Ontario Real Estate Essentials Test 01

Real Estate Essentials - Test 01

Taking the Ontario Real Estate Essentials Test is an important step for anyone looking to enter the real estate industry in Ontario. The test assesses an individual’s knowledge of essential topics related to real estate in Ontario. These topics include real estate law, regulations, ethics, and business practices. To pass the test, one must demonstrate a good understanding of all these areas. This is where the free practice tests offered on this online site can immensely help. By going through these practice tests repeatedly, individuals can gain a deeper understanding of the topics covered and get accustomed to the actual test format. With this kind of preparation, passing the Ontario Real Estate Essentials Test on the first attempt is achievable and highly likely.

Real Estate Essentials - Practice Test 01

Ontario Real Estate - Course 1

1 / 30

Once a person is registered as a real estate salesperson with RECO, the post-registration educational requirements must be completed within…?

12 months

18 months

36 months

24 months

2 / 30

In a balanced market, you would usually expect sales to occur…?

Any of these

Slower than usual

In a reasonable time

Faster than usual

3 / 30

Which of these will not affect the day-to-day activities of a salesperson?

Market characteristics

Market conditions

Global gas prices

Whether they are working with a buyer or a seller

4 / 30

Which of these is the only pre-registration course that does not require an in-person theory examination?

Getting started

Real estate essentials

Residential real estate transactions

Commercial real estate transactions

5 / 30

When a seller makes an agreement with a real estate business, the agreement is with...?

Any of these

The salesperson they have worked with

The brokerage

The broker they have worked with

6 / 30

Which of these is not permitted to use the term "agent" in their advertising?

Broker

Broker of record

Salesperson

All of these

7 / 30

The minimum age for obtaining a real estate salesperson registration in Ontario is…?

8 / 30

If you are unable to provide services with reasonable skill, knowledge, judgement and competence, you should...

Keep this hidden from the client

Delay until you have improved your knowledge

Advise the buyer/seller to obtain services elsewhere

Reduce your commission

9 / 30

In a sellers' market, properties tend to sell…?

More quickly

None of these

For lower prices

More slowly

10 / 30

Which of these is not a function of RECO?

Setting flat rates for real estate brokers

Investigating complaints about real estate brokers

Educating consumers about the real estate profession

Enforcing standards for real estate education

11 / 30

Which of these characteristics should you not expect in a buyers' market?

Buyers asking for more conditions on purchase

Prices having to be reduced

Sales to be rushed through quickly

Listing period is having to be extended

12 / 30

It is compulsory to take out RECO's purchase insurance coverage for...?

Salespeople

Brokerages

All of these

Brokers

13 / 30

The broker of record is designated by a brokerage to...?

Write the agreements with sellers/buyers

Set the fees charged by the brokerage

Keep the brokerage's records up to date

Ensure compliance with REBBA

14 / 30

In residential resales, the salesperson should expect…?

All of these

Difficulty planning their own family events

Irregular working hours

Emotional issues which have to be addressed

15 / 30

In residential resales, open houses are usually held…?

On holidays

Mid week

At weekends

Friday evenings

16 / 30

The broker of record in a brokerage must be...?

Any employee of the brokerage

A broker employed by the brokerage

An external contractor of the brokerage

The head of a brokerage

17 / 30

In a sole proprietorship, the broker of record must be...?

An external contractor

Any of these

The owner himself/herself

A broker from another firm

18 / 30

Condominium ownership involves a specific "unit" and shared ownership of…?

Rental profits

Appreciation profits

Common property

Depreciation risks

19 / 30

The broker of record provides guidance and advice to salespersons and brokers regardless of...?

Brokerage structure

Experience

Any of these

Size of brokerage

20 / 30

To maintain registration, every registrant with RECO must complete the Mandatory Continuing Education courses every…?

12 months

24 months

18 months

36 months

21 / 30

What is the definition of a buyers' market?

When there are more buyers in the market than sellers

When there are more sellers in the market than buyers

When prices are lower than usual

When the number of sellers in the market matches the number of buyers

22 / 30

Once the pre-registration courses are complete, you must find a brokerage and apply to RECO for registration within…?

8 months

12 months

24 months

6 months

23 / 30

What is the definition of a balanced market?

When properties sell for the price the owner paid for them

When the number of sellers in the market matches the number of buyers

When there are more buyers in the market than the number of sellers

When there are more sellers in the market than the number of buyers

24 / 30

The broker of record must be...?

Someone involved in the day-to-day running of the brokerage

Someone who only works part time at the brokerage

Someone who has no regular involvement with the brokerage

Someone who only works remotely with the brokerage

25 / 30

When selling new homes, the salesperson will be working with…?

The interior decorators

The builders

The tradespeople

The architects

26 / 30

Which of these can affect the value of units in a condominium?

Corporate financial stability

Type of building

Maintenance fees

All of them

27 / 30

Which of these must be disclosed when applying for RECO registration?

Associations with other businesses

All of them

Unpaid judgements

Bankruptcy

28 / 30

Which of these is not an example of the Code of Ethics?

Profiteering

Integrity

Honesty

Fairness

29 / 30

What is the definition of a sellers' market?

When the number of sellers in the market matches the number of buyers

When there are more buyers in the market than sellers

When there are more sellers in the market than buyers

Any of these

30 / 30

Which of these is a desirable skill for a salesperson?

Research skills

People skills

Mathematical skills

All of them

Your score is