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Pass Guaranteed Quiz Humber College - PREX-1060A Authoritative Exam Pass Guide

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Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q66-Q71):

NEW QUESTION # 66
A salesperson should know how to gather key information about a new commercial condominium, including the size of a unit. Which of the following sources of information should a salesperson rely on?

A. An opinion from the seller's lawyer
B. An opinion from the property manager
C. A sketch of the seller's floor layout
D. A surveyor's certificate for the unit

Answer: D

NEW QUESTION # 67
The key mechanical components of commercial buildings include heating, cooling, and electrical systems.
Which of the following tasks is NOT usually completed by the salesperson?

A. Contacting contractors for quotes for repairing or replacing equipment.
B. Learning what types of equipment are in the building and having a general understanding of their age and condition.
C. Reviewing whether the technical components have been recently replaced or upgraded.
D. Ensuring inspections are being carried out as required.

Answer: A

NEW QUESTION # 68
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. The original plans should be used to determine the size of a unit.
B. An architect can be hired to measure the space.
C. An Ontario Land Surveyor can be hired to measure the space.
D. Space should be measured in accordance with BOMA standards.

Answer: A

NEW QUESTION # 69
Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

A. Unaudited financial statements are prepared by accounting students; audited financial statements are completed by accountants who have received their professional designation.
B. Unaudited financial statements are prepared by Chartered Professional Accountants; audited financial statements are prepared by senior Chartered Professional Accountants.
C. Audited financial statements comply with Generally Accepted Accounting Principles (GAAP); unaudited financial statements do not comply with GAAP.
D. Audited financial statements provide an accurate picture of the financial status of a business; unaudited financial statements may only contain partially reviewed information.

Answer: C

NEW QUESTION # 70
An agreement of purchase and sale for an industrial building is accepted conditional on financing with the expiry date of May 14. On May 11, the bank informs the buyer the mortgage cannot be approved until May
17. The salesperson for the buyer then prepares an amendment to the agreement of purchase and sale for the extension of the condition. Which of the following is NOT correct?

A. To play it safe, the salesperson should amend the condition with May 18 as the expiry date.
B. The buyer can still waive the condition before the expiry date if the seller refuses to sign the amendment, provided there is a waiver provision in the condition.
C. The buyer can use the same amendment to ask for a change of the closing date.
D. The salesperson should prepare the amendment with midnight, May 17 as the irrevocable time.

Answer: D

NEW QUESTION # 71
......

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