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: Jul 30, 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

A salesperson sells an office building using the Commercial Agreement of Purchase and Sale along with aschedule that lists all the fixtures, chattels, and rental items of the office building. After closing the real estatetransaction, a dispute arises between the seller and the buyer about which chattels, fixtures, and rental items ofthe office building were to be included and which were to be excluded. Which of the following is NOT anaccurate statement regarding the salesperson's actions related to negotiating chattels, fixtures, and rental items?

A : The salesperson should clearly list all rental items and service contracts, as these will not be included in the purchase price of the real property being purchased.

B : The salesperson should specifically exclude all fixtures that are not a part of the transaction since fixtures are considered a part of the property and are normally included in the purchase price.

C : The salesperson should clearly describe and list the fixtures and chattels in the Agreement of Purchase and Sale and mark each item as an exclusion or inclusion.

D : The salesperson should specifically exclude all chattels that are not a part of the transaction since chattels are considered a part of the property and are normally included in the purchase price.

Answer: D

Question 3

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 4

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

Question 5

When discussing economic considerations, interest rates, government policies, and infrastructure specific to industrial properties, why are investors attracted to industrial properties?

A : Industrial properties have a lower capital gains tax at disposition.

B : Good transportation and distribution corridors do not matter to industrial investors and their tenants.

C : Higher mortgage interest rates will provide a better return on investment.

D : Industrial properties have a number of large, credit-worthy tenants and long-term leases.

Answer: D

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Total 122 Questions | Updated On: Jul 30, 2025

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