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: Mar 07, 2026

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Question 1

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

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

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

Answer: C

Question 4

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

A : Amount of advertising and publicity

B : Proximity to museums and historical sites

C : Price trend for detached homes in nearby neighborhoods

D : Access to raw materials used in the region

Answer: D

Question 5

Both the landlord and the tenant have responsibilities in the management of their relationship as per the commercial lease agreement. Which of the following is NOT an accurate statement regarding the roles and responsibilities of landlords and tenants as per the Commercial Agreement to Lease?

A : The landlord must address their tenants' issues in a timely manner in general but more so when the issue can result in serious and costly consequences.

B : All commercial leases require that tenants keep everything in and about the property, including all points of entry and exit, in good repair at all times.

C : Tenants are obligated to ensure they have adequate tenant insurance for their property.

D : Not all commercial leases require the landlord to perform repairs and maintenance.

Answer: B

Page: 1 / 25

Total 122 Questions | Updated On: Mar 07, 2026

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