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: Aug 19, 2026

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Question 1

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 2

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 3

A salesperson is representing a tenant client who is opening a new pet food store in a local strip plaza. The salesperson meets with their tenant to discuss display signage and review the guidelines in their commercial lease agreement. Which statement is NOT accurate regarding the commercial lease agreement's signage clause?

A : The tenant's signage must be approved by the municipality and the landlord, and all associated costs shall be paid by the landlord.

B : The tenant's signage is considered a trade fixture and shall remain the tenant's property.

C : The tenant's signage shall be immediately removed at the end of their lease term(s) at the tenant’s expense.

D : The tenant's signage, from approvals to installation and ongoing maintenance, shall be at thetenant's own expense.

Answer: A

Question 4

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

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

Page: 1 / 25

Total 122 Questions | Updated On: Aug 19, 2026

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