PREX-1060A Exam Dumps - Exam 4: Invigilated Theory Exam

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Question # 25

A tenant is interested in leasing a property; however, the tenant would like to make improvements to the property. Which of the following statements about tenant improvements is correct?

In a lease agreement, the tenant provides a list of improvements to the landlord and the landlord always pays for these improvements.

The landlord may offer a "tenant improvement allowance" which provides funds to cover thecosts of tenant improvements.

The tenant takes the premises in an "as is" condition and can complete whatever improvements they wish without landlord approval.

Unless indicated in the lease agreement, improvements attached to the leased building generally become the tenant's property upon vacating the premises.

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Question # 26

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?

Requesting an RSC is mandatory in all real estate transactions.

It is not a material fact; thus, it is a formality for the buyer to get it.

With other documents, it will inform the buyer of any legal issues attached to the title.

It contains records pertaining to a property's financial condition.

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Question # 27

A salesperson has several obligations to the buyer when assisting them in the purchase of a commercial condominium unit for their own use. Which of the following is one of those obligations?

Confirm the buyer's intended use adheres to all municipal zoning requirements

Advise the buyer to commission a Phase 3 Environmental Site Assessment in addition to their inspection

Ensure the buyer had the opportunity to fully inspect the financial statements of both the condominium and the sellerâ€™s business

Review all documentation and advise the buyer regarding the financial status of the condominium corporation, including the reserve fund

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Question # 28

Which statement about an Environmental Site Assessment (ESA) is NOT correct?

All new commercial properties must undergo an ESA before construction begins.

An ESA is not required if the buyer is purchasing the industrial property for their own use.

No stipulations exist for the third and final phase of an ESA due to its vast and complex nature.

The Environmental Protection Act establishes the procedures and requirements for the first two phases of an ESA.

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Question # 29

Which of the following is most likely to be a factor in an appraisal for an industrial property?

Amount of advertising and publicity

Proximity to museums and historical sites

Price trend for detached homes in nearby neighborhoods

Access to raw materials used in the region

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Question # 30

There are different requirements under REBBA and other legislation that affect the sale of a business. Which of the following is NOT correct?

A key consideration a salesperson must keep in mind when handling the sale of a business is operating licenses.

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.

There are various municipal bylaws that could impact the sale of a business, depending on the business activity.

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.

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Question # 31

When a farm is sold, there are exemptions to the payment of harmonized sales tax (HST). In which of the following circumstances is a farmer responsible to pay HST to the Canada Revenue Agency (CRA)?

The farm is sold to a corporation and the HST is included in the selling price.

The farm has been used for personal use.

The farmer uses a smaller portion of the farm for a residence.

The farmer sells the farm to a relative.

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Question # 32

A buyer is in the process of closing a transaction when a tornado causes damage to the property. The necessary repairs may extend past the closing date. Which of the following may be used to resolve this problem?

Change the completion date by using a waiver.

Change the completion date by using a notice of fulfillment.

Change the completion date by using an amendment to the agreement of purchase and sale.

A change is not necessary because the damage is out of the control of the buyer or the seller.

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