Residential Real Estate Transactions - Test 07

The Ontario Residential Real Estate Transactions Test is a crucial step towards becoming a licensed real estate agent in Ontario. The exam consists of 200 multiple-choice questions, all of which are based on the official course material. The exam aims to test candidates’ comprehension of the legal and ethical obligations of real estate agents, as well as their ability to provide valuable guidance to clients in residential real estate transactions. It is imperative that candidates prepare extensively for the exam to pass it with flying colors. The exam covers various topics, including market analysis, property valuation, financing options, and real estate contracts. Additionally, the exam assesses candidates’ knowledge of various laws and regulations governing real estate transactions in Ontario, such as the Residential Tenancies Act and the Real Estate and Business Brokers Act. Therefore, it is crucial that candidates dedicate sufficient time to study the material and practice answering questions before taking the exam.


Residential Real Estate Transactions - Practice Test 07

Ontario Residential Real Estate Transactions - Course 2

1 / 20

The listing brokerage may provide information about other offers to a person making an offer on a property…?

2 / 20

If conditions exist in the purchase and sale agreement, it becomes a legally binding contract when all parties have signed the…?

3 / 20

If a registrant is purchasing or selling real estate in which they have a direct or indirect interest, they must…?

4 / 20

Which of these is likely to increase the chances of a buyer having an offer accepted?

5 / 20

If an offer is accepted, the buyer and seller brokerages must retain a copy of it for a minimum of…?

6 / 20

When a client's credit file is used to verify their identification, it must have a minimum of…?

7 / 20

Every page of the selling agreement which does not require a signature should have…?

8 / 20

If a seller receives more than one offer simultaneously…?

9 / 20

A "SOLD" sign should be removed from a property…?

10 / 20

The "representation or warranties clause" ensures that the seller is responsible for the condition of the property up to…?

11 / 20

A purchase and sale agreement may be witnessed by…?

12 / 20

A buyer is responsible for paying costs such as utility bills, heating fuel bills etc from…?

13 / 20

A Large Cash Transaction Report must be made to FINTRAC within 15 days if the amount exceeds…?

14 / 20

An agreement may only be signed electronically if…?

15 / 20

If a virtual currency transaction involves $10,000 or more, it must be reported to FINTRAC within what time of receipt?

16 / 20

What is the rate of land transfer tax for the proportion of any sum over $2 million in a real estate transaction?

17 / 20

When a home inspection report is ordered, and agreement may not progress unless it is…?

18 / 20

Which of these is a condition of accepting a property with a well for water supply?

19 / 20

A Seller Take Back Mortgage is one where…?

20 / 20

Helping to complete all tasks necessary to complete a transaction during the conditional period is the responsibility of…?

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