Free Humber College PREX-1060A Practice Exam with Questions & Answers | Set: 3

Use a laser measuring device to take the measurements.

Recommend the services of third-party professionals to measure it.

Tell the seller the usable size is 80 percent of the rentable size.

Add a disclaimer to protect the seller from any discrepancy.

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.

A landlord's commercial property insurance policy should cover the loss of the property's equity due to a change in market conditions or to a recession.

A landlord’s commercial property insurance policy should cover the loss of the tenant’s assets and income due to business interruption as the result of a fire or flood.

A landlord’s commercial property insurance policy should cover the loss of rental income in the event of a fire, for the period the premises is vacant while repairs are made.

A landlord's commercial property insurance policy should cover the loss of the tenant's assets due to theft from their employees or third parties.

Requesting an RSC is mandatory in all real estate transactions.

It is not a material fact; thus, it is a formality for the buyer to get it.

With other documents, it will inform the buyer of any legal issues attached to the title.

It contains records pertaining to a property's financial condition.

There may be minimum width and depth requirements for parking spaces.

Parking may be impacted by zoning requirements.

Parking may be impacted by the municipality’s parking bylaw.

Required parking for persons with disabilities is usually fixed as a ratio based on the number of disabled persons in the community.

They are a good size for modern 18-hole golf courses.

They can be used for newly planned subdivisions.

They are normally less expensive than pieces of land smaller than two acres in the same neighborhood.

The developer cannot find a building lot to build a detached home.

The total area measurements

The maximum floor load of every unit

The number of sprinklers required in every unit

The total remuneration payable for a 20-year lease

Contact the seller's representative prior to the showing to gain awareness of safety and compliance requirements.

Ensure they are informed as to whether the equipment shown will be relevant for the buyer's intended use.

Ensure chattels or fixtures are not included in the sale or negotiated for in the agreement.

Obtain clarification as to which equipment seen during the showing will be included in the purchase price of the property.

The agreement may contain a clause forfeiting all of the deposit if the landlord has started work on the premises.

The parties may need to obtain a court order that clarifies how the deposit will be returned and distributed.

The tenant can have the deposit back without signing a mutual release as it is not their fault.

The landlord and tenant may agree to split the deposit.

The absorption rate, net absorption rate, and rising rental rates

When tenants have lots of options because of the amount of available space at favorable rates

Low rental rates and many concessions

The number of free months given to new and renewing tenants by landlords in the office marketplace