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

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

1980

1975

1970

1985

2 / 30

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

Exterior walls

Roofs

Interior walls

Basements

3 / 30

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

Twice a year

Once a year

Once every two years

Once every five years

4 / 30

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

Any/all of them

Previous murder or suicide in the property

Criminal activities in the property

Death of an infant in a property

5 / 30

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

Hoarding of useless or discarded items

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

All/any of them

Use of garage as an auto repair shop

6 / 30

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

One

Three

Four

Two

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 most people find revolting

Buildings that young people think are cool

8 / 30

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

Mid 1930s

Mid 1940s

Mid 1960s

Mid 1950s

9 / 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

10 / 30

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

Be carefully monitored

Be renovated by an expert

Be replaced immediately

Not be mentioned in selling information

11 / 30

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

Decommissioned by licensed contractors

Left as it is

Filled in with rubble

Covered over

12 / 30

A Class 5 sewage system consists of…?

A cesspool

A grey water system

A holding tank for sewage

A waterless toilet system

13 / 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

Strongly advise the seller to disclose them

Concur with the seller's wishes

14 / 30

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

Unless third-party advice is deemed too expensive

If they do not have suitable educational experience

Unless the client or customer has specifically asked them to

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

15 / 30

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

Six

Five

Three

Four

16 / 30

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

Not to mention it in selling information

To have it removed immediately

To cover it over with plastic sheathing

To consult a licensed electrician

17 / 30

Curb appeal refers to what?

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

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

18 / 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 does not have easy access to local amenities

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

19 / 30

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

Inadvisable as it will deter buyers

A sensible precaution to prevent possible lawsuits

Not necessary in any circumstances

A legal requirement in Ontario

20 / 30

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

15 m

30 m

5 m

25 m

21 / 30

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

Aesthetic values

Fire protection

Energy efficiency and environmental responsibility

Flood protection

22 / 30

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

Expensive remedies being ordered

Heavy fines being levied

All/any of these

The permit being withdrawn

23 / 30

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

DAR

AACI

CNAREA

CRA

24 / 30

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

Lead

CPVC

Plastic

Copper

25 / 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

Are heated year round

Contain electric sockets

26 / 30

Unused oil tanks on a property must be…?

Certified as being empty

Filled with water and sealed

Removed by a TSSA registered technician

Extracted and left on the property

27 / 30

The potability of water refers to its…?

Temperature

Pipe corrosion rate

Safety for drinking

Suitability for central heating

28 / 30

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

Apartment buildings

Residential property up to fourplexes

Industrial buildings

Agricultural land

29 / 30

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

Cheaper than conventional heating

Quicker delivery of hot water

Low operating cost

Better flow of hot water

30 / 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

Your score is