OREA-Phase One Real Estate Quiz

79 Responses | Created by hawnasay |

A quiz that I put together to help myself study for the Phase One exam. Hopefully it will help you too!

  1. 1

    REIC is a member of organized real estate in Canada

  2. 2

    Around 80% of RECO registrants are members of local boards

  3. 3

    CCIM is an associate of the National Association of Realtors

  4. 4

    The REIC (Real Estate Institute of Canada) gives the designation FRI

  5. 5

    Salespersons wishing to register with RECO must pay a registration fee of $350

  6. 6

    One of the unique factors of Rural-Recreational Real Estate sales is that it involves knowledge of permitted uses and keeping property leased

  7. 7

    The property management field involves creating a maintenance plan which begins with assessing the market value of the property

  8. 8

    Step 3 of the Appraisal Process is:

  9. 9

    A letter of mortgage commitment is :

  10. 10

    SIOR means:

  11. 11

    According to Statutory Law:

  12. 12

    Commission dollars are allocated between:

  13. 13

    If two brokerages are involved commission is:

  14. 14

    An agent must obey it's principals instructions whether they find them lawful or not

  15. 15

    An agent owes the principal the following duties:

  16. 16

    A system of land ownership where owners hold title to a unit plus common elements is known as:

  17. 17

    What percentage of properties in Ontario are owned as apposed to rented or leased?

  18. 18

    Every Residential housing start creates:

  19. 19

    According to the ripple effect, new housing starts cause:

  20. 20

    Popular real estate specialties do not include:

  21. 21

    A residential transaction has _ typical components:

  22. 22

    And Independant Contractor can expect:

  23. 23

    Over 50% of sellers choose a sales person based on:

  24. 24

    A typical buyer in an average market takes:

  25. 25

    Agency duties are detailed under:

  26. 26

    Common Law represents:

  27. 27

    _ credits may be carried over from the RECO Real Estate Update course into the next 2 year cycle

  28. 28

    Errors and Omissions Insurance doesn't cover:

  29. 29

    When a local board recieves a complaint, they use the ___ to determine routing procedures for the complaint:

  30. 30

    You must apply for RECO registration within:

  31. 31

    About _ percent of CCD complaints result in a hearing.

  32. 32

    The REBBA code of ethics contains member obligations

  33. 33

    The Registrars Complaints and Inquiries Process is based on :

  34. 34

    FRI designation is issued by:

  35. 35

    All of teh following are classes of Board membership except:

  36. 36

    The Canadian Economy is considered a(n):

  37. 37

    The Consumer Price Index measures:

  38. 38

    The business cycle consists of:

  39. 39

    The factors of production include:

  40. 40

    In perfect conditions when prices go down:

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