Ontario Real Estate Salesperson Licensing Exam (OREA Humber)

Question 1

What are the essential elements required to form a valid contract for the sale of real estate in Ontario?

Only a written offer and acceptance Offer, acceptance, consideration, intention to create legal relations, capacity of parties, and legality of purpose Only the signatures of the buyer and seller A verbal agreement and a handshake

Correct Answer:

Offer, acceptance, consideration, intention to create legal relations, capacity of parties, and legality of purpose

Question 2

Under the Ontario Statute of Frauds, what is required for a contract for the sale of land to be enforceable?

A verbal agreement is sufficient The contract must be in writing, signed by the party to be charged Only a witness is needed for verbal agreements Electronic agreements are never enforceable

Correct Answer:

The contract must be in writing, signed by the party to be charged

Question 3

In Ontario, what is 'consideration' in a real estate contract?

The seller's careful thought about whether to sell Something of value exchanged between the parties, typically the purchase price in exchange for the property The time spent negotiating the deal The real estate agent's commission

Correct Answer:

Something of value exchanged between the parties, typically the purchase price in exchange for the property

Question 4

What happens when a buyer or seller lacks 'capacity' to enter into a real estate contract in Ontario?

The contract is valid but at a higher price The contract may be voidable, meaning the party lacking capacity can choose to affirm or avoid the contract The contract is automatically valid The real estate agent assumes responsibility

Correct Answer:

The contract may be voidable, meaning the party lacking capacity can choose to affirm or avoid the contract

Question 5

In Ontario real estate, what is the legal effect of a 'counter-offer'?

It keeps the original offer alive while adding new terms It terminates the original offer and creates a new offer that the other party can accept or reject It automatically extends the irrevocability period It has no legal effect until signed by both parties

Correct Answer:

It terminates the original offer and creates a new offer that the other party can accept or reject

Exam overview

About this Exam

Prepare with the Ontario Real Estate Salesperson Licensing Exam (OREA Humber) practice quiz. This question bank includes 30 questions covering ontario, estate, real, land, and mortgage. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Ontario Real Estate Salesperson Licensing Exam (OREA Humber)

This practice set contains 30 questions from the matching question bank and focuses on ontario, estate, real, land, and mortgage. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Ontario Real Estate Salesperson Licensing Exam (OREA Humber)

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