Residential Real Estate Transactions - Test 03

The Ontario Residential Real Estate Transactions Test is a comprehensive examination that assesses one’s knowledge and understanding of the course material. Consisting of 200 multiple-choice questions, it covers various topics related to buying and selling residential real estate in Ontario. To pass the test with flying colors, it is essential to have a strong grasp of the official course material. The test is highly challenging, and individuals are encouraged to adequately prepare beforehand by using the provided practice test. By passing the Ontario Residential Real Estate Transactions Test, individuals can demonstrate their knowledge and competence in the field and become licensed to practice as a residential real estate practitioner in Ontario.

Residential Real Estate Transactions - Practice Test 03

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Provisions in mortgage terms giving the mortgagee an option to purchase the subject property are…?

Standard practice

Allowed to be imposed by the mortgagee

Only valid with the agreement of all parties

Invalid

2 / 30

If a mortgagor has agreed to bi-weekly payments on their mortgage, how many payments per year will they make?

104

3 / 30

The framing of a structure refers to…?

The finishing around windows and doors

The finishing of its roof

Its rough timber works

Its foundations

4 / 30

The fee of a professional property appraiser, if used, is usually paid by…?

The buyer

The seller

The broker

The buyer's lawyer

5 / 30

Implied Covenants on a mortgage refer to…?

Obligations for a mortgagor

Default terms

Interest rates

Obligations for a mortgagee

6 / 30

When a property requires new hydro lines, the owner will have to bear the expense of installation beyond what length of line?

45 m

35 m

25 m

15 m

7 / 30

A wide-shallow lot has…?

A large rear yard

Equal depth and frontage

More depth than frontage

More frontage than depth

8 / 30

If window glass has a low emissivity rating, that means…?

It retains heat within the building

It allows more light to exit the building

It allows more sunlight into the building

It blocks sunlight from entering the building

9 / 30

In a fire, which of these will lose strength earlier?

A steel beam

A wooden beam

It depends on the air temperature

They will both lose strength equally

10 / 30

The Gross Debt Service Ratio (GDS) refers to the maximum percentage of a borrower's annual income allocated to paying…?

The principal, interest and property taxes

Property taxes and interest

Principal and property taxes

Principal and interest

11 / 30

High energy efficiency systems with over 90% rating are installed in all new houses built since December 31…?

2015

2001

2009

2005

12 / 30

Efflorescence on the interior of foundation walls indicates…?

That there has never been any water leakage

Moisture was present at some time

The basement is prone to leakage

That the entire house suffers from damp

13 / 30

Above ground oil tanks must be replaced every…?

15 years

5 years

10 years

20 years

14 / 30

Solar panels are most suited to a roof that faces…?

Southwest

Northeast

Southeast

Northwest

15 / 30

Which of these types of doors require the least maintenance?

Steel doors

Wood doors

Panel doors

Glass doors

16 / 30

The debtor/borrower in a mortgage transaction is known as the…?

Mortgagor

Mortgagizer

Mortgaged

Mortgagee

17 / 30

The current standard for electrical wiring is to use…?

Copper

Tungsten

Steel

Aluminium

18 / 30

In the CSA standard for windows Criterion A measures what?

Airtightness

Watertightness

Thermal efficiency

Wind resistance

19 / 30

A musty odour in a house may indicate…?

Termite damage

Basement leakage

Shifting foundations

Fire damage

20 / 30

A mortgage is referred to as a "conventional mortgage" if the amount of the loan is what proportion of the loan to value?

60% or less

90% or less

80% or less

70% or less

21 / 30

Mortgage default insurance premiums do what has the loan to value ratio rises?

Remain static

Any of these

Fall

Rise

22 / 30

Cracks appearing in walls, around doors and windows and in corners may indicate…?

Fire damage

Shifting foundations

Roof problems

Rising damp

23 / 30

A shared/mutual driveway often…?

Negatively affects a property's value

Makes a property impossible to sell

Positively affects a property's value

Has no affect on a property's value

24 / 30

Homeowners may have difficulty in obtaining insurance for their property if the service to their house is…?

60 amps

240 volts

200 amps

100 amps

25 / 30

A WETT inspection is often required in order to obtain insurance if a house has…?

Electrical heaters

Woodburning equipment

A gas furnace

Oil tanks

26 / 30

Lenders generally want to keep the Gross Debt Service Ratio at or below…?

42%

22%

32%

52%

27 / 30

Most lenders will want to keep the borrower's Total Debt Service Ratio at or below…?

30%

40%

50%

20%

28 / 30

Which of these is the most expensive type of furnace to run?

Oil

Electric

It depends on the property

Gas

29 / 30

Linked houses maybe connected by a low-grade concrete wall or…?

A party wall

Their garages

A shared driveway

Joined upper storeys

30 / 30

First time buyers of new and resale homes may receive a partial refund of provincial Land Transfer Tax up to a maximum of…?

$8,000

$6,000

$4,000

$2,000

Your score is