Residential Real Estate Transactions - Test 04

The Ontario Residential Real Estate Transactions Test is a comprehensive assessment that evaluates a candidate’s knowledge of the official course material. The test consists of 200 multiple-choice questions that cover a wide variety of topics related to real estate transactions, including contract law, property ownership, agency relationships, and financing. To succeed on the exam, candidates need a strong understanding of real estate terminology, legal concepts, and practical application. However, with thorough preparation and practice, it is possible to pass the test with flying colors and gain certification as a knowledgeable and competent real estate professional. Whether you are a new agent looking to jump-start your career, or an experienced professional seeking to expand your knowledge base.

Residential Real Estate Transactions - Practice Test 04

Ontario Residential Real Estate Transactions - Course 2

1 / 30

If a seller asks a salesperson to hide certain material facts, e.g. unused underground fuel tanks, the seller must...?

Strongly advise the seller to disclose them

Concur with the seller's wishes

End their relationship with the seller

Disclose them anyway

2 / 30

Curb appeal refers to what?

The first impression a buyer gets when walking through the front door

The first impression a buyer gets when arriving at a property

The favourable impression a buyer gets from abundant parking capacity

The favourable impression a buyer gets from being close to a fire hydrant

3 / 30

Urea formaldehyde foam insulation (UFFI) may be found in homes built up to…?

1970

1975

1980

1985

4 / 30

A brick masonry wall consists of how many layers of bricks?

Three

Four

One

Two

5 / 30

Revealing any stigma attached to a property to potential buyers is…?

Not necessary in any circumstances

A sensible precaution to prevent possible lawsuits

A legal requirement in Ontario

Inadvisable as it will deter buyers

6 / 30

Which of these could lead to a property being "stigmatised"?

Previous murder or suicide in the property

Death of an infant in a property

Any/all of them

Criminal activities in the property

7 / 30

Under the Ontario Building Code a septic system must be at least what distance from any structure?

25 m

30 m

15 m

5 m

8 / 30

A Class 5 sewage system consists of…?

A cesspool

A grey water system

A waterless toilet system

A holding tank for sewage

9 / 30

A person accredited to provide valuations for all types of real estate properties including industrial, commercial and agricultural, has the designation…?

AACI

DAR

CRA

CNAREA

10 / 30

Which of these uses of a property could lead to the creation of material latent defects?

All/any of them

Use as an illegal narcotics lab (other than for cannabis or marijuana)

Use of garage as an auto repair shop

Hoarding of useless or discarded items

11 / 30

If a property has knob and tube type wiring, it should generally…?

Be renovated by an expert

Be carefully monitored

Not be mentioned in selling information

Be replaced immediately

12 / 30

Providing false information when applying for a building permit may lead to what?

Heavy fines being levied

Expensive remedies being ordered

The permit being withdrawn

All/any of these

13 / 30

Closed cell spray foam insulation is most frequently used for…?

Interior walls

Exterior walls

Basements

Roofs

14 / 30

The potability of water refers to its…?

Pipe corrosion rate

Safety for drinking

Suitability for central heating

Temperature

15 / 30

If a property has an unused water well it should be…?

Decommissioned by licensed contractors

Covered over

Filled in with rubble

Left as it is

16 / 30

If an area of a property cannot be accessed for inspection, the salesperson should…?

Refuse to continue with inspection

Tell the seller to make a suitable discount to the asking price

Leave that area off their information

Document that on their information

17 / 30

99. The voluntary R-2000 certification system is used to certify homes for…?

Flood protection

Energy efficiency and environmental responsibility

Fire protection

Aesthetic values

18 / 30

If aluminium wiring is present in a property, the seller may be advised…?

To have it removed immediately

To consult a licensed electrician

Not to mention it in selling information

To cover it over with plastic sheathing

19 / 30

Sick building syndrome refers to what?

Buildings that most people find revolting

Buildings that cause illnesses to people living in them

Buildings that start to rapidly deteriorate

Buildings that young people think are cool

20 / 30

A house may need its water system replacing if the pipes are made of…?

CPVC

Plastic

Copper

Lead

21 / 30

A property which takes water from a well must have water quality tested at least…?

Once every five years

Once a year

Once every two years

Twice a year

22 / 30

A person with Canadian Residential Appraisal status may evaluate housing containing up to how many self-contained units?

Five

Four

Three

Six

23 / 30

In terms of local economic conditions, regression refers to…?

A superior house located in a neighbourhood where most other houses are inferior

An inferior house located in a neighbourhood where most other houses are superior

A house that is reasonably similar to all others in the neighbourhood

A house that does not have easy access to local amenities

24 / 30

117. Registrants are prohibited from providing value opinions to clients or customers…?

If a property is valued at more than $500,000

Unless the client or customer has specifically asked them to

If they do not have suitable educational experience

Unless third-party advice is deemed too expensive

25 / 30

Which of these is an advantage of a tankless water heater?

Better flow of hot water

Low operating cost

Quicker delivery of hot water

Cheaper than conventional heating

26 / 30

A seller becomes a client of a brokerage when they…?

Ask a salesperson to determine their needs

Ask for a pre-listing presentation

Ask a salesperson's advice about selling

Sign a listing agreement

27 / 30

A Form Report is generally used for estimating the market value of…?

Residential property up to fourplexes

Industrial buildings

Agricultural land

Apartment buildings

28 / 30

Checks should be made for asbestos as an insulating material in homes built up to…?

Mid 1940s

Mid 1950s

Mid 1960s

Mid 1930s

29 / 30

The total living area of a property is calculated using the external measurements of all above grade living areas that…?

Contain soft furnishings

Have air-conditioning

Are heated year round

Contain electric sockets

30 / 30

Unused oil tanks on a property must be…?

Removed by a TSSA registered technician

Certified as being empty

Filled with water and sealed

Extracted and left on the property

Your score is