PREX-1060A Humber College Exam 4: Invigilated Theory Exam exact Exam Questions

Exam 4: Invigilated Theory Exam

Last Update 7 hours ago Total Questions : 120

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Question # 21

A salesperson is drafting an offer for a vacant industrial site prime for development on behalf of their buyer client. The salesperson has included all proper conditions to protect the buyer, along with sufficient time periods to undertake the due diligence. Which of the following would be an appropriate conditional time period based on the corresponding condition?

A conditional time period for a property inspection that is 30 business days in length.

A conditional time period for obtaining an approval for a zoning change that is seven business days in length.

A conditional time period for verifying the existence of services such as sewage, water, and electricity that is 30 days in length.

A conditional time period for verifying the soil condition or type that is five days in length.

Question # 22

A developer has completed the construction of a new commercial condominium project that is ready for occupancy by the buyers. The condominium should be registered within approximately six months. Which of the following accurately describes a responsibility of the developer?

The developer will be responsible for calling a general meeting within 21 days to appoint a new board of directors.

The developer will be responsible for registering the declaration and description and creating the plan and vision for the property.

The developer will be responsible for much of the day-to-day management of the condominium corporation's affairs after the turnover meeting.

The developer will be responsible for overseeing the business affairs of the condominium corporation after the turnover meeting.

Question # 23

Which of the following practices maintains the stability and durability of a commercial property?

Replacing old tenants with new tenants that pay much higher rent

Increasing the base rent and additional rent in a slow economy

Keeping good tenants

Delaying improvements to the property to save costs

Question # 24

Which of the following is NOT determined by zoning bylaws?

The types of buildings that are permitted in a location, their height, and how they may be used

Lot dimensions and parking requirements

The amount of rent a building may generate

Where buildings and other structures may be located

Question # 25

Which of the following statements regarding Building Owners and Managers Association (BOMA) standards is correct?

The BOMA standards are complex.

The BOMA standards provide methods of measuring industrial buildings only.

The BOMA standards provide methods of measuring office buildings only.

The BOMA standards provide procedures to measure rentable areas only.

Question # 26

A salesperson is representing a commercial landlord in a lease negotiation. The landlord wants to sign back the offer with a higher rent. What should the salesperson make the landlord aware of regarding the rent increase?

The rent increase cannot be higher than the guideline set by the government.

The rent increase cannot be more than the Consumer Price Index (CPI).

The rent increase can be any amount.

The rent increase can be challenged by the Landlord and Tenant Board.

Question # 27

A salesperson is representing a seller of a pet food store and is preparing the marketing materials. Which of the following is a document the salesperson is required to provide to prospective buyers of the business?

A list of customers who have purchased products in the last 60 months or since the business was acquired.

A statement of the expenses for the business for the past year or since the business was acquired.

A list of equipment, chattels, and fixtures that are included with the business.

An income statement for the past 12 months or since the business was acquired.

Question # 28

When representing a client who is selling a business, a salesperson must be aware of concerns related to compliance. Which of the following is NOT a compliance concern?

The condition of goods, chattels, and fixtures cannot be verified

Income and expense statements contain misrepresentations

The seller provides insufficient due diligence documents

The seller discloses all liabilities of the business in writing

Question # 29

A salesperson is drafting an agreement to lease a retail property for a tenant client who is looking to open a women's apparel store. Which of the following would NOT be included in the agreement to lease?

A description of the premises

The names of all the tenant's suppliers

The commencement date of the lease

The names of all parties to the lease

Question # 30

Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

Unaudited financial statements are prepared by Chartered Professional Accountants; audited financial statements are prepared by senior Chartered Professional Accountants.

Audited financial statements provide an accurate picture of the financial status of a business; unaudited financial statements may only contain partially reviewed information.

Unaudited financial statements are prepared by accounting students; audited financial statements are completed by accountants who have received their professional designation.

Audited financial statements comply with Generally Accepted Accounting Principles (GAAP); unaudited financial statements do not comply with GAAP.