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.


Residential Real Estate Transactions - Practice Test 06

Ontario Residential Real Estate Transactions - Course 2

1 / 30

The two most fundamental interests of a buyer are…?

2 / 30

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

3 / 30

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

4 / 30

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

5 / 30

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

6 / 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?

7 / 30

When drafting an offer an important influence is…?

8 / 30

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

9 / 30

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

10 / 30

What is the set minimum amount for a deposit?

11 / 30

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

12 / 30

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

13 / 30

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

14 / 30

A brokerage may not proceed with a transaction if…?

15 / 30

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

16 / 30

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

17 / 30

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

18 / 30

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

19 / 30

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

20 / 30

In a sale agreement, what are "chattels"?

21 / 30

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

22 / 30

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

23 / 30

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

24 / 30

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

25 / 30

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

26 / 30

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

27 / 30

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

28 / 30

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

29 / 30

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

30 / 30

An offer becomes null and void if…?

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