Commercial Real Estate Transactions

Commercial Real Estate Transactions - Test 07

If you are looking to get into the competitive world of commercial real estate in Ontario, it is essential to be prepared for the Ontario Commercial Real Estate Transactions Test. This exam is designed to assess your knowledge and understanding of Ontario’s laws, regulations, and practices concerning commercial real estate. The test comprises 200 multiple-choice questions, each taken from the official Ontario real estate course book. It is a tight and challenging exam that requires a deep understanding of the nuances of the Ontario commercial real estate market. Therefore, taking a practice test with 200 multiple-choice questions and answers that simulate the actual exam’s format is critical to acing it.

Commercial Real Estate Transactions - Practice Test 07

Ontario Commercial Real Estate Transactions - Course 4

1 / 20

With offers on farm properties, the irrevocability (time given to accept, reject or make counter offers) is usually set at…?

Five days

Seven days

One day

Three days

2 / 20

Under the Employment Standards Act, when a business is sold employees of the business…?

Are not entitled to any compensation

Do not have their employment terminated

Are automatically made unemployed

Must reapply for their jobs

3 / 20

If a buyer finances the purchase of a business using seller financing, the buyer must submit a business plan and an upfront downpayment of at least…?

35%

55%

25%

45%

4 / 20

If a landlord seizes a tenant's property when they have failed to pay their rent they must hold it for a minimum of how long to allow the tenant to have a chance to make payment?

Five days

Seven days

Twelve days

Three days

5 / 20

When listing a business for sale, a salesperson should consider…?

Whether any special precautions are needed to retain confidentiality for viewings

All of these things

Whether the seller is prepared for the business to be identified in listings

Whether the seller's employees are aware that the business is for sale

6 / 20

A listing salesperson for a business must provide a buyer with a profit and loss statement for at least the previous…?

24 months

18 months

6 months

12 months

7 / 20

When preparing a comparative market analysis for a commercial lease, the assessor should analyse the rental history for at least the previous…?

Seven years

Five years

Nine years

Three years

8 / 20

HST may not apply to the sale of a business if the seller and buyer agree and the buyer acquires at least what percentage of the property to carry out the business activity?

80%

70%

90%

60%

9 / 20

What is the "loss factor" in building measurements?

The difference between the rentable area and the usable area

The difference between the rentable area and the common area

The difference between the rentable area and the gross building area

The difference between the rentable area and the gross leaseable area

10 / 20

A clause in a commercial lease which makes it compulsory for a tenant to maintain an active business in the leased property is known as a…?

Dark space clause

Always active clause

Continuous business clause

Continuous use clause

11 / 20

The "places to grow" act does what?

Develops a growth plan with interested parties

Promotes new housing and transportation options

Designates a geographical area as a growth area

All of these things

12 / 20

On fulfilment of certain conditions, Ontario farmers receive what reduction on municipal tax rates on their farm property?

75%

25%

50%

15%

13 / 20

REBBA defines the sale of a business as being…?

The sale of real property

The sale of shares

Any, or a combination of any, of these

The sale of assets

14 / 20

The return of a deposit to a tenant if a transaction is not closed must be by…?

Demand of the tenant

Mutual written consent

Mutual verbal consent

Consent of the landlord

15 / 20

A holdover provision in a lease allows the landlord to charge how much per month if a tenant remains in a property after a lease has expired?

Two months' rent

Six weeks' rent

Three months' rent

Five weeks' rent

16 / 20

When purchasing a business, all fixtures, goods, chattels, assets and other items associated with it are considered part of the sale unless…?

They are customised with the seller's name or picture

They were hidden from sight during any viewings

Any reasonable person would consider them personal items

They are specifically excluded in the seller's listing

17 / 20

In a farm crop share lease situation, the most common division of income is that the landlord will get what share of the income from crop sales?

4-Jan

6-Jan

5-Jan

3-Jan

18 / 20

A commercial lease does not compulsorily have to be in writing if it lasts for less than…?

Four years

Five years

Three years

Two years

19 / 20

If a commercial tenant fails to pay their rent the landlord may change the locks and evict them without notice how many days after the rent was due?

20 / 20

If a tenant has a "first right of refusal" clause in the lease, they have how long to decide if they wish to occupy adjacent vacant spaces to their property before it is released to a third-party?

48 hours

72 hours

24 hours

96 hours

Your score is