Residential Real Estate Transactions - Test 01

If you are looking to become a registered real estate salesperson in Ontario, passing the Ontario Residential Real Estate Transactions Test is a must. It is a comprehensive examination consisting of 200 multiple-choice questions, which cover the official course material. The test essentially assesses your understanding of Ontario’s residential real estate industry standards, laws, and procedures. To excel in the exam, you need to have a solid understanding of the various aspects of residential real estate transactions. The test covers topics such as the legal aspects of the transaction, different types of residential real estate properties, property marketing, and pricing strategies, just to name a few. The questions are designed to test your knowledge, comprehension, and analytical thinking skills. With enough preparation and practice, you can successfully clear the exam and obtain your real estate registration in Ontario.

Residential Real Estate Transactions - Practice Test 01

Ontario Residential Real Estate Transactions - Course 2

1 / 30

The "holdover period" during which a client must pay remuneration to the agent if they sell their property privately begins…?

Before the agreement with the agent assigned

Throughout the agreement with the agent

Halfway through the agreement with the agent

After the agreement with the agent has ended

2 / 30

If a situation or matter is beyond a salesperson's education or experience, they must…?

Not disclose such inability to the client

Ask the seller to research it for themselves

Refer the seller to a third-party

Ask the seller to wait while they research the matter

3 / 30

A brokerage may only enter into a representation agreement resulting in a multiple representation situation if…?

The agent believes it's in the best interests of the client

A verbal agreement was made that this would happen

They have the written consent of both parties

There is a tacit understanding that this will happen

4 / 30

Which of these is an acceptable alternative to a written agreement when trading in real estate?

Verbal agreement

Implied agreement

Email agreement

None of them

5 / 30

Remuneration may be calculated as…?

A percentage of sale price

A combination of fixed price and percentage of sale price

A fixed price

Any of these

6 / 30

A registrant may not claim to any party that remuneration is fixed by…?

The real estate board

Any of these

The regulatory authorities

The brokerage

7 / 30

When an agent acts without authority/in excess of authority but the principal accepts the benefit of such action, this is known as…?

Express agreement

Implied agreement

Ratification

Estoppel

8 / 30

When a sub agent is engaged by the initial agent, this agent has…?

More obligations to the client as the initial agent

No obligations to the client unless later agreed

The same obligations to the client as the initial agent

Fewer obligations to the client as the initial agent

9 / 30

If a seller or listing brokerage fails to pay agreed remuneration, responsibility for that remuneration falls to…?

The local Real Estate board

The listing brokerage's insurance

The buyer

The seller's lawyers

10 / 30

In a real estate transaction, who is the principal?

The salesperson

The brokerage

The seller or buyer

The seller's or buyer's lawyer

11 / 30

The Code of Ethics requires salespersons to treat their customers…?

With honesty

With all of these

With fairness

With integrity

12 / 30

Under what circumstances can a brokerage sign a contract on behalf of the client?

If given authority by the client

If the client is unable to attend the signing themselves

None

If the client is incapacitated

13 / 30

A salesperson who wishes to communicate with the seller/buyer clients of other brokerages must do so…?

Via telephone calls

Via email

Via the original brokerage

Via industry contacts

14 / 30

The monies paid by a client to a brokerage are known as…?

Obligatory payments

Remuneration

Compensation

Commissary fees

15 / 30

A seller customer service agreement is…?

Sometimes exclusive

Non-exclusive

Any of these

Always exclusive

16 / 30

The obligation of "minimum information before agreement" obliges a brokerage to give sellers or buyers information on…?

Alternative services available

The brokerage profits for the last year

Any legal action being taken against the brokerage

Their personal financial position

17 / 30

The holdover period after a listing expires is…?

120 days

60 days

Whatever the parties have agreed

90 days

18 / 30

Copies of representation agreements must be delivered upon signing…?

Within one month

Immediately

Within one week

Within a "reasonable timeframe"

19 / 30

A party not being represented by a brokerage but being provided limited services is known as…?

The principal

A customer

A client

A secondary party

20 / 30

When remuneration is being charged as a flexible percentage of sale price, as the sale price rises the percentage must…?

Fall

Any of these

Remain the same

Rise

21 / 30

The salesperson can help the seller estimate the market value of their property using a…?

Inflation-based calculation

Average price calculation

Estimated market value

Comparative market analysis

22 / 30

A client must give written consent on an agreement next to the expiry date if that date is more than how far in the future?

Nine months

Three months

Twelve months

Six months

23 / 30

If an agreement does not complete due to a seller's default or neglect, the seller…?

Must pay full remuneration

Is not liable for remuneration

Must pay 25% remuneration

Must pay 50% remuneration

24 / 30

The date of commencement and expiry date of an agreement must be displayed…?

On the first page of the agreement

On the last page of the agreement

Somewhere in the agreement

On the second page of the agreement

25 / 30

Which of these is the only thing that should stop an agent placing the interest of their client above everything else?

Personal profit

Family relationships

Legal obligation

Business contract obligations

26 / 30

In real estate, when an agent works for more than one party in a transaction this is known as…?

Multiple representation

Imputed knowledge

Conflicted interests

Dual agency

27 / 30

If a property is a matrimonial home and only one spouse is on the title…?

The seller must obtain consent to sell from the other spouse

Only the spouse not on the title has the right to sell

The seller must buy out the other spouse before selling

The spouse on the title has the right to sell as they choose

28 / 30

A salesperson's advice to a seller as to whether they should accept, reject or counter offers should be based on…?

The potential profit for the brokerage

Prevailing market conditions

A combination of all of these

The length of time the property has been available

29 / 30

When an agency relationship is terminated, the agent still has an obligation to protect…?

All of these

Client's best interests

Client loyalty

Client confidential information

30 / 30

When an agent is given express authority to act for a client, they may take additional actions for the benefit of the client under what is known as…?

Additional authority

Supposed authority

Implied authority

Secondary authority

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