Exam 4: Invigilated Theory Exam (PREX-1060A) Practice Test

Questions # 31:

A buyer wants to purchase an industrial property for its international logistics and distribution center. Currently, the building is used by a local courier company with small delivery trucks and vans. When drafting an offer to purchase this property, which of the following should be added regarding this change of use?

Options:

A clause to obtain the necessary mortgage amount

A clause to test the quality of the underground water source

A clause to check the condition of the trucks and vans

A clause to ensure the truck parking spaces and turning radius are sufficient

Questions # 32:

A salesperson is negotiating a lease for a new retail tenant and reviewing the requirements and restrictions regarding the delivery of stock items. Which of the following is NOT a correct statement regarding stock delivery requirements and restrictions in a commercial lease?

Options:

The salesperson is responsible for negotiating the tenant's stock delivery window.

Should a delivery truck arrive during an emergency, the property manager must be available.

Stock delivery cannot be restricted in a commercial agreement to lease.

The salesperson is responsible for addressing site access and exit in the tenant's agreement to lease.

Questions # 33:

A salesperson is representing a commercial tenant client who is interested in leasing a property for their business. The salesperson and their client are inspecting a property that includes a few accessory buildings. This is ideal for the tenant, as the accessory buildings can serve as storage for their business. The tenant asks their salesperson to find out the measurements of the accessory buildings. Why is it important for the tenant to know the total area of the accessory buildings included on the property?

Options:

It is important for the tenant to know the total area of the accessory buildings as they will have to share the use of them with other tenants.

It is important for the tenant to know the total area of the accessory buildings as it will be considered within the tenant’s usable area.

It is important for the tenant to know the total area of the accessory buildings as it will contribute to their rentable area.

It is important for the tenant to know the total area of the accessory buildings as it will be deducted from their rentable area.

Questions # 34:

A buyer client is discussing zoning bylaws of the municipality in relation to an industrial development site with their salesperson. Which of the following is NOT a correct statement with respect to zoning bylaws?

Options:

Zoning bylaws specify the permitted land uses throughout a municipality.

Municipal zoning bylaws overrule all other laws with respect to land uses and issuance of building permits in Ontario.

New commercial construction and redevelopment must comply with zoning bylaws.

Municipalities have zoning bylaws that divide the city into different land uses or zones.

Questions # 35:

Finish the sentence: When a commercial tenant enters an agreement to lease, the covenant to pay rent specifies that the tenant:

Options:

Agrees to pay additional rent for a gross lease.

Cannot withhold rental payments even if the landlord does not comply with their obligations under the lease.

Agrees to pay any percentage rent a landlord demands, regardless of sales revenue.

Cannot pay rent to the property manager and must pay directly to the property owner.

Questions # 36:

A salesperson is assisting both the tenant and the landlord in a commercial property rentaltransaction. Which of the following statements about calculating the remuneration for this transaction is correct?

Options:

The tenant may be required to pay the deficiency between the contracted amount in the tenant representation agreement and the amount actually paid by the landlord.

Salespersons are prohibited from indicating directly that remuneration is fixed by any association but can indicate it indirectly.

Remuneration can be calculated based on the difference between the listing price and the actual rental price.

Remuneration can be an agreed amount or a percentage of the rental price, but not a combination of both.

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