Residential Real Estate Transactions - Test 01

If you are looking to become a registered real estate salesperson in Ontario, passing the Ontario Residential Real Estate Transactions Test is a must. It is a comprehensive examination consisting of 200 multiple-choice questions, which cover the official course material. The test essentially assesses your understanding of Ontario’s residential real estate industry standards, laws, and procedures. To excel in the exam, you need to have a solid understanding of the various aspects of residential real estate transactions. The test covers topics such as the legal aspects of the transaction, different types of residential real estate properties, property marketing, and pricing strategies, just to name a few. The questions are designed to test your knowledge, comprehension, and analytical thinking skills. With enough preparation and practice, you can successfully clear the exam and obtain your real estate registration in Ontario.

Residential Real Estate Transactions - Practice Test 01

Ontario Residential Real Estate Transactions - Course 2

1 / 30

A salesperson who wishes to communicate with the seller/buyer clients of other brokerages must do so…?

Via telephone calls

Via email

Via industry contacts

Via the original brokerage

2 / 30

If a situation or matter is beyond a salesperson's education or experience, they must…?

Not disclose such inability to the client

Ask the seller to wait while they research the matter

Refer the seller to a third-party

Ask the seller to research it for themselves

3 / 30

A salesperson's advice to a seller as to whether they should accept, reject or counter offers should be based on…?

A combination of all of these

Prevailing market conditions

The potential profit for the brokerage

The length of time the property has been available

4 / 30

Under what circumstances can a brokerage sign a contract on behalf of the client?

If given authority by the client

None

If the client is incapacitated

If the client is unable to attend the signing themselves

5 / 30

In real estate, when an agent works for more than one party in a transaction this is known as…?

Multiple representation

Conflicted interests

Imputed knowledge

Dual agency

6 / 30

A registrant may not claim to any party that remuneration is fixed by…?

The real estate board

The brokerage

The regulatory authorities

Any of these

7 / 30

The holdover period after a listing expires is…?

60 days

Whatever the parties have agreed

120 days

90 days

8 / 30

When a sub agent is engaged by the initial agent, this agent has…?

No obligations to the client unless later agreed

More obligations to the client as the initial agent

The same obligations to the client as the initial agent

Fewer obligations to the client as the initial agent

9 / 30

When an agency relationship is terminated, the agent still has an obligation to protect…?

Client's best interests

All of these

Client confidential information

Client loyalty

10 / 30

A brokerage may only enter into a representation agreement resulting in a multiple representation situation if…?

The agent believes it's in the best interests of the client

A verbal agreement was made that this would happen

There is a tacit understanding that this will happen

They have the written consent of both parties

11 / 30

When remuneration is being charged as a flexible percentage of sale price, as the sale price rises the percentage must…?

Fall

Any of these

Rise

Remain the same

12 / 30

A party not being represented by a brokerage but being provided limited services is known as…?

The principal

A customer

A client

A secondary party

13 / 30

Remuneration may be calculated as…?

A combination of fixed price and percentage of sale price

Any of these

A percentage of sale price

A fixed price

14 / 30

The monies paid by a client to a brokerage are known as…?

Commissary fees

Remuneration

Compensation

Obligatory payments

15 / 30

When an agent is given express authority to act for a client, they may take additional actions for the benefit of the client under what is known as…?

Additional authority

Secondary authority

Implied authority

Supposed authority

16 / 30

The salesperson can help the seller estimate the market value of their property using a…?

Average price calculation

Comparative market analysis

Estimated market value

Inflation-based calculation

17 / 30

The "holdover period" during which a client must pay remuneration to the agent if they sell their property privately begins…?

Before the agreement with the agent assigned

Throughout the agreement with the agent

After the agreement with the agent has ended

Halfway through the agreement with the agent

18 / 30

Which of these is the only thing that should stop an agent placing the interest of their client above everything else?

Family relationships

Business contract obligations

Personal profit

Legal obligation

19 / 30

If an agreement does not complete due to a seller's default or neglect, the seller…?

Must pay full remuneration

Must pay 25% remuneration

Must pay 50% remuneration

Is not liable for remuneration

20 / 30

The Code of Ethics requires salespersons to treat their customers…?

With integrity

With honesty

With fairness

With all of these

21 / 30

In a real estate transaction, who is the principal?

The salesperson

The seller or buyer

The brokerage

The seller's or buyer's lawyer

22 / 30

When an agent acts without authority/in excess of authority but the principal accepts the benefit of such action, this is known as…?

Express agreement

Estoppel

Implied agreement

Ratification

23 / 30

The obligation of "minimum information before agreement" obliges a brokerage to give sellers or buyers information on…?

Alternative services available

Their personal financial position

Any legal action being taken against the brokerage

The brokerage profits for the last year

24 / 30

If a property is a matrimonial home and only one spouse is on the title…?

Only the spouse not on the title has the right to sell

The seller must obtain consent to sell from the other spouse

The seller must buy out the other spouse before selling

The spouse on the title has the right to sell as they choose

25 / 30

Copies of representation agreements must be delivered upon signing…?

Within one week

Within a "reasonable timeframe"

Immediately

Within one month

26 / 30

If a seller or listing brokerage fails to pay agreed remuneration, responsibility for that remuneration falls to…?

The local Real Estate board

The buyer

The listing brokerage's insurance

The seller's lawyers

27 / 30

Which of these is an acceptable alternative to a written agreement when trading in real estate?

None of them

Email agreement

Implied agreement

Verbal agreement

28 / 30

A seller customer service agreement is…?

Non-exclusive

Sometimes exclusive

Any of these

Always exclusive

29 / 30

A client must give written consent on an agreement next to the expiry date if that date is more than how far in the future?

Twelve months

Nine months

Three months

Six months

30 / 30

The date of commencement and expiry date of an agreement must be displayed…?

On the second page of the agreement

On the first page of the agreement

Somewhere in the agreement

On the last page of the agreement

Your score is