QUESTION 36
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?

QUESTION 37
Land developers purchase land for commercial, industrial, and residential projects. Tracts of land larger than five acres but smaller than 10 acres may appeal to land developers for various reasons. Which of the following is one of the reasons?

QUESTION 38
Which of the following is most likely to be a factor in an appraisal for an industrial property?

QUESTION 39
Issues that occurred prior to the closing of a transaction may be uncovered by title and non-title searches during due diligence. Which of the following is a non-title search concern?

QUESTION 40
A tenant has an established business with good growth potential for the foreseeable future and wants to rent a retail property for expansion. If the landlord wants to have the opportunity to boost the rent when the tenant’s sales are good, which type of lease would you recommend to the landlord?

QUESTION 41
Asset sale and share sale are two different ways to sell a business. Which statement describes an asset sale?

QUESTION 42
A buyer client has hired a commercial appraiser to assess the market value of a fully tenanted commercial complex. The complex is mixed-use with retail on the main level and offices on the second and third levels. It is an older property with unique characteristics. Which of the following is NOT a correct statement regarding how the appraiser will determine the value of the property?

QUESTION 43
When calculating the total purchase price of farmland with improvements on it, which of the following items is NOT included?

QUESTION 44
The key mechanical components of commercial buildings include heating, cooling, and electrical systems.
Which of the following tasks is NOT usually completed by the salesperson?

QUESTION 45
A buyer client and their salesperson are doing a visual check of the industrial property that the buyer is planning to purchase. When they get to the rear of the property, the salesperson observes a potential source of contamination. Which of the following factors is likely the cause of concern for the salesperson?

QUESTION 46
Salespersons are required to verify, wherever they can, information provided by landlords, such as zoning details and permitted uses. A salesperson is helping a major landlord to lease out a big retail mall that involves complex matters. Which of the following does NOT need third-party professional advice?

QUESTION 47
A salesperson representing a client who is selling an office property has received some documents from the seller and is trying to organize them. Which of the following documents is NOT needed by the salesperson or seller when selling the property?

QUESTION 48
Different clauses can be used for each transaction to address the unique needs of buyers and sellers. Which of the following may be used in an agreement of purchase and sale to buy a commercial property?

QUESTION 49
A salesperson is searching for properties on behalf of their retail buyer client for their designer eyewear and optical store. The buyer discusses their storage and product display needs with the salesperson. Which of the following is NOT a factor the buyer should consider regarding the product display and storage space of potential properties?

QUESTION 50
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?

QUESTION 51
There are different requirements under REBBA and other legislation that affect the sale of a business. Which of the following is NOT correct?

QUESTION 52
Which of the following is a characteristic of main street retail?

QUESTION 53
A salesperson is drafting an agreement to lease a retail property for a tenant client who is looking to open a women’s apparel store. Which of the following would NOT be included in the agreement to lease?

QUESTION 54
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?

QUESTION 55
If a property in Ontario is assessed and valued as farmland by the Municipal Property Assessment Corporation (MPAC), the farmer could receive a 75% tax reduction for municipal taxes if certain conditions are met. Which of the following describes a condition that must be met?

QUESTION 56
An agreement of purchase and sale for an industrial building is accepted conditional on financing with the expiry date of May 14. On May 11, the bank informs the buyer the mortgage cannot be approved until May
17. The salesperson for the buyer then prepares an amendment to the agreement of purchase and sale for the extension of the condition. Which of the following is NOT correct?

QUESTION 57
Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

QUESTION 58
A salesperson, who is representing a tenant, has completed a comparative market analysis (CMA) of the management fees charged, assessed on a square footage basis, at the different office buildings that their client is interested in leasing. The management fees vary across the comparable office buildings, and the tenant is interested to know why there is a difference. Which of the following is an accurate statement the salesperson can make about the difference in management fees between the buildings?

QUESTION 59
A salesperson has several obligations to the buyer when assisting them in the purchase of a commercial condominium unit for their own use. Which of the following is one of those obligations?