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?

• A. Municipalities have zoning bylaws that divide the city into different land uses or zones.
• B. Municipal zoning bylaws overrule all other laws with respect to land uses and issuance ofbuilding permits in Ontario.
• C. New commercial construction and redevelopment must comply with zoning bylaws.
• D. Zoning bylaws specify the permitted land uses throughout a municipality.

A salesperson sells an office building using the Commercial Agreement of Purchase and Sale along with a schedule that lists all the fixtures, chattels, and rental items of the office building. After closing the real estate transaction, a dispute arises between the seller and the buyer about which chattels, fixtures, and rental items of the office building were to be included and which were to be excluded. Which of the following is NOT an accurate statement regarding the salesperson's actions related to negotiating chattels, fixtures, and rental items?

• A. The salesperson should specifically exclude all chattels that are not a part of the transaction since chattels are considered a part of the property and are normally included in the purchase price.
• B. The salesperson should clearly list all rental items and service contracts, as these will not be included in the purchase price of the real property being purchased.
• C. The salesperson should specifically exclude all fixtures that are not a part of the transaction since fixtures are considered a part of the property and are normally included in the purchase price.
• D. The salesperson should clearly describe and list the fixtures and chattels in the Agreement of Purchase and Sale and mark each item as an exclusion or inclusion.

A salesperson has a buyer client in the metal fabrication industry, which requires outdoor storage and involves substantial noise and smells. The salesperson sees a listing that says "24,000-square-foot light industrial property, multi-uses permitted." Is this a suitable property for their client? Why or why not?

• A. Yes, the property is suitable, as the listing says the property is light industrial and multi-uses are permitted.
• B. Yes, the property will be suitable if the client states they will change the zoning to allow their type and classification of business to operate at this location.
• C. No, the property is not suitable, as the client's business type and classification require heavy industrial zoning.
• D. Yes, the property is suitable since the client is already in the metal fabrication business, and does not need to get any permits from the municipality prior to moving in and using the property.

Asset sale and share sale are two different ways to sell a business. Which statement describes an asset sale?

• A. The seller benefits from a tax standpoint since any gain to the seller on the sale will be considered under the capital gains tax exemption.
• B. The buyer assumes all assets and accepts all liabilities of the business.
• C. The buyer replaces the seller as the owner of the corporation.
• D. The buyer is eligible for tax deductions and benefits by claiming capital cost allowance on depreciable property.

A buyer client and their salesperson are doing a visual check of the industrial property that the buyer is planning to purchase. When they get to the rear of the property, the salesperson observes a potential source of contamination. Which of the following factors is likely the cause of concern for the salesperson?

• A. The office building next door has an overflow parking lot.
• B. The neighboring property includes a restaurant, a dental clinic, and a law office.
• C. There is a residential neighborhood and playground nearby.
• D. There is vacant land nearby with a small pond with discolored standing water.