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 property has an unused water well it should be…?

Left as it is

Covered over

Filled in with rubble

Decommissioned by licensed contractors

2 / 30

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

Unless third-party advice is deemed too expensive

Unless the client or customer has specifically asked them to

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

If they do not have suitable educational experience

3 / 30

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

CNAREA

AACI

DAR

CRA

4 / 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The permit being withdrawn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

5 / 30

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

Five

Three

Four

Six

6 / 30

The potability of water refers to its…?

Suitability for central heating

Pipe corrosion rate

Safety for drinking

Temperature

7 / 30

Sick building syndrome refers to what?

Buildings that cause illnesses to people living in them

Buildings that start to rapidly deteriorate

Buildings that young people think are cool

Buildings that most people find revolting

8 / 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

Criminal activities in the property

Any/all of them

9 / 30

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

30 m

25 m

15 m

5 m

10 / 30

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

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

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

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

A house that does not have easy access to local amenities

11 / 30

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

Low operating cost

Cheaper than conventional heating

Better flow of hot water

Quicker delivery of hot water

12 / 30

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

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

Document that on their information

Leave that area off their information

Refuse to continue with inspection

13 / 30

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

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

Use of garage as an auto repair shop

All/any of them

Hoarding of useless or discarded items

14 / 30

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

Once every two years

Once every five years

Once a year

Twice a year

15 / 30

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

Be carefully monitored

Be replaced immediately

Be renovated by an expert

Not be mentioned in selling information

16 / 30

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

Agricultural land

Industrial buildings

Apartment buildings

Residential property up to fourplexes

17 / 30

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

Not to mention it in selling information

To cover it over with plastic sheathing

To have it removed immediately

To consult a licensed electrician

18 / 30

Curb appeal refers to what?

The favourable impression a buyer gets from abundant parking capacity

The first impression a buyer gets when arriving at a property

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

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

19 / 30

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

Fire protection

Flood protection

Energy efficiency and environmental responsibility

Aesthetic values

20 / 30

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

1970

1980

1975

1985

21 / 30

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

Ask a salesperson's advice about selling

Sign a listing agreement

Ask a salesperson to determine their needs

Ask for a pre-listing presentation

22 / 30

Unused oil tanks on a property must be…?

Certified as being empty

Removed by a TSSA registered technician

Extracted and left on the property

Filled with water and sealed

23 / 30

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

Disclose them anyway

End their relationship with the seller

Concur with the seller's wishes

Strongly advise the seller to disclose them

24 / 30

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

Two

Three

Four

One

25 / 30

A Class 5 sewage system consists of…?

A cesspool

A grey water system

A waterless toilet system

A holding tank for sewage

26 / 30

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

Mid 1950s

Mid 1960s

Mid 1930s

Mid 1940s

27 / 30

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

Copper

Plastic

CPVC

Lead

28 / 30

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

Inadvisable as it will deter buyers

A legal requirement in Ontario

Not necessary in any circumstances

A sensible precaution to prevent possible lawsuits

29 / 30

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

Have air-conditioning

Contain soft furnishings

Contain electric sockets

Are heated year round

30 / 30

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

Basements

Interior walls

Exterior walls

Roofs

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