Humber College PREX-1060A Actual Free Exam Questions & Community Discussion

Exam Code/Number: PREX-1060A
Exam Name/Title: Exam 4: Invigilated Theory Exam
Certification Provider: Humber College
Corresponding Certification: RESP Pre-Registration Phase

Exam Questions: 108
Updated On: Jun 01, 2026

Question #31

A buyer is purchasing a farm and all the animals are included in the sale price. The buyer is worried the animals could become infected with disease prior to closing, so the salesperson inserts a clause in the agreement of purchase and sale to address that issue. Which of the following should NOT be included in the clause to protect the buyer?

A. A condition requiring a check-up of each animal by a predetermined veterinarian during due diligence.

B. The number of animals based on type, gender, and health; if the number is not the same at closing, the price will be adjusted.

C. State that the buyer is assuming all animals on an "as is" basis.

D. State that the seller will continue the day-to-day farm operations until closing.

Discussion 0

Correct Answer: C Vote an answer

Question #32

Land developers purchase land for commercial, industrial, and residential projects. Tracts of land larger than five acres but smaller than 10 acres may appeal to land developers for various reasons. Which of the following is one of the reasons?

A. They are normally less expensive than pieces of land smaller than two acres in the same neighborhood.

B. They can be used for newly planned subdivisions.

C. The developer cannot find a building lot to build a detached home.

D. They are a good size for modern 18-hole golf courses.

Discussion 0

Correct Answer: B Vote an answer

Question #33

A salesperson is drafting an offer for a vacant industrial site prime for development on behalf of their buyer client. The salesperson has included all proper conditions to protect the buyer, along with sufficient time periods to undertake the due diligence. Which of the following would be an appropriate conditional time period based on the corresponding condition?

A. A conditional time period for a property inspection that is 30 business days in length.

B. A conditional time period for obtaining an approval for a zoning change that is seven business days in length.

C. A conditional time period for verifying the existence of services such as sewage, water, and electricity that is 30 days in length.

D. A conditional time period for verifying the soil condition or type that is five days in length.

Discussion 0

Correct Answer: C Vote an answer

Question #34

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

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

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

Discussion 0

Correct Answer: D Vote an answer

Question #35

A developer has completed the construction of a new commercial condominium project that is readyfor occupancy by the buyers. The condominium should be registered within approximately six months. Which of the following accurately describes a responsibility of the developer?

A. The developer will be responsible for overseeing the business affairs of the condominium corporation after the turnover meeting.

B. The developer will be responsible for registering the declaration and description and creating the plan and vision for the property.

C. The developer will be responsible for much of the day-to-day management of the condominium corporation's affairs after the turnover meeting.

D. The developer will be responsible for calling a general meeting within 21 days to appoint a new board of directors.

Discussion 0

Correct Answer: B Vote an answer

Question #36

Sometimes, transactions do not close. When a transaction won't be completed, what should a salesperson try to do as soon as possible?

A. Obtain the remuneration owed.

B. Pass the transaction to the broker of record so that the broker will take care of it.

C. Conduct an analysis of why the transaction will not be carried out.

D. Terminate the transaction and disengage from it.

Discussion 0

Correct Answer: C Vote an answer

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