Humber College Updated PREX-1060A Exam Questions and Answers by raven

The rent increase cannot be higher than the guideline set by the government.

The rent increase cannot be more than the Consumer Price Index (CPI).

The rent increase can be any amount.

The rent increase can be challenged by the Landlord and Tenant Board.

Unaudited financial statements are prepared by Chartered Professional Accountants; audited financial statements are prepared by senior Chartered Professional Accountants.

Audited financial statements provide an accurate picture of the financial status of a business; unaudited financial statements may only contain partially reviewed information.

Unaudited financial statements are prepared by accounting students; audited financial statements are completed by accountants who have received their professional designation.

Audited financial statements comply with Generally Accepted Accounting Principles (GAAP); unaudited financial statements do not comply with GAAP.

Zoning bylaws specify the permitted land uses throughout a municipality.

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

New commercial construction and redevelopment must comply with zoning bylaws.

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

Verify if there are any non-competition provisions that need to be satisfied as set out in thecondominium rules or bylaws.

Ensure there is parking and repair space available for commercial trucks.

Confirm that the contract of the condominium property management company has been renewed for at least 10 years.

Obtain the existing status certificate from the brokerage to verify all restrictions, including shared premises with other businesses in the commercial condominium.