Q44. An office building is being sold. The agreement of purchase and sale includes multiple conditions that protect the buyer. Each condition has a different expiry date, and they will be fulfilled and completed at different times. The conditions do not have waiver provisions. In this situation, all conditions can be removed by:

Q45. A buyer client is interested in purchasing a 30,000 sq. ft. industrial building in an industrial park. The buyer’s salesperson drafts an agreement of purchase and sale that includes an environmental site assessment condition that must be met at the buyer’s own expense, and to the buyer’s satisfaction. Which of the following is NOT an accurate statement regarding the environmental site assessment condition?

Q46. In regard to the adjusted book value/asset valuation method of valuing a business, which of the following is correct?

Q47. A buyer looking for an industrial property tells the salesperson that on-site trailer storage space is an important feature. What is a reason on-site trailer storage might be important for the buyer’s industrial business?

Q48. If a retail unit has a usable area of 3,482 sq. ft. with a conversion rate of 1.1235, what would the tenant’s rentable area be?

Q49. A tenant is renting 4,000 square feet of space in a commercial shopping center under a net lease. The base rent is $20 per square foot per annum, and there is a percentage rent of 5% of gross sales over the base rent. The tenant has annual gross sales of $1,000,000. The annual expenses are $10 per square foot. How much annual base rent does the tenant have to pay?

Q50. When discussing economic considerations, interest rates, government policies, and infrastructure specific to industrial properties, why are investors attracted to industrial properties?

Q51. A retail property buyer must consider the parking requirements associated with the site. All of the statements below are considerations for parking, EXCEPT:

Q52. A salesperson is preparing to list an industrial building and wants to assess the availability and size of utilities, as these factors may prohibit a change in use for the potential buyer. Which of the following is correct?

Q53. Which of the following practices maintains the stability and durability of a commercial property?

Q54. 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?

Q55. Which of the following statements about industrial building components is correct?

Q56. Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

Q57. 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?

Q58. A salesperson has several obligations to the buyer when assisting them in the purchase of a commercial condominium unit for their own use. Which of the following is one of those obligations?

Q59. Which of the following is a correct statement regarding a design-build arrangement in commercial real estate?

Q60. A salesperson is representing a buyer client in the purchase of a fully tenanted mixed-use building. The agreement of purchase and sale will be in the name of a corporation owned by the buyer and several other shareholders. Which of the following statements is correct regarding the signing of this agreement of purchase and sale?

Q61. When calculating the total purchase price of farmland with improvements on it, which of the following items is NOT included?

Q62. A buyer client has hired a commercial appraiser to assess the market value of a fully tenanted commercial complex. The complex is mixed-use with retail on the main level and offices on the second and third levels. It is an older property with unique characteristics. Which of the following is NOT a correct statement regarding how the appraiser will determine the value of the property?

Q63. 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?

Q64. A salesperson is helping a buyer identify their needs and property requirements to select an appropriate office property and they are discussing the office layout. Which of the following is NOTa layout consideration?

Q65. When a farm is sold, there are exemptions to the payment of harmonized sales tax (HST). In which of the following circumstances is a farmer responsible to pay HST to the Canada Revenue Agency (CRA)?