Question 1

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?

Options :

A : Acknowledgment

B : Notice of fulfillment

C : Mutual release

D : Waiver

Answer: D

Question 2

Which of the following is most likely to be a factor in an appraisal for an industrial property?

Options :

A : Amount of advertising and publicity

B : Proximity to museums and historical sites

C : Price trend for detached homes in nearby neighborhoods

D : Access to raw materials used in the region

Answer: D

Question 3

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 4

Which of the following is a reason why an owner might consider redeveloping an industrial property?

Options :

A : The cost of relocating is low.

B : A similar building can be bought at a low price.

C : The existing building no longer provides the highest and best use of the site.

D : A redevelopment will seriously disrupt the current operation.

Answer: C

Question 5

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?

Options :

A :

The tenant-s signage must be approved by the municipality and the landlord, and all associated costs shall be paid by the landlord.

B : The tenant-s signage is considered a trade fixture and shall remain the tenant-s property.

C :

The tenant-s signage shall be immediately removed at the end of their lease term(s) at the tenant’s expense.

D :

The tenant-s signage, from approvals to installation and ongoing maintenance, shall be at thetenant's own expense.

Answer: A

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