Commercial Real Estate Transactions - Test 04

Taking the Ontario Commercial Real Estate Transactions Test is an essential step towards becoming a licensed real estate professional in Ontario. This rigorous test comprises 200 multiple-choice questions and is designed to evaluate prospective real estate agent’s knowledge of commercial property transactions. However, candidates need not worry, as our free Ontario Commercial Real Estate practice test offers an excellent opportunity to hone their skills and prepare for the exam. All questions featured in the practice test have been taken from the official Ontario real estate course book, ensuring that candidates gain a comprehensive understanding of the field’s fundamental concepts and principles.

Commercial Real Estate Transactions - Practice Test 04

Ontario Commercial Real Estate Transactions - Course 4

1 / 30

A commercial brokerage asked to look for a property for a buyer must perform detailed analysis of their…?

Building requirements

Site requirements

Business requirements

All of these

2 / 30

The effective age of a building is…?

Based on the number of years it has been in operation

Based on the number of years since it was built

Based on the number of years since planning permission was requested

Based on the care and maintenance the building has received

3 / 30

A hydrogeological report may be required if…?

Changes to the water supply are needed

The water supply has been cut off for some time

The property has no water supply

Water pressure is too low

4 / 30

Industrial hydro services commonly use what to change the voltage of the electrical supply?

Battery

Delimiter

Transformer

Converter

5 / 30

The Ontario Building Code sets the number of bathrooms required in an industrial building on the basis of…?

Size of building

Number of employees

Height of building

Purpose of building

6 / 30

Checking employee records should be done as part of…?

Environmental due diligence

Financial and operational due diligence

Structural of due diligence

Legal due diligence

7 / 30

Measurements of industrial properties for sale should be taken by…?

A professional measurement company

The seller

The seller's brokerage

The buyer

8 / 30

When a salesperson has received a buyer's criteria, the code of ethics demands that they should…?

Only show them properties that offer good remuneration

Show them all suitable properties without regard to potential remuneration

Refuse to show them properties that offer lower remuneration

Show them the properties offering the largest remuneration first

9 / 30

If a seller does not wish to remedy any detrimental conditions on their property before selling, what should a salesperson do?

Insist that remedial measures must be taken

Refuse to market the property

Report them to the authorities

Warn them that it will adversely affect value

10 / 30

If a property falls under "nonconforming use" because its usage predates the passage of zoning bylaws, owners…?

Must end the nonconforming use immediately

Can apply for a continuation of nonconforming use

Have to demolish the building and rebuild

Will be heavily fined

11 / 30

Which of these could be granted an easement over industrial land?

Power cables

Any/all of them

Natural gas lines

Storm sewerage

12 / 30

The ultimate goal of due diligence by a salesperson is to…?

Cover the salesperson against legal action

Place the buyer in full possession of all facts

Make sure that all property taxes are paid

Ensure that the seller gets maximum value

13 / 30

If a buyer wants to alter a building to meet their specific needs in a way that does not comply with local zoning bylaws, they must apply for…?

Minor variance

Major variance

Zoning variance

Change of use permission

14 / 30

Failure to disclose known latent defects and material latent defects may leave a property…?

In a dangerous state

Unfit for habitation

Any/all of these

In violation of municipal/provincial regulations

15 / 30

The "highest and best use" of a building or vacant land is the one that…?

Will produce the greatest financial/amenity return

Will provide the greatest tax return to the government

Will offer the greatest benefit to the neighbourhood community

Will offer the most eco-friendly use of the land

16 / 30

Which of these is an example of a "single purpose" industrial building?

Specialised manufacturing building

Specialised warehousing building

Basic warehousing building

Oil refinery

17 / 30

Office space in industrial buildings is typically limited by zoning laws to a maximum of what percentage of the total area?

40%

10%

30%

20%

18 / 30

Brownfields sites are generally ones which…?

Previously had industrial buildings on them

Were previously used for agriculture

Previously had residential buildings on them

Were previously in a natural state

19 / 30

Whether or not a property is affordable for a specific buyer will depend on the purchase price and…?

Any/all of these

Management expenses

Potential returns

Current cost of borrowing

20 / 30

The office area of an industrial building generally takes up what percentage of the total building area?

10%

20%

40%

30%

21 / 30

Bay depth in a property is what?

The distance between columns

The distance between walls

The width of the loading dock

The distance between floor and ceiling

22 / 30

Older industrial properties may be converted into "incubator" buildings, which are characterised by…?

Small low rent units

Single use industrial purposes

Expensive substantial manufacturing units

Warehousing facilities for businesses elsewhere

23 / 30

A grade level loading dock permits access for…?

Forklift trucks

Motorcycles

Saloon cars

Pickup trucks

24 / 30

The tenant mix in a retail centre is ultimately determined by…?

Potential tenants

The existing tenants

The property owner

Customer surveys

25 / 30

Capital expense quotes for buyers should be…?

Any of these

Prepared by the seller

Obtained from third-party professionals

Prepared by the salesperson

26 / 30

Brownfields sites often attract…?

Municipal tax relief

Any/all of these

Municipal financial assistance

Accelerated planning/approval processes

27 / 30

Soil testing of industrial land is undertaken by…?

The salesperson

The buyer

Third-party experts

The seller

28 / 30

Accessory buildings on industrial lots are primarily used for what?

Raw material storage

Staff restrooms

Generating plant

Vehicle storage

29 / 30

Floor load refers to the capacity of a floor to support…?

Stored goods

Structural weight

Vehicles

Live loads

30 / 30

Surveys should be prepared by…?

The salesperson

The buyer

A building expert

An Ontario Land Surveyor

Your score is