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Humber College PREX-1060A Pass Guarantee: Exam 4: Invigilated Theory Exam - Actual4Exams Accurate Real Testing Environment for your Studying

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Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
A buyer is interested in constructing a retail building and wants to use the most efficient method to save time and money. Which statement is true with regard to tilt-up wall panels and pre-cast panels?

A. Pre-cast panels cost much more than tilt-up panels.
B. Both tilt-up panels and pre-cast panels can lower construction costs.
C. Pre-cast panels are more durable than tilt-up panels.
D. Both tilt-up panels and pre-cast panels are formed off-site.

Answer: B

NEW QUESTION # 12
An agreement of purchase and sale for an industrial building is accepted conditional on financing with the expiry date of May 14. On May 11, the bank informs the buyer the mortgage cannot be approved until May
17. The salesperson for the buyer then prepares an amendment to the agreement of purchase and sale for the extension of the condition. Which of the following is NOT correct?

A. The buyer can still waive the condition before the expiry date if the seller refuses to sign the amendment, provided there is a waiver provision in the condition.
B. The buyer can use the same amendment to ask for a change of the closing date.
C. To play it safe, the salesperson should amend the condition with May 18 as the expiry date.
D. The salesperson should prepare the amendment with midnight, May 17 as the irrevocable time.

Answer: D

NEW QUESTION # 13
A buyer should consider the record of site condition (RSC) document when purchasing a commercial property. Which of the following statements regarding an RSC is correct?

A. With other documents, it will inform the buyer of any legal issues attached to the title.
B. It contains records pertaining to a property's financial condition.
C. Requesting an RSC is mandatory in all real estate transactions.
D. It is not a material fact; thus, it is a formality for the buyer to get it.

Answer: A

NEW QUESTION # 14
A buyer is in the process of closing a transaction when a tornado causes damage to the property. The necessary repairs may extend past the closing date. Which of the following may be used to resolve this problem?

A. Change the completion date by using a waiver.
B. Change the completion date by using an amendment to the agreement of purchase and sale.
C. Change the completion date by using a notice of fulfillment.
D. A change is not necessary because the damage is out of the control of the buyer or the seller.

Answer: B

NEW QUESTION # 15
A salesperson is drafting an offer for a vacant industrial site prime for development on behalf of their buyer client. The salesperson has included all proper conditions to protect the buyer, along with sufficient time periods to undertake the due diligence. Which of the following would be an appropriate conditional time period based on the corresponding condition?

A. A conditional time period for verifying the existence of services such as sewage, water, and electricity that is 30 days in length.
B. A conditional time period for obtaining an approval for a zoning change that is seven business days in length.
C. A conditional time period for a property inspection that is 30 business days in length.
D. A conditional time period for verifying the soil condition or type that is five days in length.

Answer: A

NEW QUESTION # 16
......

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