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 25, 2025

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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

Which of the following is a characteristic of main street retail?

A : Comprises a blend of old and new stores

B : Must be located in a small, older community

C : Consists of newer, free-standing buildings only

D : Structure size typically ranges from 100,000 to 130,000 square feet

Answer: A

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

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 5

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

Page: 1 / 25

Total 122 Questions | Updated On: Mar 25, 2025

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