Question 1

A buyer client is discussing zoning bylaws of the municipality in relation to an industrial development site with their salesperson. Which of the following is NOT a correct statement with respect to zoning bylaws?

Options :

A : Zoning bylaws specify the permitted land uses throughout a municipality.

B :

Municipal zoning bylaws overrule all other laws with respect to land uses and issuance of building permits in Ontario.

C : New commercial construction and redevelopment must comply with zoning bylaws.

D : Municipalities have zoning bylaws that divide the city into different land uses or zones.

Answer: B

Question 2

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 3

Both the landlord and the tenant have responsibilities in the management of their relationship as per the commercial lease agreement. Which of the following is NOT an accurate statement regarding the roles and responsibilities of landlords and tenants as per the Commercial Agreement to Lease?

Options :

A :

The landlord must address their tenants' issues in a timely manner in general but more so when the issue can result in serious and costly consequences.

B :

All commercial leases require that tenants keep everything in and about the property, including all points of entry and exit, in good repair at all times.

C : Tenants are obligated to ensure they have adequate tenant insurance for their property.

D : Not all commercial leases require the landlord to perform repairs and maintenance.

Answer: B

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

Which of the following is a characteristic of main street retail?

Options :

A : Comprises a blend of old and new stores

B : Must be located in a small, older community

C : Consists of newer, free-standing buildings only

D : Structure size typically ranges from 100,000 to 130,000 square feet

Answer: A

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