Humber College PREX-1060A Exam Questions Free Practice Test

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Questions # 31:

A land developer is interested in purchasing a piece of vacant land. Which of the following statements about evaluating the highest and best use of the real property is correct?

Options:

A designated appraiser will use all factual sales data to determine the value of the current highest and best use of the property.

The estimate of value is related to how a typical buyer, with a reasonable knowledge of the market and property, wants to use the property.

The land developer can identify the use of the property that is anticipated to produce the highest overall return so the appraiser can complete the appraisal.

A property's highest and best use is the use that, at the time the building was built, was most likely to produce the greatest net return.

Expert Solution

Questions # 32:

Established under the Farming and Food Production Protection Act, the Normal Farm PracticesBoard is composed of members appointed by the Minister of Agriculture, Food and Rural Affairs. Which statement is NOT accurate with regard to the Normal Farm Practices Board?

Options:

The Board can order farmers to cease practices that cause disturbances if they are not considered to be normal farm practices.

The Board can conduct hearings that are heard by a minimum of five board members.

The Board can order farmers to modify practices for consistency with normal farm practices.

The Board can dismiss complaints if the disturbances are the result of normal farm practices.

Expert Solution

Questions # 33:

A salesperson should know how to gather key information about a new commercial condominium, including the size of a unit. Which of the following sources of information should a salesperson rely on?

Options:

A surveyor’s certificate for the unit

An opinion from the seller's lawyer

A sketch of the seller’s floor layout

An opinion from the property manager

Expert Solution

Questions # 34:

When discussing economic considerations, interest rates, government policies, and infrastructure specific to industrial properties, why are investors attracted to industrial properties?

Options:

Industrial properties have a lower capital gains tax at disposition.

Good transportation and distribution corridors do not matter to industrial investors and their tenants.

Higher mortgage interest rates will provide a better return on investment.

Industrial properties have a number of large, credit-worthy tenants and long-term leases.

Expert Solution

Questions # 35:

There are different requirements under REBBA and other legislation that affect the sale of a business. Which of the following is NOT correct?

Options:

A key consideration a salesperson must keep in mind when handling the sale of a business is operating licenses.

Depending on the business location, there are various municipal bylaws, zoning, permits, and other rules and regulations that could impact the sale of a business.

There are various municipal bylaws that could impact the sale of a business, depending on the business activity.

If a municipal license is associated with the business and it may be transferrable to the buyer, then it is of no concern to the sales representative.

Expert Solution

Questions # 36:

A salesperson representing a client who is selling an office property has received some documents from the seller and is trying to organize them. Which of the following documents is NOT needed by the salesperson or seller when selling the property?

Options:

Telephone bills

Private mortgage form

Income verification documents

Environmental site assessments

Expert Solution

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