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Humber College PREX-1060A Exam Syllabus Topics:

Humber College Exam 4: Invigilated Theory Sample Questions:

1. A buyer is interested in constructing a retail building and wants to use the most efficient method to save time and money. Which statement is true with regard to tilt-up wall panels and pre-cast panels?

A) Both tilt-up panels and pre-cast panels can lower construction costs.
B) Pre-cast panels cost much more than tilt-up panels.
C) Pre-cast panels are more durable than tilt-up panels.
D) Both tilt-up panels and pre-cast panels are formed off-site.

2. When a farm is sold, there are exemptions to the payment of harmonized sales tax (HST). In which of the following circumstances is a farmer responsible to pay HST to the Canada Revenue Agency (CRA)?

A) The farm is sold to a corporation and the HST is included in the selling price.
B) The farm has been used for personal use.
C) The farmer uses a smaller portion of the farm for a residence.
D) The farmer sells the farm to a relative.

3. A salesperson is helping a buyer identify their needs and property requirements to select an appropriate office property and they are discussing the office layout. Which of the following is NOTa layout consideration?

A) Fitting rooms
B) Storage
C) Kitchens/lunchrooms
D) Boardrooms, private offices, and workstations

4. A salesperson includes a well-drafted condition in an agreement of purchase and sale for their buyer client to arrange a new first mortgage for an industrial property. The buyer later changes their mind and does not want to borrow money for the purchase. What should the buyer's salesperson use to remove the condition?

A) Acknowledgment
B) Notice of fulfillment
C) Waiver
D) Mutual release

5. A salesperson is drafting an offer and discussing with the buyer the steps required for due diligencewhen purchasing a commercial condominium unit. All of the steps below are included in due diligence, EXCEPT:

A) Identify third-party professionals
B) Gather, organize, and verify all pertinent information
C) Estimate time frames required for due diligence and other offer conditions
D) Create a business plan

Solutions: