Course 4 Overview
Course 4 is a large and challenging course in the Humber College real estate program.
Many students find this course to be the most difficult, so it's important to focus on the key topics.
The course covers a range of topics, including the impact of REBBA (Real Estate and Business Brokers Act) and the Commercial Tenancies Act on commercial real estate transactions.
Humber Real Estate Course 4 Questions Download PDF...
Get Your Humber Real Estate Exam Study Materials Here: https://www.humberrealestate.net/
The Impact of REBBA and the Commercial Tenancies Act
REBBA and the Commercial Tenancies Act are important considerations when dealing with commercial real estate transactions.
These acts outline the legal requirements and obligations for real estate professionals and commercial property owners/tenants.
Disclosure of Material Facts
Real estate professionals have a duty to disclose all material facts about a property to potential buyers.
Material facts are any information that could reasonably affect a buyer's decision to purchase a property.
Failure to disclose material facts can lead to legal issues and liability for the real estate professional.
Conscientious and Competent Service
Real estate professionals must provide conscientious and competent service when dealing with commercial properties.
This includes thoroughly researching the property, understanding relevant laws and regulations, and acting in the best interests of the client.
Humber Real Estate Course 4 Questions Download PDF
Exam questions may test your understanding of material facts and the obligations of real estate professionals.
It's important to be able to identify material facts and understand how they can impact a commercial real estate transaction.
Material Facts and Defects
Material facts include information about the physical condition of the property, such as latent and patent defects.
Latent defects are hidden or concealed issues that are not readily apparent, while patent defects are visible or obvious.
Reviewing material facts and defects is crucial for both residential and commercial real estate transactions.
Litigation in Commercial Real Estate
Litigation can occur in commercial real estate transactions when a buyer discovers issues or problems with the property.
Real estate professionals must be aware of the potential for litigation and take steps to mitigate risk and protect their clients.
Material Defects and Due Diligence in Commercial Real Estate Transactions
Material defects that were not previously disclosed must be communicated to the buyer.
Salespeople must ensure the information they have gathered is accurate and complete to comply with regulations and their code of ethics.
Conducting due diligence and providing conscientious and competent service are essential when working with buyer clients.
Strategies for Navigating "Not" Questions
Understand that "not" questions can be as common as 40% on the course exam.
Employ the right strategies to handle "not" questions, as they may even be a bit easier with the proper approach.
Process of Elimination Practice
Make a list of third-party professionals that could help in discovering any material facts the seller may not have disclosed.
There are now three correct answers, and we're looking for the one incorrect answer.
Always read the question carefully, especially the last part, to identify what is not a good practice.
Due Diligence and Competent Service
Mentioning to buyers that if we see anything that could be a material defect, they should always choose another property is not a good practice.
In commercial and residential real estate, there could be many material facts that need to be discussed.
We should not always be choosing another property; we need to do our due diligence to ensure it's the right property for our clients.
REBBA Code of Ethics and Material Facts
Focus on keywords like "always" when identifying good and bad practices.
The REBA code of ethics emphasizes the importance of material facts, conscientious and competent service.
Repetition and understanding the concepts are key for the Course 4 exam.
Rights and Obligations under the Commercial Tenancies Act
Knowing the mutual obligations of tenants and landlords under the Commercial Tenancies Act is crucial knowledge for the Course 4 exam.
Landlord and Tenant Obligations and Dispute Resolution
Both landlords and tenants have obligations outlined in the lease agreement.
If one party fails to fulfill their obligations, the other party has options to resolve the dispute.
Small claims court and superior court of justice are the two main avenues for dispute resolution.
Compensation can be sought for losses or costs incurred due to the other party's actions.
Court Options for Claims
Small claims court for claims under $35,000.
Superior court of justice for claims over $35,000.
This can be a more difficult topic if not interested.
Key Legal Concepts to Know
Commercial Tenancies Act.
Landlord and tenant rights.
REBA code of ethics.
Conscientious incompetence.
Service material facts.
Latent defects.
Course 4 Exam Structure and Content
Three main types of commercial properties: retail, office, and industrial.
Refer to previous video for more in-depth coverage of these property types and commercial condominiums.
Course 4 Exam Structure and Format
Course 4 exam structure and format.
115 multiple-choice questions.
3 hours to complete the exam.
Can be taken online or live (check for updates).
Exam Structure Details
115 multiple-choice questions.
Same format as Courses 2 and 3.
Exam Duration and Passing Requirements
3 hours to complete the exam.
Need 75+ to pass.
Can get 28 questions wrong and still pass with an 87 out of 115 (76% passing mark).
Course 4 Structure
15 modules.
Repetition in modules 9, 10, and 11.
Importance of Considering the Total Hours
Importance of considering the total hours required to complete the course.
Helps judge the time needed to prepare for the exam.
Repetition in Course 4 Modules
Modules 9, 10, and 11 have some repetition.
Deceptive in terms of the total time required.
Passing the Exam
Owners in the commercial condominium sector may be involved in a variety of industries.
As a salesperson, you should be aware of the most common uses of commercial condominiums.
Financial Reports
Many students are just trying to get through the course to get licensed, without plans to work in commercial real estate.
For those interested in commercial real estate, passing the exam is an important first step.
Exam Strategies
The instructor has certain techniques and tricks that they use on every single question of the exam.
When approaching a question, the instructor recommends starting at the top left, taking a deep breath, and carefully reading the question.
Question-Specific Strategies
For the commercial condominium question, the instructor moves the cursor over each possible answer and leaves it hovered over anything that sounds correct.
The instructor chooses the answer that best describes a mixed-use condominium, which involves common spaces like conference rooms and media rooms.
Retail Condominium vs. Mixed-Use Condominium
Retail condominium: Commonly a high-rise condominium complex with ground floor retail owned by a corporation and leased to retail tenants or owned by individual businesses.
Mixed-use condominium: A condominium that can include light manufacturing, storage, or warehousing, in addition to retail.
Preparing to Sell a Business
The greatest challenge is financial reports and associated information.
As a listing salesperson, you will need to ask the seller specific questions.
Identifying Relevant Information in Transcripts
Avoid overthinking obvious answers.
Leave the cursor hovered over a potential answer to consider it further.
Use the process of elimination to identify the best response.
Exam Preparation Strategies
Every exam is different, but a smart practice is to expect at least 50% of the questions to be "not questions" (i.e., not straightforward questions).
Get Your Humber Real Estate Exam Study Materials Here: https://www.humberrealestate.net/
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