Real Estate Saleperson: OREA Phase 1 Quiz

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A 50 question quiz for anyone going through Phase 1 with OREA and find the same quizzes are not helping you anymore. Good luck!

  1. 1

    Most estimates of value rely on:

  2. 2

    Commisions are usually _________ between listing and selling saleperson.

  3. 3

    A buyer choose to buy a resale home at $270,000 and forgo newness as opposed to a $290,000 new home. This is a principle of

  4. 4

    The client of an agent or broker, who gives the agent or broker the authority to do some act for him/her

  5. 5

    Step 6 of the Apprasial Process is...

  6. 6

    Approximately __% of all registrants in Ontario are members of local real estate boards, OREA and CREA

  7. 7

    All brokerages must have...

  8. 8

    Salesperson registration is administered directly by

  9. 9

    An acre equals...

  10. 10

    60 square feet is equal to...

  11. 11

    Find GDS. Annual PIT $20960, income $65000.

  12. 12

    Which type of RECO Insurance will cover you in case of fraud?

  13. 13

    A comparative market analysis (CMA) is...

  14. 14

    The appraisal process is commonly divided into __ distinct steps when arriving at an estimate of value.

  15. 15

    An owner adds a $15,000 pool which adds $20,000 to the value of the home. This is consider the principle of...

  16. 16

    Who oversees regulatory matters and other activities centred on registration, consumer protection, compliance, and professional standards.

  17. 17

    Every percentage calculation consists of _____ parts?

  18. 18

    How many credit hours of mandatory continuing education are required in every two-year registration cycle following permanent salesperson status.

  19. 19

    What can significantly impact the economy as well as labour markets, investors, home owners, and other stakeholders in the real estate market.

  20. 20

    Who concentrates on federal issues and associated lobbying, as well as international representation?

  21. 21

    Find the mode: 42, 56, 87, 35, 42, 88, 109, 35, 57, 11, 35, 94

  22. 22

    Find the area in sq. meters: a rectangular building 40 feet x 33 feet

  23. 23

    Calculate mortgage payment. $294,800 20 years weekly 5.75%

  24. 24

    A comparative market analysis is used for...

  25. 25

    Price paid for an individual property

  26. 26

    Calculate mortgage payment. $329,500 20 years bi-weekly 6.75%

  27. 27

    Real estate remains largely focused _______ on measurements, but increasingly _________equivalents are used.

  28. 28

    Find the median: 3, 2, 7, 3, 8, 7, 9, 7, 8, 4, 5, 2

  29. 29

    The average price in Westville was $224,500 (B) twelve months ago. The current average price is $231,500 (A). Find the % change.

  30. 30

    The stated rate on a loan.

  31. 31

    What is the estimate of value of a property when the Cap rate is 10.1% and the NOI is $47300?

  32. 32

    Find effective interest rate of stated rate 14.5% compounded twice per year.

  33. 33

    Excluded areas when measuring a home include...

  34. 34

    Calculate mortgage payment. $419,900 25 years monthly 8.5%

  35. 35

    Find the PIT. Income $55,000, 30% GDS

  36. 36

    The higher the cap rate, the higher the value.

  37. 37

    Tax rate is 0.183928 and the assessed value is $359,900. What are the taxes?

  38. 38

    Find the cap rate if the sale price is $187,000 and the NOI is $17,940.

  39. 39

    Taxes for the year are paid for by the seller in the amount of $1,638.85. Closing date is November 15. Who is owed what?

  40. 40

    Capitalization is the conversion of ______ into capital value.

  41. 41

    Apartments currently represent the majority of dwelling units in Ontario.

  42. 42

    ___________ is the time required to completely retire a mortgage debt through scheduled principal and interest payments.

  43. 43

    Builder Anderson has completed 95% of the work on an unsold single detached home. According to CMHC, this home is categorized under:

  44. 44

    Find the land transfer tax : $749,800 vacant land

  45. 45

    A sellers market occurs when buyer's wanting homes exceed avaliable supply.

  46. 46

    Real estate boards are authorized to enforce MLS rules and regulations.

  47. 47

    Find the land transfer tax: $415,900 residental home

  48. 48

    A salesperson working as an independent contractor must maintain a trust account and require deposit cheques to be made payable to himself/herself "in trust."

  49. 49

    If the tax base of a municipality is $55,000,000 and required taxes amount to $1,790,000, what is the tax rate necessary to raise these taxes?

  50. 50

    Find the land transfer tax: $259,650 residental home

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