Humber College RESP Pre-Registration Phase PREX-1060A

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Humber College Exam 4: Invigilated Theory Sample Questions:

1. A seller provides you with architectural drawings of their building. Which statement is NOT correct?

A) Other types of source documents include surveys and tax records.
B) A photocopy of a source document can be used to verify information.
C) Architectural drawings are source documents.
D) If changes are made to source documents, they are still valid if you have the original document.

2. Which of the following practices maintains the stability and durability of a commercial property?

A) Increasing the base rent and additional rent in a slow economy
B) Keeping good tenants
C) Delaying improvements to the property to save costs
D) Replacing old tenants with new tenants that pay much higher rent

3. A salesperson is helping a buyer client to purchase a piece of vacant land to develop in the future. The salesperson recommends that the buyer consult with a third-party professional because the salesperson cannot provide the service with reasonable knowledge, skill, judgment, and competence. Which of the following is NOT a professional the salesperson would likely recommend to the buyer?

A) A consultant in a financial institution
B) A legal consultant who specializes in evicting residential tenants
C) An appraiser with Accredited Appraiser Canadian Institute (AACI) designation
D) A zoning specialist in the city's planning department

4. An office building is being sold. The agreement of purchase and sale includes multiple conditions that protect the buyer. Each condition has a different expiry date, and they will be fulfilled and completed at different times. The conditions do not have waiver provisions. In this situation, all conditions can be removed by:

A) Serving separate waivers
B) Serving one waiver
C) Serving separate notices of fulfillment
D) Serving one notice of fulfillment

5. Which of the following statements about economic development offices is NOT correct?

A) Economic development offices can help guide development applications through municipal processes and streamline the approvals process for companies unfamiliar with regulatory requirements.
B) Economic development offices provide background information on local, provincial, and federal research and development incentives.
C) Economic development offices have important resources for those seeking suitable commercial sites for business operations.
D) Economic development offices can provide you with real property information regarding tax assessments and how to appeal your real estate taxes.

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