Residential Real Estate Transactions - Test 04

The Ontario Residential Real Estate Transactions Test is a comprehensive assessment that evaluates a candidate’s knowledge of the official course material. The test consists of 200 multiple-choice questions that cover a wide variety of topics related to real estate transactions, including contract law, property ownership, agency relationships, and financing. To succeed on the exam, candidates need a strong understanding of real estate terminology, legal concepts, and practical application. However, with thorough preparation and practice, it is possible to pass the test with flying colors and gain certification as a knowledgeable and competent real estate professional. Whether you are a new agent looking to jump-start your career, or an experienced professional seeking to expand your knowledge base.

Residential Real Estate Transactions - Practice Test 04

Ontario Residential Real Estate Transactions - Course 2

1 / 30

Under the Ontario Building Code a septic system must be at least what distance from any structure?

25 m

5 m

30 m

15 m

2 / 30

If a property has an unused water well it should be…?

Left as it is

Decommissioned by licensed contractors

Covered over

Filled in with rubble

3 / 30

Revealing any stigma attached to a property to potential buyers is…?

Inadvisable as it will deter buyers

A sensible precaution to prevent possible lawsuits

A legal requirement in Ontario

Not necessary in any circumstances

4 / 30

A person with Canadian Residential Appraisal status may evaluate housing containing up to how many self-contained units?

Four

Three

Five

Six

5 / 30

Providing false information when applying for a building permit may lead to what?

Heavy fines being levied

The permit being withdrawn

All/any of these

Expensive remedies being ordered

6 / 30

A Form Report is generally used for estimating the market value of…?

Apartment buildings

Residential property up to fourplexes

Industrial buildings

Agricultural land

7 / 30

If a property has knob and tube type wiring, it should generally…?

Be replaced immediately

Be renovated by an expert

Not be mentioned in selling information

Be carefully monitored

8 / 30

If an area of a property cannot be accessed for inspection, the salesperson should…?

Tell the seller to make a suitable discount to the asking price

Refuse to continue with inspection

Document that on their information

Leave that area off their information

9 / 30

Urea formaldehyde foam insulation (UFFI) may be found in homes built up to…?

1970

1985

1975

1980

10 / 30

In terms of local economic conditions, regression refers to…?

A superior house located in a neighbourhood where most other houses are inferior

A house that does not have easy access to local amenities

An inferior house located in a neighbourhood where most other houses are superior

A house that is reasonably similar to all others in the neighbourhood

11 / 30

99. The voluntary R-2000 certification system is used to certify homes for…?

Fire protection

Energy efficiency and environmental responsibility

Aesthetic values

Flood protection

12 / 30

A person accredited to provide valuations for all types of real estate properties including industrial, commercial and agricultural, has the designation…?

DAR

AACI

CRA

CNAREA

13 / 30

Closed cell spray foam insulation is most frequently used for…?

Roofs

Interior walls

Basements

Exterior walls

14 / 30

Curb appeal refers to what?

The first impression a buyer gets when walking through the front door

The favourable impression a buyer gets from being close to a fire hydrant

The first impression a buyer gets when arriving at a property

The favourable impression a buyer gets from abundant parking capacity

15 / 30

Unused oil tanks on a property must be…?

Filled with water and sealed

Extracted and left on the property

Certified as being empty

Removed by a TSSA registered technician

16 / 30

The potability of water refers to its…?

Suitability for central heating

Pipe corrosion rate

Temperature

Safety for drinking

17 / 30

If aluminium wiring is present in a property, the seller may be advised…?

To have it removed immediately

Not to mention it in selling information

To consult a licensed electrician

To cover it over with plastic sheathing

18 / 30

Checks should be made for asbestos as an insulating material in homes built up to…?

Mid 1960s

Mid 1950s

Mid 1940s

Mid 1930s

19 / 30

A seller becomes a client of a brokerage when they…?

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

Ask for a pre-listing presentation

Sign a listing agreement

20 / 30

Which of these is an advantage of a tankless water heater?

Better flow of hot water

Quicker delivery of hot water

Low operating cost

Cheaper than conventional heating

21 / 30

A brick masonry wall consists of how many layers of bricks?

Three

Two

One

Four

22 / 30

A house may need its water system replacing if the pipes are made of…?

CPVC

Plastic

Copper

Lead

23 / 30

Sick building syndrome refers to what?

Buildings that start to rapidly deteriorate

Buildings that young people think are cool

Buildings that most people find revolting

Buildings that cause illnesses to people living in them

24 / 30

Which of these uses of a property could lead to the creation of material latent defects?

Hoarding of useless or discarded items

Use of garage as an auto repair shop

All/any of them

Use as an illegal narcotics lab (other than for cannabis or marijuana)

25 / 30

117. Registrants are prohibited from providing value opinions to clients or customers…?

Unless third-party advice is deemed too expensive

If they do not have suitable educational experience

If a property is valued at more than $500,000

Unless the client or customer has specifically asked them to

26 / 30

A Class 5 sewage system consists of…?

A cesspool

A grey water system

A waterless toilet system

A holding tank for sewage

27 / 30

The total living area of a property is calculated using the external measurements of all above grade living areas that…?

Have air-conditioning

Contain soft furnishings

Are heated year round

Contain electric sockets

28 / 30

If a seller asks a salesperson to hide certain material facts, e.g. unused underground fuel tanks, the seller must...?

Disclose them anyway

Concur with the seller's wishes

Strongly advise the seller to disclose them

End their relationship with the seller

29 / 30

Which of these could lead to a property being "stigmatised"?

Death of an infant in a property

Any/all of them

Criminal activities in the property

Previous murder or suicide in the property

30 / 30

A property which takes water from a well must have water quality tested at least…?

Once every two years

Twice a year

Once a year

Once every five years

Your score is