourable impression a buyer gets from abundant parking capacity

14 / 30

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

5 m

15 m

25 m

30 m

15 / 30

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

Better flow of hot water

Cheaper than conventional heating

Quicker delivery of hot water

Low operating cost

16 / 30

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

Sign a listing agreement

Ask for a pre-listing presentation

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

17 / 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

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

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

18 / 30

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

Apartment buildings

Agricultural land

Residential property up to fourplexes

Industrial buildings

19 / 30

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

Fire protection

Energy efficiency and environmental responsibility

Aesthetic values

Flood protection

20 / 30

Sick building syndrome refers to what?

Buildings that start to rapidly deteriorate

Buildings that most people find revolting

Buildings that cause illnesses to people living in them

Buildings that young people think are cool

21 / 30

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

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)

All/any of them

22 / 30

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

Strongly advise the seller to disclose them

End their relationship with the seller

Concur with the seller's wishes

Disclose them anyway

23 / 30

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

Five

Three

Four

Six

24 / 30

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

Three

Four

Two

One

25 / 30

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

Expensive remedies being ordered

All/any of these

The permit being withdrawn

Heavy fines being levied

26 / 30

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

1980

1970

1975

1985

27 / 30

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

DAR

AACI

CNAREA

CRA

28 / 30

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

Plastic

Copper

Lead

CPVC

29 / 30

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

Be replaced immediately

Be renovated by an expert

Be carefully monitored

Not be mentioned in selling information

30 / 30

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

Mid 1930s

Mid 1940s

Mid 1950s

Mid 1960s

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