You are required to pass a total of six exams that includes 3 in the pre-registration period and 3 during the articling period in order to earn your real estate salesperson (Realtor) license in Ontario.
This Real Estate Exams are in multiple choice format and many people find them very difficult and confusing. Part of your preparation must include that you have to deal with this confusion multiple choices.
The Real Estate and Business Brokers Act (REBBA)
It is important to understand that REBBA is composed of three distinct parts. They are:
- The Real Estate and Business Brokers Act;
- The General Regulation made under this Act;
- The REBBA code of ethics.
These three components should be read and understood at the beginning of your courses. Furthermore, you must understand how these three components relate to each other.
How to Buy a Property? The form of the “Agreement of purchase and sale” follows the kind of property you buy.
What Kind of Property You Can Own? There are many different kinds of property you can own. All property should be considered as an “investment”. In addition, each kind of property comes with its own specific issues – legal and otherwise.
How to Own (Take Title) to A Property? What it is the difference between a joint tenancy and a tenancy in common? Why would you hold title in one form instead of the other? What about the “Matrimonial Home” and the Ontario Family Act?
Restrictions on What You Can Do With the Property Once You Own It! Liberty is not unlimited. Different kinds of properties come with different kinds of restrictions. They need to understand prior to making the purchase.