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While preparing to list a vacant retail site that allows new auto sales, the salesperson sees that there is an auto repair garage business next door with old and rusting metal storage tanks at the side of their building. Which of the following is the correct action for the salesperson to take?

A.

The salesperson should attempt to identify signs of contamination on the property and recommend an appropriate third-party expert to the seller client.

B.

The salesperson should include the information in the marketing material as it would be beneficial for an auto sales business to have a garage located nearby.

C.

The salesperson should ask the owner of the garage for more information and what course of action they recommend to assist a future purchaser of the site.

D.

The salesperson should ask the owner of the garage whether they have thought about selling their property at this time.

Which of the following is NOT relevant information a salesperson must verify when representing a landlord who is planning to lease their industrial property?

A.

The salesperson must verify the zoning information for the industrial property.

B.

The salesperson must verify the previous tenant's lease rates and terms.

C.

The salesperson must verify whether the tenant's intended use for the industrial property is permitted under the zoning bylaw.

D.

The salesperson must verify the rates and terms of lease for the property.

A seller provides you with architectural drawings of their building. Which statement is NOT correct?

A.

Architectural drawings are source documents.

B.

A photocopy of a source document can be used to verify information.

C.

If changes are made to source documents, they are still valid if you have the original document.

D.

Other types of source documents include surveys and tax records.

Which of the following is a risk associated with investing in commercial real estate?

A.

The relative lack of liquidity

B.

The relative lack of capital growth during the holdover period

C.

The fact that rent, leased space, and building size are fixed

D.

The insufficiency of cash flow during the holding period

A buyer client and their salesperson are doing a visual check of the industrial property that the buyer is planning to purchase. When they get to the rear of the property, the salesperson observes a potential source of contamination. Which of the following factors is likely the cause of concern for the salesperson?

A.

The office building next door has an overflow parking lot.

B.

The neighboring property includes a restaurant, a dental clinic, and a law office.

C.

There is vacant land nearby with a small pond with discolored standing water.

D.

There is a residential neighborhood and playground nearby.

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

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

When representing a client who is selling a business, a salesperson must be aware of concerns related to compliance. Which of the following is NOT a compliance concern?

A.

The condition of goods, chattels, and fixtures cannot be verified

B.

Income and expense statements contain misrepresentations

C.

The seller provides insufficient due diligence documents

D.

The seller discloses all liabilities of the business in writing

A brokerage negotiates the sale of a business on behalf of a seller. Which of the following documents must the brokerage provide to the buyer?

A.

A list of fixtures included in the sale

B.

A profit and loss statement for the real estate brokerage for the preceding 12 months

C.

A list of chattels excluded in the sale

D.

A statement of the assets and liabilities of the brokerage

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

A.

There may be minimum width and depth requirements for parking spaces.

B.

Parking may be impacted by zoning requirements.

C.

Parking may be impacted by the municipality’s parking bylaw.

D.

Required parking for persons with disabilities is usually fixed as a ratio based on the number of disabled persons in the community.

A salesperson includes a well-drafted condition in an agreement of purchase and sale for their buyer client to arrange a new first mortgage for an industrial property. The buyer later changes their mind and does not want to borrow money for the purchase. What should the buyer's salesperson use to remove the condition?

A.

Acknowledgment

B.

Notice of fulfillment

C.

Mutual release

D.

Waiver