If you've registered for Humber College Real Estate Salesperson Courses - you're in the right place.

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Welcome to Course Tree Learning, your trusted partner for comprehensive Real Estate License Ontario exam preparation. Designed for motivated students in Toronto and beyond, our study materials are crafted to empower you with the knowledge and confidence needed to excel in your Real Estate License Ontario test. Lose the stress of exam preparation and embrace our tailored study kits that include everything you need to succeed.

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Humber Real Estate Sample Questions

 

Humber Real Estate Student: Make me 20 Humber College real estate sample exam questions with answers.

Humber Real Estate Tutor:

1. What is a freehold estate?

   • A: Ownership in real property, implying an indefinite duration.

2. What does 'amortization' mean in real estate financing?

   • A: The process of paying off a debt over time through regular payments.

3. Define 'easement'.

   • A: A right to cross or otherwise use someone else's land for a specified purpose.

4. What is the primary purpose of the Real Estate Council of Ontario (RECO)?

   • A: To regulate real estate professionals in the province of Ontario.

5. What does 'fiduciary duty' mean in the context of real estate?

   • A: A legal obligation of one party to act in the best interest of another.

6. What is a 'dual agency' in real estate?

   • A: Representation of both the buyer and the seller in a real estate transaction by the same agent.

7. Define 'closing' in a real estate transaction.

   • A: The final step in executing a real estate transaction where the title is transferred from the seller to the buyer.

8. What is 'title insurance'?

   • A: Insurance that protects the holder from financial loss sustained from defects in a title to a property.

9. Explain 'market value' in real estate.

   • A: The most probable price a property should bring in a competitive and open market.

10. What is 'zoning' in the context of real estate?

    • A: Regulations governing the use, type, and size of buildings that can be constructed within certain areas.

11. Describe the term 'mortgage'.

    • A: A loan obtained to purchase real estate, secured by the property itself.

12. What does 'cap rate' stand for in real estate investment?

    • A: Capitalization rate, a rate of return on a real estate investment property.

13. Define 'equity' in real estate.

    • A: The difference between the current market value of a property and the amount the owner still owes on the mortgage.

14. What is a 'buyer's market'?

    • A: A situation in real estate where supply exceeds demand, giving buyers an advantage over sellers in price negotiations.

15. What does 'MLS' stand for, and what is its purpose?

    • A: Multiple Listing Service, a database established by cooperating real estate brokers to provide data about properties for sale.

16. Explain 'foreclosure'.

    • A: A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments.

17. What is 'land transfer tax'?

    • A: A tax paid by the buyer of a property on the transfer of its title.

18. Define 'condominium' in real estate terms.

    • A: A type of real estate divided into several units that are each separately owned, surrounded by common areas that are jointly owned.

19. What does 'offer to purchase' in real estate entail?

    • A: A legal document outlining the terms and conditions under which the buyer proposes to purchase a property.

20. Explain 'leverage' in the context of real estate investing.

    • A: The use of borrowed capital to increase the potential return of an investment.

These sample questions and answers are designed to reflect the types of knowledge and understanding expected from students in the Real Estate Essentials course as part of the Humber College Real Estate Salesperson Program.