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

2. What is the best indicator of a strong office market?

A) The absorption rate, net absorption rate, and rising rental rates
B) When tenants have lots of options because of the amount of available space at favorable rates
C) Low rental rates and many concessions
D) The number of free months given to new and renewing tenants by landlords in the office marketplace

3. When a property assessment of a new commercial property has not been completed prior to its resale, what should a salesperson do to protect the buyer?

A) Include the current tax assessment as a schedule of the agreement.
B) Get a letter from the seller to guarantee a maximum amount of realty tax payment in the coming year.
C) Ensure the offer contains a clause requiring the seller and the buyer to share the property taxes to be assessed for the next three years.
D) Ensure the offer contains a clause allowing for compensation for adjustments to the property taxes.

4. 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?

A) Change the completion date by using a waiver.
B) A change is not necessary because the damage is out of the control of the buyer or the seller.
C) Change the completion date by using an amendment to the agreement of purchase and sale.
D) Change the completion date by using a notice of fulfillment.

5. 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?

A) Unless indicated in the lease agreement, improvements attached to the leased building generally become the tenant's property upon vacating the premises.
B) The landlord may offer a "tenant improvement allowance" which provides funds to cover thecosts of tenant improvements.
C) In a lease agreement, the tenant provides a list of improvements to the landlord and the landlord always pays for these improvements.
D) The tenant takes the premises in an "as is" condition and can complete whatever improvements they wish without landlord approval.

Solutions: