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

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

Profiteering

Fairness

Integrity

Honesty

2 / 30

What is the definition of a sellers' market?

When there are more buyers in the market than sellers

When there are more sellers in the market than buyers

Any of these

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

3 / 30

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

Brokerage structure

Size of brokerage

Any of these

Experience

4 / 30

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

Real estate essentials

Residential real estate transactions

Getting started

Commercial real estate transactions

5 / 30

What is the definition of a buyers' market?

When there are more sellers in the market than buyers

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

When there are more buyers in the market than sellers

When prices are lower than usual

6 / 30

What is the definition of a balanced market?

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

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

When properties sell for the price the owner paid for them

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

7 / 30

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

8 / 30

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

Listing period is having to be extended

Prices having to be reduced

Buyers asking for more conditions on purchase

Sales to be rushed through quickly

9 / 30

In residential resales, open houses are usually held…?

At weekends

On holidays

Friday evenings

Mid week

10 / 30

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

Faster than usual

Any of these

In a reasonable time

Slower than usual

11 / 30

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

The salesperson they have worked with

Any of these

The brokerage

The broker they have worked with

12 / 30

The broker of record must be...?

Someone who only works remotely with the brokerage

Someone who has no regular involvement with the brokerage

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

Someone who only works part time at the brokerage

13 / 30

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

Keep the brokerage's records up to date

Write the agreements with sellers/buyers

Ensure compliance with REBBA

Set the fees charged by the brokerage

14 / 30

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

Any employee of the brokerage

An external contractor of the brokerage

A broker employed by the brokerage

The head of a brokerage

15 / 30

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

Maintenance fees

Corporate financial stability

All of them

Type of building

16 / 30

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

12 months

6 months

24 months

8 months

17 / 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

18 / 30

In residential resales, the salesperson should expect…?

Emotional issues which have to be addressed

Difficulty planning their own family events

All of these

Irregular working hours

19 / 30

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

Reduce your commission

Advise the buyer/seller to obtain services elsewhere

Delay until you have improved your knowledge

Keep this hidden from the client

20 / 30

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

36 months

24 months

12 months

18 months

21 / 30

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

The tradespeople

The builders

The interior decorators

The architects

22 / 30

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

Salespeople

Brokerages

Brokers

All of these

23 / 30

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

Global gas prices

Market conditions

Market characteristics

Whether they are working with a buyer or a seller

24 / 30

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

The owner himself/herself

An external contractor

Any of these

A broker from another firm

25 / 30

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

Salesperson

Broker

Broker of record

All of these

26 / 30

Which of these is not a function of RECO?

Setting flat rates for real estate brokers

Enforcing standards for real estate education

Educating consumers about the real estate profession

Investigating complaints about real estate brokers

27 / 30

Which of these is a desirable skill for a salesperson?

All of them

Mathematical skills

Research skills

People skills

28 / 30

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

None of these

For lower prices

More quickly

More slowly

29 / 30

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

Associations with other businesses

Bankruptcy

Unpaid judgements

All of them

30 / 30

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

Appreciation profits

Rental profits

Common property

Depreciation risks

Your score is