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Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
Which of the following is a characteristic of main street retail?

A. Must be located in a small, older community
B. Comprises a blend of old and new stores
C. Consists of newer, free-standing buildings only
D. Structure size typically ranges from 100,000 to 130,000 square feet

Answer: B

NEW QUESTION # 58
If a property in Ontario is assessed and valued as farmland by the Municipal Property Assessment Corporation (MPAC), the farmer could receive a 75% tax reduction for municipal taxes if certain conditions are met. Which of the following describes a condition that must be met?

A. They have a valid harmonized sales tax (HST) registration number under the Excise Tax Act.
B. They are Canadian citizens or permanent residents of Canada.
C. They submit the appropriate application semi-annually.
D. They carry on a farming business generating a net profit of $100,000.

Answer: A

NEW QUESTION # 59
Audited and unaudited statements provide the financial status of a business to potential buyers. What is the main difference between audited and unaudited financial statements?

A. Unaudited financial statements are prepared by Chartered Professional Accountants; audited financial statements are prepared by senior Chartered Professional Accountants.
B. Audited financial statements provide an accurate picture of the financial status of a business; unaudited financial statements may only contain partially reviewed information.
C. Unaudited financial statements are prepared by accounting students; audited financial statements are completed by accountants who have received their professional designation.
D. Audited financial statements comply with Generally Accepted Accounting Principles (GAAP); unaudited financial statements do not comply with GAAP.

Answer: D

NEW QUESTION # 60
A salesperson must ensure that a buyer client is aware of all revenue sources and expenses related to the property they are interested in purchasing. Which of the following is an accurate statement regarding potential revenue sources for a commercial property?

A. Shopping centres with more than 150 stores typically have only two types of rental revenues to cover all the operating expenses of the property: base rent and additional rent.
B. Commercial office owners have only one type of potential rental income, which is percentage rent, as the owner themselves pay for the operating expenses of the property.
C. Retail commercial property owners have three types of potential rental income: base rent, additional rent, and percentage rent.
D. Every commercial property, whether an office building, an industrial property, a retail property, or land, has a single source of revenue, which is the base rent.

Answer: C

NEW QUESTION # 61
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. Income and expense statements contain misrepresentations
B. The seller provides insufficient due diligence documents
C. The condition of goods, chattels, and fixtures cannot be verified
D. The seller discloses all liabilities of the business in writing

Answer: D

NEW QUESTION # 62
......

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PREX-1060A Latest Braindumps Questions - PREX-1060A Online Version

Humber College PREX-1060A Online Version, PREX-1060A Trustworthy Pdf

Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q57-Q62):

Develop Your Abilities and Obtain Humber College PREX-1060A Certification Without Difficulty

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