In Ontario, you need to pass the RIBO 3 – Unrestricted Management exam to get your Level 3 license. This is the last licensing level and it’s a big one. Getting this license enables you to manage or start your own brokerage (to be a principal broker or “nominee”).
Unlike the previous exams which focused on technical insurance concepts, this exam focuses on the skills and knowledge needed to run a successful insurance brokerage.
The RIBO 3 Unrestricted Management exam has a similar format to the RIBO 2 Unrestricted Technical exam in that there are 3 parts and you need at least 60% on each and a total of 75% to pass:
- 20 Multiple Choice Questions covering RIB Act and Regulations
- Short Answer Questions covering Administration of a Brokerage and Finance worth a total of 85 marks
- Short Answer Questions covering RIBO Form 1 (Financial Statement) worth a total of 15 marks.
Luckily, if you scored 75% but failed either Part 1 or Part 3, you can just retake the part you failed.
With such an important exam, you should do everything in your power to make sure you’re as prepared as possible going in.
Who needs this RIBO 3 Practice Questions?
As you can see from the breakdown above, the majority of the exam is focused on business concepts so it’s important that you have a thorough understanding of them before attempting the exam.
We provide hundreds of RIBO 3 Practice Questions geared towards getting you ready for the real exam by getting you used to the types of questions they’re going to ask and the tricks they’re going to use.
Discounts given if purchasing RIBO 1 & 2 practice questions as well.