Residential Real Estate Transactions - Test 06

Aspiring real estate professionals can take advantage of our free practice test to gain confidence and knowledge in the 200 multiple-choice questions that align with the official course material. The test takes approximately four hours to complete and evaluates the candidate’s understanding of various topics, including contract law, mortgage financing, property valuation, marketing, and ethical standards. Passing the test demonstrates a commitment to professionalism and a comprehensive knowledge of the real estate industry to potential clients and colleagues alike. With our comprehensive study guide, aspiring real estate agents can be well-equipped to pass the Ontario Residential Real Estate Transactions Test and embark on a rewarding career in the dynamic and exciting real estate market.

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Residential Real Estate Transactions - Practice Test 06

Ontario Residential Real Estate Transactions - Course 2

1 / 30

If a brokerage's trust account earns interest on a deposit, this should be…?

2 / 30

In a sale agreement, what are "chattels"?

3 / 30

A customer relationship with the buyer is established when which of these is signed?

4 / 30

A buyer should be given sufficient time to view a property fully, which can be up to…?

5 / 30

When a buyer pays a deposit, what happens to it?

6 / 30

The official date of an offer is the day on which…?

7 / 30

Failure to obtain services from third-party professionals may have which of these consequences for a buyer?

8 / 30

When drafting an offer an important influence is…?

9 / 30

If a buyer requires information outside the salesperson's field of expertise, e.g. on electrical installations, they should be referred to at least how many third-party experts?

10 / 30

An offer must be presented to the seller as soon as possible after receipt regardless of…?

11 / 30

Unless otherwise authorised by RECO, a brokerage may only have what number of trust accounts?

12 / 30

In a "mere posting" listing, the seller typically pays…?

13 / 30

When an offer is accepted, deposits must usually be paid within what timeframe?

14 / 30

If a brokerage is representing both buyer and seller, they must not...?

15 / 30

Once a deposit check has been received, the listing brokerage must deposit the funds in their Real Estate Trust Account within…?

16 / 30

A seller may only remove fixed items from the property when moving out if…?

17 / 30

After a viewing of a property, the salesperson should…?

18 / 30

The completion date of a real estate transaction is when…?

19 / 30

If a seller is non-resident they must pay capital gains tax within what date of the completion of sale?

20 / 30

The names that will be registered on the title of a new purchased property are decided by…?

21 / 30

If a "mere posting" seller refuses to pay any remuneration, the buyer's brokerage can…?

22 / 30

A brokerage may not proceed with a transaction if…?

23 / 30

An offer becomes null and void if…?

24 / 30

What is the set minimum amount for a deposit?

25 / 30

With a buyer customer agreement, the salesperson is obliged to disclose…?

26 / 30

A brokerage is required to disclose to every party in a transaction its relationship with all the others…?

27 / 30

If a buyer is a client of another salesperson, contact with them should only be made…?

28 / 30

The two most fundamental interests of a buyer are…?

29 / 30

Which of these questions should be asked when one is approached by a potential buyer?

30 / 30

If a seller has a survey in their possession, they…?

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