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Humber College Exam 4: Invigilated Theory Sample Questions:

1. What should a salesperson do if they are unable to secure documentation to verify the usable and rentable areas of a property?

A) Use a laser measuring tool to take the measurements
B) Recommend that the landlord obtain the professional services of a measuring company to obtain the figures
C) Use the R/U factor to calculate the figures
D) Use a laser measuring tool to take the measurements and use the R/U factor to calculate the figures

2. When a property assessment of a new commercial property has not been completed prior to its resale, what should a salesperson do to protect the buyer?

A) Ensure the offer contains a clause requiring the seller and the buyer to share the property taxes to be assessed for the next three years.
B) Get a letter from the seller to guarantee a maximum amount of realty tax payment in the coming year.
C) Ensure the offer contains a clause allowing for compensation for adjustments to the property taxes.
D) Include the current tax assessment as a schedule of the agreement.

3. 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?

A) Learning what types of equipment are in the building and having a general understanding of their age and condition.
B) Reviewing whether the technical components have been recently replaced or upgraded.
C) Ensuring inspections are being carried out as required.
D) Contacting contractors for quotes for repairing or replacing equipment.

4. 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?

A) Income verification documents
B) Telephone bills
C) Environmental site assessments
D) Private mortgage form

5. A salesperson includes a well-drafted condition in an agreement of purchase and sale for their buyer client to arrange a new first mortgage for an industrial property. The buyer later changes their mind and does not want to borrow money for the purchase. What should the buyer's salesperson use to remove the condition?

A) Mutual release
B) Notice of fulfillment
C) Acknowledgment
D) Waiver

Solutions: