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Free Humber College PREX-1060A Practice Exam with Questions & Answers | Set: 4

Questions 31

There are three primary items that require attention when countering an offer from a seller. Which of the following items does NOT need to be checked?

Options:
A.

The date of the agreement of purchase and sale

B.

The balance due clause

C.

The irrevocability clause

D.

The purchase price

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Questions 32

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?

Options:
A.

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

B.

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

C.

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

D.

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

Questions 33

Finish the sentence: The Employment Standards Act:

Options:
A.

Specifies the terms of a business partnership agreement.

B.

Regulates matters involving ownership of a business.

C.

Regulates trade names.

D.

Protects the rights of workers of a business that is being sold.

Questions 34

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:
A.

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.

B.

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

C.

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

D.

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

Questions 35

Asset sale and share sale are two different ways to sell a business. Which statement describes an asset sale?

Options:
A.

The buyer replaces the seller as the owner of the corporation.

B.

The buyer assumes all assets and accepts all liabilities of the business.

C.

The buyer is eligible for tax deductions and benefits by claiming capital cost allowance on depreciable property.

D.

The seller benefits from a tax standpoint since any gain to the seller on the sale will be considered under the capital gains tax exemption.

Questions 36

A salesperson is discussing the advantages and disadvantages of owning commercial real estatewith their investor buyer client. Which of the following is NOT an advantage of owning commercial real estate?

Options:
A.

Quick turnaround time to free up capital when needed is an advantage of owning commercial real estate.

B.

Limited equity investment while gaining leverage through financing is an advantage of owning commercial real estate.

C.

Potential to recover capital through refinancing is an advantage of owning commercial real estate.

D.

Potential for tax sheltering possibilities for the investor is an advantage of owning commercial real estate.

Exam Code: PREX-1060A
Certification Provider: Humber College
Exam Name: Exam 4: Invigilated Theory Exam
Last Update: Jul 9, 2025
Questions: 120
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