Humber College PREX-1060A

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Humber College Exam 4: Invigilated Theory Sample Questions:

1. A salesperson sells an office building using the Commercial Agreement of Purchase and Sale along with a schedule that lists all the fixtures, chattels, and rental items of the office building. After closing the real estate transaction, a dispute arises between the seller and the buyer about which chattels, fixtures, and rental items of the office building were to be included and which were to be excluded. Which of the following is NOT an accurate statement regarding the salesperson's actions related to negotiating chattels, fixtures, and rental items?

A) The salesperson should clearly list all rental items and service contracts, as these will not be included in the purchase price of the real property being purchased.
B) The salesperson should specifically exclude all fixtures that are not a part of the transaction since fixtures are considered a part of the property and are normally included in the purchase price.
C) The salesperson should clearly describe and list the fixtures and chattels in the Agreement of Purchase and Sale and mark each item as an exclusion or inclusion.
D) The salesperson should specifically exclude all chattels that are not a part of the transaction since chattels are considered a part of the property and are normally included in the purchase price.

2. Asset sale and share sale are two different ways to sell a business. Which statement describes an asset sale?

A) The seller benefits from a tax standpoint since any gain to the seller on the sale will be considered under the capital gains tax exemption.
B) The buyer replaces the seller as the owner of the corporation.
C) The buyer assumes all assets and accepts all liabilities of the business.
D) The buyer is eligible for tax deductions and benefits by claiming capital cost allowance on depreciable property.

3. 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 all possible court actions regarding environmental matters being thought of and reported.
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 the buyer determining that the property is free from hazardous conditions or substances.

4. A salesperson negotiates the purchase of a retail property for their client, who plans to open a new store at this location. The client asks the salesperson how many parking spots the property will be required to have to meet the zoning requirements. The salesperson replies that the municipality has zoning requirements that set the minimum parking ratio. How will the municipality calculate the parking ratio?

A) The municipality will take the number of available parking spaces and divide it by the property's gross leasable area.
B) The municipality will take the number of available parking spaces and divide it by the property's net leasable area.
C) The municipality will take the property's gross leasable area and divide it by the number of available parking spaces.
D) The municipality will take the number of available parking spaces and divide it by the projected number of monthly visitors.

5. Different clauses can be used for each transaction to address the unique needs of buyers and sellers. Which of the following may be used in an agreement of purchase and sale to buy a commercial property?

A) A clause for the buyer to have the right to negotiate for specialized restaurant equipment that is not included in the property purchase price
B) A clause for the seller to disclose all information verbally without providing supporting documents to verify that information; documents to be provided on closing
C) A clause to confirm the remuneration payable to the brokerages will be as stated in the seller representation agreement
D) A clause for the buyer to review the leases only after all conditions have been waived and accepted

Solutions: