Ontario Real Estate Practice Test
Free · 150 Questions.

Question 1

Under TRESA Phase 2 in Ontario, what document must a registrant provide and explain to a consumer before providing any services or assistance?

• A. The mandatory RECO Information Guide detailing representation options
• B. A certified property valuation appraisal prepared by an appraiser
• C. The standard municipal zoning compliance form and tax certificate
• D. A blank Agreement of Purchase and Sale with standard conditions

Explanation: Under TRESA, registrants must provide the RECO Information Guide to prospective clients and self-represented parties and explain its contents before delivering any services or assistance.

Question 2

What level of service may a listing registrant provide to a Self-Represented Party (SRP) viewing a property?

• A. Strategic price recommendations based on recent sold comparables in the neighborhood
• B. Factual assistance that facilitates the trade for the client without advice or opinions
• C. Custom condition drafting tailored to protect the buyer against major structural flaws
• D. Professional home inspector recommendations based on visual property observations

Explanation: Registrants may only provide assistance to an SRP that facilitates the trade for their client (e.g. providing factual info, standard forms, conveying offers). They cannot give advice or opinions.

Question 3

In an Ontario Agreement of Purchase and Sale, what does the irrevocable date and time signify?

• A. The deadline by which the offer cannot be withdrawn and must be accepted by offeree
• B. The final date on which title requisitions must be answered by seller's solicitor
• C. The date when municipal land transfer taxes must be remitted to provincial ministry
• D. The time when purchasing party must complete final pre-closing property inspection

Explanation: The irrevocable clause sets the period during which the offer remains open for acceptance. If not accepted before the deadline, the offer becomes null and void.

Question 4

In commercial real estate leasing, what defines a Triple Net Lease (NNN)?

• A. Tenant pays base rent and utility costs, while landlord pays taxes and insurance
• B. Tenant pays a fixed gross rental amount with all operating costs covered by landlord
• C. Tenant pays base rent plus taxes, building insurance, and maintenance costs
• D. Tenant pays rent calculated solely as a percentage of gross annual business sales

Explanation: In a Triple Net (NNN) lease, the tenant pays net base rent plus the three 'nets': property taxes, building insurance, and common area maintenance (CAM)/operating expenses.