How To Pass The OREA Real Estate Exams
You are required to pass a total of six exams (three in the pre-registration period and three during the articling period) in order to earn your real estate salesperson license in Ontario. The OREA exams are in multiple choice format and many people find them difficult. Part of your preparation must include a specific focus on how to answer OREA multiple choice questions.
The courses are not well laid out and they have little structure. After having completed these courses I suggest that there are six basic topics. They are:
2. REBBA (2002): The Real Estate and Business Brokers Act.
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.
3. Legal Issues Surrounding 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?
4. Legal Issues Surrounding What Kind of Property You Can Own
There are many different kinds of property you can own. Although all property should be considered to be an “investment”. Some kinds of properties are more specifically for investment than others. In addition, each kind of property comes with its own specific issues – legal and otherwise.
5. How To Buy The Property – Agreement of Purchase and Sale
The form of the “Agreement of purchase and sale” follows the kind of property you buy.
6. 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 understood prior to making the purchase.
Sufficient Conditions For Passing OREA Exams – What Will Guarantee You That 75% Passing Grade?
The vast majority of the specific topics actually tested fall into one of these categories. If you concentrate on these topics you will achieve at least the OREA passing grade of 75%.
Necessary Conditions For Passing OREA Exams – What Is Required To Pass?
There are two things that are absolute requirements.
1. Real Estate Math – an understanding of and the ability to apply it
2. REBBA – Ontario “Real Estate and Business Brokers Act”
Without competency in these two areas, you are unlikely to pass.