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About Humber College Exam 4: Invigilated Theory exam torrent
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Humber College PREX-1060A Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Commercial Real Estate Transactions | - Regulatory and professional obligations
|
Humber College Exam 4: Invigilated Theory Sample Questions:
There are different requirements under REBBA and other legislation that affect the sale of a business. Which of the following is NOT correct?
- A. There are various municipal bylaws that could impact the sale of a business, depending on the business activity.
- B. If a municipal license is associated with the business and it may be transferrable to the buyer, then it is of no concern to the sales representative.
- C. A key consideration a salesperson must keep in mind when handling the sale of a business is operating licenses.
- D. Depending on the business location, there are various municipal bylaws, zoning, permits, and other rules and regulations that could impact the sale of a business.
Correct Answer: B 🗳️
Which of the following statements about industrial building components is correct?
- A. Floor load refers to the weight of the building during construction.
- B. Loading docks are only used to off-load products or raw materials.
- C. Flat roofs are designed to be flat to hold water.
- D. Bay depth is an important consideration when determining the layout of an industrial process.
Correct Answer: D 🗳️
A buyer should consider the record of site condition (RSC) document when purchasing a commercial property. Which of the following statements regarding an RSC is correct?
- A. With other documents, it will inform the buyer of any legal issues attached to the title.
- B. It is not a material fact; thus, it is a formality for the buyer to get it.
- C. Requesting an RSC is mandatory in all real estate transactions.
- D. It contains records pertaining to a property's financial condition.
Correct Answer: A 🗳️
A salesperson is representing a buyer client in the purchase of a fully tenanted mixed-use building. The agreement of purchase and sale will be in the name of a corporation owned by the buyer and several other shareholders. Which of the following statements is correct regarding the signing of this agreement of purchase and sale?
- A. The general partner of the company must sign and date below the printed name of the limited company.
- B. A major shareholder of the company must sign and date over their printed name.
- C. An authorized signing officer of the company must sign and date over the words: "I haveauthority to bind the corporation" and below the printed registered name.
- D. The buyer must sign and date below the printed name of the corporation.
Correct Answer: C 🗳️
A buyer client is interested in purchasing a 30,000 sq. ft. industrial building in an industrial park. The buyer's salesperson drafts an agreement of purchase and sale that includes an environmental site assessment condition that must be met at the buyer's own expense, and to the buyer's satisfaction. Which of the following is NOT an accurate statement regarding the environmental site assessment condition?
- A. The environmental site assessment condition makes the offer conditional upon the buyer determining that the property is free from hazardous conditions or substances.
- B. The environmental site assessment condition makes the offer conditional upon the buyer determining that no limitations or restrictions affecting the continued use of the property exist.
- C. The environmental site assessment condition makes the offer conditional upon the seller delivering documents, records, and reports relating to environmental matters to the buyer upon request.
- D. The environmental site assessment condition makes the offer conditional upon all possible court actions regarding environmental matters being thought of and reported.
Correct Answer: D 🗳️
