Ontario Real Estate Essentials Test 05

Real Estate Essentials - Test 05

If you are preparing for the Ontario Real Estate Essentials Test, you are in the right place. With our online practice tests, you can get an accurate understanding of the exam format and question types. The test assesses your knowledge of real estate laws, principles, and practices in Ontario. It covers various topics, including property ownership, mortgages, financing, and contracts. By taking advantage of our free practice tests, you can gain an edge over other candidates and increase your chances of passing the test on your first attempt. In addition to providing a simulated testing environment, our practice tests also come with detailed explanations of correct answers, allowing you to learn from your mistakes and refine your knowledge.

Real Estate Essentials - Practice Test 05

Ontario Real Estate Essentials - Course 1

1 / 30

A contract does not need a consideration element if it is signed under…?

Agreement

Seal

Court overview

Exceptional circumstances

2 / 30

Provincial policy statements address planning matters of public interest and are reviewed every…?

Five years

Two years

Seven years

Three years

3 / 30

If a landowner is granted land severance with conditional consent, they usually have how long to fulfil the conditions set?

Three years

One year

Six months

Two years

4 / 30

In breach of contract cases, a court may recommend a specific performance remedy, which is what?

An order that no compensation is owing

An order that the full value of the contract must be paid

An order that partial compensation must be paid

An order that the contract must be fulfilled

5 / 30

Salespersons must witness electronic signatures and ensure that what is added to them?

Date and time

Location

Address of all participants

Declaration of free will

6 / 30

The Family Law Act provides similar rights for common-law spouses as for married spouses as long as the couple have lived together for…?

Nine years plus

Three years plus

Seven years plus

Five years plus

7 / 30

Both spouses have equal right of possession of a matrimonial home…?

Under all circumstances

As long as they are not separated

As long as they are both on the title

As long as a contract exists to prove this

8 / 30

Breach-of-contract occurs when…?

The contract is terminated by a third party

Both parties agree to terminate the contract

One party fails to fulfil its obligations under the contract

One party decides to terminate the contract

9 / 30

When an owner applies for land severance, the approval body must give its decision within…?

90 days

180 days

45 days

15 days

10 / 30

Damages are only payable for breach of contract if…?

Actual financial loss can be proven

Damage to feelings or emotions can be proven

Any of these

Potential financial losses can be proven

11 / 30

Which of these assumes all responsibilities under the Municipal Act?

An Upper Tier Municipality

A Lower Tier Municipality

None of these

A Single Tier Municipality

12 / 30

Rescission means that a contract…?

Is revoked or cancelled

Has no validity

Is illegal

Must be fulfilled

13 / 30

Which of these would count as sensitive personal information rather than just personal information?

A person's marital status

A person's date of birth

A person's mental condition

A person's residential address

14 / 30

Electronic signatures may only be used in a transaction if…?

All parties agree to them

There is no alternative

The seller and the broker agreed to them

The buyer and the broker agreed to them

15 / 30

The Official Plan for a municipality may extend up to how far in the future?

15 years

10 years

20 years

25 years

16 / 30

A patent defect in a property is one that…?

Is readily visible upon reasonable vigilance/inspection

Is not readily visible upon reasonable vigilance/inspection

Renders a property dangerous

Renders a property unfit for habitation

17 / 30

The consideration in a contract which makes it binding may not be…?

A past consideration

A present consideration

Future consideration

Any of these

18 / 30

Which of these falls under zoning bylaws?

Building height

Parking requirements

All of them

Permitted usage

19 / 30

A contract is terminated by "frustration" when…?

Both parties agree that it is too frustrating to continue the contract

Unexpected events occur which make it impossible to fulfil the contract

One party decides that the other is taking too long to fulfil the contract

One party decides that it is too much effort to fulfil the contract

20 / 30

A "common mistake" in a contract occurs when…?

The buyer is aware of an underlying fundamental fact about the property/transaction but not the seller

All of these

The seller is aware of an underlying fundamental fact about the property/transaction but not the buyer

Both parties are unaware of an underlying fundamental fact about the property/transaction

21 / 30

A contract for land will be generally avoidable, sometimes void or never binding if the contract is made with a person under what age?

22 / 30

If both parties agree to terminate a contract, the contract is terminated by…?

Common agreement

Shared agreement

Mutual agreement

Unavoidable agreement

23 / 30

A Local Planning Appeals Tribunal (LPAT) is responsible for hearing…?

Preliminary appeals in a planning related matter

All appeals in a planning related matter

The first and second appeal in a planning related matter

The first appeal in a planning related matter

24 / 30

If an owner or buyer wishes to make a use of their property that is not permitted in existing zoning bylaws, they may apply to their local committee of…?

Variation

Modification

Exemption

Adjustment

25 / 30

Which of these Canadian cities is governed under a specific Act of Parliament rather than the Municipal Act?

Calgary

Vancouver

Montréal

Toronto

26 / 30

If one spouse is the registered owner of a matrimonial home and the other is not, they may not dispose of it, mortgage or income rate without…?

Proof that they are the only one on the title

A court order

Proof that the marriage is irretrievably broken

Written consent of the non-owner spouse

27 / 30

A Subdivision Plan registration is usually required when a landowner wants to divide their land into more than…?

Four lots

Five lots

Three lots

Two lots

28 / 30

In terms of "for sale", "open house" and "sold" signs, which of these is controlled by zoning bylaws?

Size of sign

Wording of sign

Material of sign

Colour of sign

29 / 30

If the owner of a plot wishes to divide it up into two plots, they must apply to the local municipality for approval of…?

Land severance

Land division

Land rezoning

Land repurposing

30 / 30

All electronic documents held by a brokerage must be…?

Also held in hard copy elsewhere

Held on dedicated separate hard drives

Protected by strong passwords

Accessible to all staff of the brokerage

Your score is