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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?

A.

Storage

B.

Kitchens/lunchrooms

C.

Fitting rooms

D.

Boardrooms, private offices, and workstations

Utility requirements are different for retail, office, and industrial properties, and a salesperson should understand the utility needs of each client. Which of the following items is NOT required bya typical occupant of a retail space?

A.

A stable internet connection

B.

Sufficient lighting

C.

A high voltage and ampere supply

D.

A proper ventilation system

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 3,482 sq. ft.

B.

The retail tenant's rentable area would be 3,073 sq.ft.

C.

The retail tenant's rentable area would be 3,912 sq.ft.

D.

The retail tenant's rentable area would be 3,605 sq. ft.

A buyer should consider the record of site condition (RSC) document when purchasing a commercial property. Which of the following statements regarding an RSC is correct?

A.

Requesting an RSC is mandatory in all real estate transactions.

B.

It is not a material fact; thus, it is a formality for the buyer to get it.

C.

With other documents, it will inform the buyer of any legal issues attached to the title.

D.

It contains records pertaining to a property's financial condition.

A salesperson is drafting an agreement to lease a retail property for a tenant client who is looking to open a women's apparel store. Which of the following would NOT be included in the agreement to lease?

A.

A description of the premises

B.

The names of all the tenant's suppliers

C.

The commencement date of the lease

D.

The names of all parties to the lease

A buyer has just been approved for a commercial mortgage to purchase a retail strip plaza. They meet with their salesperson to review the mortgage documents. The buyer expresses concern about possible late payments. Which of the following is an accurate statement about provisions in the commercial mortgage documents regarding late payments?

A.

The options for late payments are the same for every lender.

B.

Each lender has their own method for dealing with late payments.

C.

There are no penalties for late payments in a commercial mortgage.

D.

Penalties for late payments will be added to the monthly rent.

Both the landlord and the tenant have responsibilities in the management of their relationship as per the commercial lease agreement. Which of the following is NOT an accurate statement regarding the roles and responsibilities of landlords and tenants as per the Commercial Agreement to Lease?

A.

The landlord must address their tenants' issues in a timely manner in general but more so when the issue can result in serious and costly consequences.

B.

All commercial leases require that tenants keep everything in and about the property, including all points of entry and exit, in good repair at all times.

C.

Tenants are obligated to ensure they have adequate tenant insurance for their property.

D.

Not all commercial leases require the landlord to perform repairs and maintenance.

What should a salesperson do if they are unable to secure documentation to verify the usable and rentable areas of a property?

A.

Use the R/U factor to calculate the figures

B.

Use a laser measuring tool to take the measurements and use the R/U factor to calculate the figures

C.

Recommend that the landlord obtain the professional services of a measuring company to obtain the figures

D.

Use a laser measuring tool to take the measurements

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?

A.

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

B.

Repair the damage and deduct the cost from the rent.

C.

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

D.

Terminate the lease and start looking for a new space.

What should a salesperson do if they are unable to secure documentation to verify the usable and rentable areas of a property?

A.

Use the R/U factor to calculate the figures

B.

Use a laser measuring tool to take the measurements and use the R/U factor to calculate the figures

C.

Recommend that the landlord obtain the professional services of a measuring company to obtain the figures

D.

Use a laser measuring tool to take the measurements