Humber College PREX-1060A valid exam dumps : Exam 4: Invigilated Theory Exam

  • Exam Code: PREX-1060A
  • Exam Name: Exam 4: Invigilated Theory Exam
  • Updated: Sep 24, 2026
  • Q&As: 108 Questions and Answers

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Humber College PREX-1060A Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Plan Administration and Compliance10%- Plan termination rules
- Responsibilities of providers and subscribers
- Reporting requirements
Topic 2: Withdrawals and Distributions15%- Educational vs non-educational withdrawals
- Impact on grants
- Tax treatment
Topic 3: Government Grants and Incentives20%- Provincial programs
- Canada Education Savings Grant (CESG)
- Canada Learning Bond (CLB)
Topic 4: Contribution Rules and Limits25%- Annual and lifetime contribution limits
- Excess contributions and penalties
- Carry-forward provisions
Topic 5: RESP Fundamentals30%- Key parties involved
- Definition and purpose of RESP
- Basic rules and regulations

Humber College Exam 4: Invigilated Theory Sample Questions:

Question #1

A salesperson is searching for properties on behalf of their retail buyer client for their designer eyewear and optical store. The buyer discusses their storage and product display needs with the salesperson. Which of the following is NOT a factor the buyer should consider regarding the product display and storage space of potential properties?

  • A. The salesperson should advise the buyer to consider their business's predicted monthly inventory.
  • B. The salesperson should advise the buyer to consider the size of their products.
  • C. The salesperson should advise the buyer to consider the price of their products.
  • D. The salesperson should advise the buyer to consider the space they will need to allot for storage versus customer-facing product.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Question #2

A seller client wants to know the actual size of their unit to avoid any discrepancies. How should the salesperson assist the client?

  • A. Recommend the services of third-party professionals to measure it.
  • B. Add a disclaimer to protect the seller from any discrepancy.
  • C. Tell the seller the usable size is 80 percent of the rentable size.
  • D. Use a laser measuring device to take the measurements.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

A buyer is purchasing a farm and all the animals are included in the sale price. The buyer is worried the animals could become infected with disease prior to closing, so the salesperson inserts a clause in the agreement of purchase and sale to address that issue. Which of the following should NOT be included in the clause to protect the buyer?

  • A. State that the seller will continue the day-to-day farm operations until closing.
  • B. The number of animals based on type, gender, and health; if the number is not the same at closing, the price will be adjusted.
  • C. A condition requiring a check-up of each animal by a predetermined veterinarian during due diligence.
  • D. State that the buyer is assuming all animals on an "as is" basis.
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #4

A buyer is interested in constructing a retail building and wants to use the most efficient method to save time and money. Which statement is true with regard to tilt-up wall panels and pre-cast panels?

  • A. Pre-cast panels cost much more than tilt-up panels.
  • B. Pre-cast panels are more durable than tilt-up panels.
  • C. Both tilt-up panels and pre-cast panels can lower construction costs.
  • D. Both tilt-up panels and pre-cast panels are formed off-site.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Question #5

An agreement of purchase and sale for an industrial building is accepted conditional on financing with the expiry date of May 14. On May 11, the bank informs the buyer the mortgage cannot be approved until May
17. The salesperson for the buyer then prepares an amendment to the agreement of purchase and sale for the extension of the condition. Which of the following is NOT correct?

  • A. To play it safe, the salesperson should amend the condition with May 18 as the expiry date.
  • B. The salesperson should prepare the amendment with midnight, May 17 as the irrevocable time.
  • C. The buyer can use the same amendment to ask for a change of the closing date.
  • D. The buyer can still waive the condition before the expiry date if the seller refuses to sign the amendment, provided there is a waiver provision in the condition.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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