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Humber College PREX-1060A Exam With Confidence Using Practice Dumps

Exam Code:
PREX-1060A
Exam Name:
Exam 4: Invigilated Theory Exam
Certification:
RESP Pre-Registration Phase
Vendor:
Humber College
Questions:
120
Last Updated:
Jul 26, 2026
Exam Status:
Stable
Humber College PREX-1060A

PREX-1060A: RESP Pre-Registration Phase Exam 2025 Study Guide Pdf and Test Engine

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Exam 4: Invigilated Theory Exam Questions and Answers

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Question 1

A salesperson is discussing the advantages and disadvantages of owning commercial real estatewith their investor buyer client. Which of the following is NOT an advantage of owning commercial real estate?

Options:

A.

Quick turnaround time to free up capital when needed is an advantage of owning commercial real estate.

B.

Limited equity investment while gaining leverage through financing is an advantage of owning commercial real estate.

C.

Potential to recover capital through refinancing is an advantage of owning commercial real estate.

D.

Potential for tax sheltering possibilities for the investor is an advantage of owning commercial real estate.

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Question 2

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

Options:

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.

Question 3

A new commercial condominium project is completed, and the buyers are given an occupancy date. On the occupancy date, a few of the buyers move into their units and begin setting up their operations. That evening, there is a severe thunderstorm. In the morning, several of the buyers start to notice roof leaks. Some of the buyers call the builder's office while others call their salespersons.Which of the following is an accurate statement regarding the building's warranty coverage?

Options:

A.

If the builder does not address this issue, the buyers can file a complaint with the provincial warranty authority for any outstanding work the builder did not complete.

B.

The buyers should submit their concerns to the provincial warranty authority, as they are entitled to one-year warranty coverage from the occupancy date.

C.

There is no provincial warranty coverage for commercial condominiums, but the buyers can inquire with the builder about any warranties that they may offer.

D.

The buyers should draft a list of all their concerns and submit them to the municipality for appropriate coverage.

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