Q:1 When completing the Agreement of Purchase & Sale-Commercial:
a) The Commission Trust Agreement is always signed to protect our commission
b) A disclosure must be made in the offer if both buyer & seller are being represented by your company
c) Spousal Consent is never involved because we are selling commercial, not a single family home
d) The Seller’s signature also authorizes the Seller’s lawyer to pay directly to the Listing Brokerage the unpaid balance of the commission.
Q:2 If a tenant leases 2,000sf and the base rent is 10/sf with additional rent of $2.50/sf for the entire term of the lease, the amount of the first & last month’s deposit should be:
Q:3 A couple lives in Florida from October 1st to May 30th. They are listing their house for sale. Which of the following statement is true?
a) Seller’s lawyer would normally give a personal undertaking to pay any tax liability out of the sale.
b) They are non-residents. Buyer will be liable for their tax unless either the seller is cleared by CRA or buyer remits 25% of purchase price to CRA.
c) Buyer can rely on the seller’s assurance that this is their primary residence.
d) They assure you they are Canadian citizens so it is okay. CRA will able to collect from them