Residential Real Estate Transactions - Test 03

The Ontario Residential Real Estate Transactions Test is a comprehensive examination that assesses one’s knowledge and understanding of the course material. Consisting of 200 multiple-choice questions, it covers various topics related to buying and selling residential real estate in Ontario. To pass the test with flying colors, it is essential to have a strong grasp of the official course material. The test is highly challenging, and individuals are encouraged to adequately prepare beforehand by using the provided practice test. By passing the Ontario Residential Real Estate Transactions Test, individuals can demonstrate their knowledge and competence in the field and become licensed to practice as a residential real estate practitioner in Ontario.

Residential Real Estate Transactions - Practice Test 03

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Which of these types of doors require the least maintenance?

Wood doors

Glass doors

Steel doors

Panel doors

2 / 30

Efflorescence on the interior of foundation walls indicates…?

Moisture was present at some time

The basement is prone to leakage

That there has never been any water leakage

That the entire house suffers from damp

3 / 30

Homeowners may have difficulty in obtaining insurance for their property if the service to their house is…?

60 amps

100 amps

240 volts

200 amps

4 / 30

Above ground oil tanks must be replaced every…?

20 years

10 years

5 years

15 years

5 / 30

The current standard for electrical wiring is to use…?

Copper

Aluminium

Tungsten

Steel

6 / 30

A mortgage is referred to as a "conventional mortgage" if the amount of the loan is what proportion of the loan to value?

80% or less

90% or less

60% or less

70% or less

7 / 30

High energy efficiency systems with over 90% rating are installed in all new houses built since December 31…?

2005

2009

2001

2015

8 / 30

Implied Covenants on a mortgage refer to…?

Obligations for a mortgagor

Default terms

Obligations for a mortgagee

Interest rates

9 / 30

If window glass has a low emissivity rating, that means…?

It allows more light to exit the building

It allows more sunlight into the building

It retains heat within the building

It blocks sunlight from entering the building

10 / 30

The fee of a professional property appraiser, if used, is usually paid by…?

The buyer's lawyer

The seller

The buyer

The broker

11 / 30

The debtor/borrower in a mortgage transaction is known as the…?

Mortgagor

Mortgaged

Mortgagizer

Mortgagee

12 / 30

Mortgage default insurance premiums do what has the loan to value ratio rises?

Remain static

Any of these

Fall

Rise

13 / 30

A WETT inspection is often required in order to obtain insurance if a house has…?

Woodburning equipment

Electrical heaters

A gas furnace

Oil tanks

14 / 30

A musty odour in a house may indicate…?

Termite damage

Shifting foundations

Fire damage

Basement leakage

15 / 30

A wide-shallow lot has…?

A large rear yard

Equal depth and frontage

More depth than frontage

More frontage than depth

16 / 30

Which of these is the most expensive type of furnace to run?

Oil

Electric

Gas

It depends on the property

17 / 30

The framing of a structure refers to…?

The finishing of its roof

Its foundations

Its rough timber works

The finishing around windows and doors

18 / 30

First time buyers of new and resale homes may receive a partial refund of provincial Land Transfer Tax up to a maximum of…?

$2,000

$6,000

$4,000

$8,000

19 / 30

Provisions in mortgage terms giving the mortgagee an option to purchase the subject property are…?

Standard practice

Invalid

Only valid with the agreement of all parties

Allowed to be imposed by the mortgagee

20 / 30

Lenders generally want to keep the Gross Debt Service Ratio at or below…?

22%

52%

32%

42%

21 / 30

If a mortgagor has agreed to bi-weekly payments on their mortgage, how many payments per year will they make?

104

22 / 30

Linked houses maybe connected by a low-grade concrete wall or…?

A party wall

Their garages

Joined upper storeys

A shared driveway

23 / 30

A shared/mutual driveway often…?

Makes a property impossible to sell

Has no affect on a property's value

Positively affects a property's value

Negatively affects a property's value

24 / 30

In the CSA standard for windows Criterion A measures what?

Watertightness

Thermal efficiency

Wind resistance

Airtightness

25 / 30

When a property requires new hydro lines, the owner will have to bear the expense of installation beyond what length of line?

15 m

35 m

25 m

45 m

26 / 30

Most lenders will want to keep the borrower's Total Debt Service Ratio at or below…?

40%

20%

50%

30%

27 / 30

In a fire, which of these will lose strength earlier?

They will both lose strength equally

A wooden beam

It depends on the air temperature

A steel beam

28 / 30

Cracks appearing in walls, around doors and windows and in corners may indicate…?

Fire damage

Rising damp

Roof problems

Shifting foundations

29 / 30

Solar panels are most suited to a roof that faces…?

Northwest

Southwest

Southeast

Northeast

30 / 30

The Gross Debt Service Ratio (GDS) refers to the maximum percentage of a borrower's annual income allocated to paying…?

The principal, interest and property taxes

Principal and property taxes

Property taxes and interest

Principal and interest

Your score is