Here’s an example that may help clarify how to calculate PI payments when a TDS is involved.Anycity Lending Inc. is assessing Buyer Gordon’s financial abilities to buy a resale home for $397,500. The borrower has an annual income of $90,000 with monthly credit card payments of $450. The property’s estimated annual property taxes are $5,600. […]
Passit course materials are continuously updated to reflect OREA’s most current course materials. This winter we’ve been busy with many changes across all guides, but one of the most important involves recent updates to land transfer tax (LTT) rates in Ontario (this impacts both Real Property Law and Real Estate as a Professional Career). Here’s […]
Don’t trip up right at the beginning of an exam question . . . know what’s being asked. For example, the question might state: Why do some real estate salespersons hold open houses? Because they are registered to sell real estate. (That’s not why they do it.) Because that’s what all salespeople do. (That’s not a correct statement.) […]
For those who have diligently studied, recall is a powerful weapon when answering MCQs. You can use it anytime, anywhere. Concentrate on what you’ve learned and repeat what you can remember. If it comes back to you, chances are its stored in working memory. If it comes back to you, four days from now, congratulations, […]
The tipping point between a correct and an incorrect answer can be one word. Exam creators, as seasoned wordsmiths, craft questions based on real, but often subtle differences. As a student, try underlining or carefully noting key words that expand or restrict MCQ answer options. They can appear as: negatives (derivations of no, e.g., none […]
A nested multiple choice question includes a stem (the lead-in description) and four statements in ascending roman numeral order; i.e., i, ii, iii, and iv. The four answer options (a, b, c, and d) then include various combinations of those statements as being correct; e.g., (a) i and ii are correct; (b) ii and iv […]
Word definitions can be powerful links in your knowledge chain. Every profession has unique words and phrases, and real estate brokerage is no different. Be prepared to describe the common terms and understand what differentiates them. For example a client and a customer, a GDS and a TDS ratio, an agent and a principal, market price and market value, stated nominal rate and effective rate, mortgagee and mortgagor—the list goes on […]
Taking the OREA paper-based exam? Don’t underestimate the value of a small, see-through ruler when you’re packing for exam day. Clear is important so you can see the words below and not lose track of the overall meaning. Here’s six reasons for a ruler. You can: methodically analyze questions on a line-by-line basis in the exam booklet; more accurately […]
Be cautious with questions that look vaguely familiar. Don’t let your guard down. You might think: I’m sure that was somewhere in the text book exercises. Look before you leap—it might have a similar sentence structure, but little more. The exam tester may have made very subtle changes that create a different question altogether. The MCQ that […]
You may hear this when speaking with some OREA students: I failed because the questions were tricky! or They’re just trying to trick us! A trick is an intended scheme to deceive. That’s the last thing an exam tester wants to do. Clarity and precision is very important to ensure that the question is reliable. Building effective exam […]
