RESP Pre-Registration Phase PREX-1060A Reddit Questions

Exam 4: Invigilated Theory Exam Questions and Answers

Question 21

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

Question 22

A tenant receives the keys to their new retail space. When the tenant opens the door, they see evidence of a small fire on the walls near the electrical panel. Which of the following is an appropriate recommendation the salesperson could provide to the new tenant?

Options:

Meet with the property manager, review the lease, and determine a course of action.

Repair the damage and deduct the cost from the rent.

Contact a lawyer and immediately start a legal action for damages.

Terminate the lease and start looking for a new space.

Question 23

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:

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.

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

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

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

Question 24

Which of the following is NOT determined by zoning bylaws?

Options:

The types of buildings that are permitted in a location, their height, and how they may be used

Lot dimensions and parking requirements

The amount of rent a building may generate

Where buildings and other structures may be located

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RESP Pre-Registration Phase PREX-1060A Reddit Questions

Exam 4: Invigilated Theory Exam Questions and Answers

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