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

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

Document that on their information

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

Refuse to continue with inspection

Leave that area off their information

2 / 30

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

Better flow of hot water

Low operating cost

Quicker delivery of hot water

Cheaper than conventional heating

3 / 30

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

1980

1975

1985

1970

4 / 30

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

Are heated year round

Have air-conditioning

Contain soft furnishings

Contain electric sockets

5 / 30

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

Lead

Plastic

CPVC

Copper

6 / 30

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

Unless third-party advice is deemed too expensive

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

If they do not have suitable educational experience

Unless the client or customer has specifically asked them to

7 / 30

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

Strongly advise the seller to disclose them

Disclose them anyway

End their relationship with the seller

Concur with the seller's wishes

8 / 30

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

Twice a year

Once a year

Once every five years

Once every two years

9 / 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

10 / 30

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

DAR

AACI

CNAREA

CRA

11 / 30

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

Sign a listing agreement

Ask for a pre-listing presentation

Ask a salesperson to determine their needs

Ask a salesperson's advice about selling

12 / 30

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

Be renovated by an expert

Not be mentioned in selling information

Be carefully monitored

Be replaced immediately

13 / 30

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

Inadvisable as it will deter buyers

A legal requirement in Ontario

Not necessary in any circumstances

A sensible precaution to prevent possible lawsuits

14 / 30

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

To have it removed immediately

To cover it over with plastic sheathing

Not to mention it in selling information

To consult a licensed electrician

15 / 30

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

Four

One

Two

Three

16 / 30

Curb appeal refers to what?

The favourable impression a buyer gets from abundant parking capacity

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

17 / 30

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

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

A house that does not have easy access to local amenities

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

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

18 / 30

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

Mid 1940s

Mid 1930s

Mid 1960s

Mid 1950s

19 / 30

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

Previous murder or suicide in the property

Any/all of them

Death of an infant in a property

Criminal activities in the property

20 / 30

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

Use of garage as an auto repair shop

All/any of them

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

Hoarding of useless or discarded items

21 / 30

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

Filled in with rubble

Left as it is

Decommissioned by licensed contractors

Covered over

22 / 30

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

Residential property up to fourplexes

Agricultural land

Apartment buildings

Industrial buildings

23 / 30

A Class 5 sewage system consists of…?

A holding tank for sewage

A cesspool

A waterless toilet system

A grey water system

24 / 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

25 / 30

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

Six

Five

Three

Four

26 / 30

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

5 m

25 m

15 m

30 m

27 / 30

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

Interior walls

Basements

Exterior walls

Roofs

28 / 30

Sick building syndrome refers to what?

Buildings that young people think are cool

Buildings that most people find revolting

Buildings that start to rapidly deteriorate

Buildings that cause illnesses to people living in them

29 / 30

The potability of water refers to its…?

Safety for drinking

Suitability for central heating

Pipe corrosion rate

Temperature

30 / 30

Unused oil tanks on a property must be…?

Certified as being empty

Extracted and left on the property

Removed by a TSSA registered technician

Filled with water and sealed

Your score is