Pass the Humber College RESP Pre-Registration Phase PREX-1060A Questions and answers with ExamsMirror

The salesperson should not disclose latent defects that are known to the seller as they could affect the seller's ability to obtain a high price for the property.

The salesperson should discuss patent defects known to the seller of the office building with the seller and disclose them to a buyer.

The salesperson should not disclose material latent defects that are known to the seller that could reduce the price or the marketability of the property.

The salesperson should discuss latent defects known to the seller of the office building with the seller and disclose them to a buyer.

They carry on a farming business generating a net profit of $100,000.

They have a valid harmonized sales tax (HST) registration number under the Excise Tax Act.

They are Canadian citizens or permanent residents of Canada.

They submit the appropriate application semi-annually.

The appraiser will research similar buildings, as commercial properties are usually bought and sold on a dollar value per square foot.

The appraiser will assess how convenient it is to access the building and whether customers would be required to walk a significant distance within the mixed-use commercial complex to find a retailer.

The appraiser will assess the layout of the complex, as it will directly establish the utility of the mixed-use building.

The appraiser will research the layout of other types of commercial buildings to establish the utility of the mixed-use building.

All new commercial properties must undergo an ESA before construction begins.

An ESA is not required if the buyer is purchasing the industrial property for their own use.

No stipulations exist for the third and final phase of an ESA due to its vast and complex nature.

The Environmental Protection Act establishes the procedures and requirements for the first two phases of an ESA.

The cost of relocating is low.

A similar building can be bought at a low price.

The existing building no longer provides the highest and best use of the site.

A redevelopment will seriously disrupt the current operation.

The investor is afforded the opportunity to enhance yield.

The success of ventures often rests in the availability and suitability of financing.

Lenders will apply various financial ratios to get a solid understanding of the business's performance and the ability of the borrower to service debt.

It does not matter; mortgaging does not affect cash flow and yields.

Pre-cast panels cost much more than tilt-up panels.

Both tilt-up panels and pre-cast panels can lower construction costs.

Pre-cast panels are more durable than tilt-up panels.

Both tilt-up panels and pre-cast panels are formed off-site.

Exchange of legal documents

Review of financial statements

Review of the Agreement of Purchase and Sale

Remedy of title issues

In a lease agreement, the tenant provides a list of improvements to the landlord and the landlord always pays for these improvements.

The landlord may offer a "tenant improvement allowance" which provides funds to cover the costs of tenant improvements.

The tenant takes the premises in an "as is" condition and can complete whatever improvements they wish without landlord approval.

Unless indicated in the lease agreement, improvements attached to the leased building generally become the tenant's property upon vacating the premises.

Storage

Kitchens/lunchrooms

Fitting rooms

Boardrooms, private offices, and workstations