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1. 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 is considered a trade fixture and shall remain the tenant's property.
B) The tenant's signage, from approvals to installation and ongoing maintenance, shall be at thetenant's own expense.
C) The tenant's signage must be approved by the municipality and the landlord, and all associated costs shall be paid by the landlord.
D) The tenant's signage shall be immediately removed at the end of their lease term(s) at the tenant's expense.
2. When calculating the total purchase price of farmland with improvements on it, which of the following items is NOT included?
A) Residence
B) Barns and sheds
C) Goodwill
D) Fixed equipment
3. 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?
A) The retail tenant's rentable area would be 3,073 sq.ft.
B) The retail tenant's rentable area would be 3,912 sq.ft.
C) The retail tenant's rentable area would be 3,482 sq. ft.
D) The retail tenant's rentable area would be 3,605 sq. ft.
4. 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?
A) 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.
B) The buyers should draft a list of all their concerns and submit them to the municipality for appropriate coverage.
C) There is no provincial warranty coverage for commercial condominiums, but the buyers can inquire with the builder about any warranties that they may offer.
D) The buyers should submit their concerns to the provincial warranty authority, as they are entitled to one- year warranty coverage from the occupancy date.
5. Which statement about an Environmental Site Assessment (ESA) is NOT correct?
A) No stipulations exist for the third and final phase of an ESA due to its vast and complex nature.
B) An ESA is not required if the buyer is purchasing the industrial property for their own use.
C) The Environmental Protection Act establishes the procedures and requirements for the first two phases of an ESA.
D) All new commercial properties must undergo an ESA before construction begins.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: B |
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