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Humber College PREX-1060A Exam Syllabus Topics:

Humber College Exam 4: Invigilated Theory Sample Questions:

1. While preparing to list a vacant retail site that allows new auto sales, the salesperson sees that there is an auto repair garage business next door with old and rusting metal storage tanks at the side of their building. Which of the following is the correct action for the salesperson to take?

A) The salesperson should ask the owner of the garage whether they have thought about selling their property at this time.
B) The salesperson should ask the owner of the garage for more information and what course of action they recommend to assist a future purchaser of the site.
C) The salesperson should attempt to identify signs of contamination on the property and recommend an appropriate third-party expert to the seller client.
D) The salesperson should include the information in the marketing material as it would be beneficial for an auto sales business to have a garage located nearby.

2. When discussing the sale of a business and establishing the asking price, there are questions a salesperson must ask the owner. Which of the following is one of them?

A) Is inventory included in the sale of this business?
B) Is there any easement on the property?
C) What is the construction cost of the building?
D) Is the ownership of the building a corporation or a partnership?

3. A buyer client and their salesperson are doing a visual check of the industrial property that the buyer is planning to purchase. When they get to the rear of the property, the salesperson observes a potential source of contamination. Which of the following factors is likely the cause of concern for the salesperson?

A) The office building next door has an overflow parking lot.
B) There is a residential neighborhood and playground nearby.
C) The neighboring property includes a restaurant, a dental clinic, and a law office.
D) There is vacant land nearby with a small pond with discolored standing water.

4. 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) Bay depth is an important consideration when determining the layout of an industrial process.
D) Flat roofs are designed to be flat to hold water.

5. A new commercial condominium project is completed, and the buyers are given an occupancy date. On the occupancy date, a few of the buyers move into their units and begin setting up their operations. That evening, there is a severe thunderstorm. In the morning, several of the buyers start to notice roof leaks. Some of the buyers call the builder's office while others call their salespersons.Which of the following is an accurate statement regarding the building's warranty coverage?

A) The buyers should submit their concerns to the provincial warranty authority, as they are entitled to one- year warranty coverage from the occupancy date.
B) There is no provincial warranty coverage for commercial condominiums, but the buyers can inquire with the builder about any warranties that they may offer.
C) If the builder does not address this issue, the buyers can file a complaint with the provincial warranty authority for any outstanding work the builder did not complete.
D) The buyers should draft a list of all their concerns and submit them to the municipality for appropriate coverage.

Solutions: