PASS GUARANTEED HUMBER COLLEGE - PREX-1060A - USEFUL EXAM 4: INVIGILATED THEORY EXAM VALID TEST FEE

Pass Guaranteed Humber College - PREX-1060A - Useful Exam 4: Invigilated Theory Exam Valid Test Fee

Pass Guaranteed Humber College - PREX-1060A - Useful Exam 4: Invigilated Theory Exam Valid Test Fee

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Humber College Exam 4: Invigilated Theory Exam Sample Questions (Q28-Q33):

NEW QUESTION # 28
When a farm is sold, there are exemptions to the payment of harmonized sales tax (HST). In which of the following circumstances is a farmer responsible to pay HST to the Canada Revenue Agency (CRA)?

  • A. The farmer sells the farm to a relative.
  • B. The farmer uses a smaller portion of the farm for a residence.
  • C. The farm is sold to a corporation and the HST is included in the selling price.
  • D. The farm has been used for personal use.

Answer: D


NEW QUESTION # 29
When calculating the total purchase price of farmland with improvements on it, which of the following items is NOT included?

  • A. Barns and sheds
  • B. Residence
  • C. Fixed equipment
  • D. Goodwill

Answer: D


NEW QUESTION # 30
Which of the following statements regarding Building Owners and Managers Association (BOMA) standards is correct?

  • A. The BOMA standards provide methods of measuring office buildings only.
  • B. The BOMA standards are complex.
  • C. The BOMA standards provide procedures to measure rentable areas only.
  • D. The BOMA standards provide methods of measuring industrial buildings only.

Answer: A


NEW QUESTION # 31
A salesperson is representing a seller of a pet food store and is preparing the marketing materials. Which of the following is a document the salesperson is required to provide to prospective buyersof the business?

  • A. A statement of the expenses for the business for the past year or since the business was acquired.
  • B. A list of customers who have purchased products in the last 60 months or since the business was acquired.
  • C. An income statement for the past 12 months or since the business was acquired.
  • D. A list of equipment, chattels, and fixtures that are included with the business.

Answer: C


NEW QUESTION # 32
Issues that occurred prior to the closing of a transaction may be uncovered by title and non-title searches during due diligence. Which of the following is a non-title search concern?

  • A. A registered right of way that blocks the buyer's intended use of the property
  • B. The seller is not entitled to transfer title to the property for some reason
  • C. Liens and encumbrances that are registered against the property
  • D. The property's use doesn't comply with municipal zoning bylaws

Answer: D


NEW QUESTION # 33
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