Free Humber College PREX-1060A Exam Questions

Become Humber College Certified with updated PREX-1060A exam questions and correct answers

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Total 122 Questions | Updated On: Dec 18, 2025

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Question 1

Finish the sentence: The Employment Standards Act:

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.

Answer: D

Question 2

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

Question 3

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?

A : Zoning bylaws specify the permitted land uses throughout a municipality.

B : Municipal zoning bylaws overrule all other laws with respect to land uses and issuance of building permits in Ontario.

C : New commercial construction and redevelopment must comply with zoning bylaws.

D : Municipalities have zoning bylaws that divide the city into different land uses or zones.

Answer: B

Question 4

Which of the following is a reason why an owner might consider redeveloping an industrial property?

A : The cost of relocating is low.

B : A similar building can be bought at a low price.

C : The existing building no longer provides the highest and best use of the site.

D : A redevelopment will seriously disrupt the current operation.

Answer: C

Question 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 : Acknowledgment

B : Notice of fulfillment

C : Mutual release

D : Waiver

Answer: D

Page: 1 / 25

Total 122 Questions | Updated On: Dec 18, 2025

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