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Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
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?

A. The irrevocability clause
B. The date of the agreement of purchase and sale
C. The balance due clause
D. The purchase price

Answer: B

NEW QUESTION # 48
When discussing the sale of a business and establishing the asking price, there are questions a salesperson must ask the owner. Which of the following is one of them?

A. Is there any easement on the property?
B. Is the ownership of the building a corporation or a partnership?
C. What is the construction cost of the building?
D. Is inventory included in the sale of this business?

Answer: D

NEW QUESTION # 49
Which statement about an Environmental Site Assessment (ESA) is NOT correct?

A. All new commercial properties must undergo an ESA before construction begins.
B. The Environmental Protection Act establishes the procedures and requirements for the first two phases of an ESA.
C. No stipulations exist for the third and final phase of an ESA due to its vast and complex nature.
D. An ESA is not required if the buyer is purchasing the industrial property for their own use.

Answer: D

NEW QUESTION # 50
A salesperson is representing a buyer client in the purchase of a fully tenanted mixed-use building. The agreement of purchase and sale will be in the name of a corporation owned by the buyer and several other shareholders. Which of the following statements is correct regarding the signing of this agreement of purchase and sale?

A. The general partner of the company must sign and date below the printed name of the limited company.
B. The buyer must sign and date below the printed name of the corporation.
C. A major shareholder of the company must sign and date over their printed name.
D. An authorized signing officer of the company must sign and date over the words: "I haveauthority to bind the corporation" and below the printed registered name.

Answer: D

NEW QUESTION # 51
Both the landlord and the tenant have responsibilities in the management of their relationship as per the commercial lease agreement. Which of the following is NOT an accurate statement regarding the roles and responsibilities of landlords and tenants as per the Commercial Agreement to Lease?

A. Not all commercial leases require the landlord to perform repairs and maintenance.
B. The landlord must address their tenants' issues in a timely manner in general but more so when the issue can result in serious and costly consequences.
C. Tenants are obligated to ensure they have adequate tenant insurance for their property.
D. All commercial leases require that tenants keep everything in and about the property, including all points of entry and exit, in good repair at all times.

Answer: D

NEW QUESTION # 52
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