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Humber College PREX-1060A Exam Syllabus Topics:

Humber College Exam 4: Invigilated Theory Sample Questions:

1. Obtaining the size and boundaries of a commercial condominium unit is an important task for a salesperson.
Which of the following statements regarding this task is NOT correct?

A) Space should be measured in accordance with BOMA standards.
B) An Ontario Land Surveyor can be hired to measure the space.
C) The original plans should be used to determine the size of a unit.
D) An architect can be hired to measure the space.

2. Which of the following is NOT relevant information a salesperson must verify when representing a landlord who is planning to lease their industrial property?

A) The salesperson must verify the zoning information for the industrial property.
B) The salesperson must verify whether the tenant's intended use for the industrial property is permitted under the zoning bylaw.
C) The salesperson must verify the rates and terms of lease for the property.
D) The salesperson must verify the previous tenant's lease rates and terms.

3. What should a salesperson do if they are unable to secure documentation to verify the usable and rentable areas of a property?

A) Use a laser measuring tool to take the measurements
B) Recommend that the landlord obtain the professional services of a measuring company to obtain the figures
C) Use the R/U factor to calculate the figures
D) Use a laser measuring tool to take the measurements and use the R/U factor to calculate the figures

4. A buyer wants to purchase an industrial property for its international logistics and distribution center.
Currently, the building is used by a local courier company with small delivery trucks and vans. When drafting an offer to purchase this property, which of the following should be added regarding this change of use?

A) A clause to check the condition of the trucks and vans
B) A clause to ensure the truck parking spaces and turning radius are sufficient
C) A clause to test the quality of the underground water source
D) A clause to obtain the necessary mortgage amount

5. In a commercial transaction, which of the following is NOT a responsibility of the lawyer?

A) Exchange of legal documents
B) Review of the Agreement of Purchase and Sale
C) Remedy of title issues
D) Review of financial statements

Solutions: