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?

Options :

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

Finish the sentence: The Employment Standards Act:

Options :

A : Specifies the terms of a business partnership agreement.

B : Regulates matters involving ownership of a business.

C : Regulates trade names.

D : Protects the rights of workers of a business that is being sold.

Answer: D

Question 3

A buyer client is discussing zoning bylaws of the municipality in relation to an industrial development site with their salesperson. Which of the following is NOT a correct statement with respect to zoning bylaws?

Options :

A : Zoning bylaws specify the permitted land uses throughout a municipality.

B :

Municipal zoning bylaws overrule all other laws with respect to land uses and issuance of building permits in Ontario.

C : New commercial construction and redevelopment must comply with zoning bylaws.

D : Municipalities have zoning bylaws that divide the city into different land uses or zones.

Answer: B

Question 4

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

Options :

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 5

A salesperson sells an office building using the Commercial Agreement of Purchase and Sale along with a

schedule that lists all the fixtures, chattels, and rental items of the office building. After closing the real estate

transaction, a dispute arises between the seller and the buyer about which chattels, fixtures, and rental items of

the office building were to be included and which were to be excluded. Which of the following is NOT an

accurate statement regarding the salesperson's actions related to negotiating chattels, fixtures, and rental items?

Options :

A :

The salesperson should clearly list all rental items and service contracts, as these will not be included in the purchase price of the real property being purchased.

B :

The salesperson should specifically exclude all fixtures that are not a part of the transaction since fixtures are considered a part of the property and are normally included in the purchase price.

C :

The salesperson should clearly describe and list the fixtures and chattels in the Agreement of Purchase and Sale and mark each item as an exclusion or inclusion.

D :

The salesperson should specifically exclude all chattels that are not a part of the transaction since chattels are considered a part of the property and are normally included in the purchase price.

Answer: D