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

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

40%

30%

20%

50%

2 / 30

Above ground oil tanks must be replaced every…?

20 years

10 years

5 years

15 years

3 / 30

Efflorescence on the interior of foundation walls indicates…?

That there has never been any water leakage

Moisture was present at some time

That the entire house suffers from damp

The basement is prone to leakage

4 / 30

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

Northwest

Northeast

Southwest

Southeast

5 / 30

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

104

6 / 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

7 / 30

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

42%

52%

32%

22%

8 / 30

The framing of a structure refers to…?

Its rough timber works

The finishing of its roof

The finishing around windows and doors

Its foundations

9 / 30

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

Their garages

A shared driveway

Joined upper storeys

A party wall

10 / 30

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

Principal and property taxes

Property taxes and interest

Principal and interest

The principal, interest and property taxes

11 / 30

Which of these types of doors require the least maintenance?

Wood doors

Panel doors

Glass doors

Steel doors

12 / 30

Implied Covenants on a mortgage refer to…?

Interest rates

Obligations for a mortgagee

Obligations for a mortgagor

Default terms

13 / 30

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

15 m

35 m

45 m

25 m

14 / 30

A musty odour in a house may indicate…?

Basement leakage

Fire damage

Shifting foundations

Termite damage

15 / 30

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

2001

2015

2005

2009

16 / 30

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

Remain static

Rise

Any of these

Fall

17 / 30

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

The buyer's lawyer

The broker

The buyer

The seller

18 / 30

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

100 amps

200 amps

240 volts

60 amps

19 / 30

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

Mortgagee

Mortgagizer

Mortgagor

Mortgaged

20 / 30

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

Only valid with the agreement of all parties

Invalid

Standard practice

Allowed to be imposed by the mortgagee

21 / 30

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

Roof problems

Shifting foundations

Fire damage

Rising damp

22 / 30

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

A wooden beam

They will both lose strength equally

It depends on the air temperature

A steel beam

23 / 30

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

Gas

Electric

It depends on the property

Oil

24 / 30

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

It allows more sunlight into the building

It blocks sunlight from entering the building

It allows more light to exit the building

It retains heat within the building

25 / 30

In the CSA standard for windows Criterion A measures what?

Watertightness

Airtightness

Wind resistance

Thermal efficiency

26 / 30

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

Electrical heaters

Oil tanks

A gas furnace

Woodburning equipment

27 / 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

70% or less

80% or less

90% or less

28 / 30

A wide-shallow lot has…?

More depth than frontage

More frontage than depth

A large rear yard

Equal depth and frontage

29 / 30

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

$2,000

$8,000

$6,000

$4,000

30 / 30

The current standard for electrical wiring is to use…?

Aluminium

Tungsten

Copper

Steel

Your score is