BC Real Estate Trading Services Licensing Exam Practice · Question
A buyer is considering making an offer on a commercial property. The property is currently zoned for retail but the buyer intends to redevelop it for office space. What should the licensee advise the buyer to do?
To protect the buyer, the licensee should advise including a subject condition that makes the purchase contingent on successful rezoning. This ensures the buyer
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Question: A buyer is considering making an offer on a commercial property. The property is currently zoned for retail but the buyer intends to redevelop it for office space. What should the licensee advise the buyer to do?
Answer options:
- Assume the rezoning will be approved easily due to market demand. ✅ Include a condition precedent in the offer making the purchase contingent on obtaining satisfactory rezoning.
- Proceed with the purchase and deal with rezoning after possession.
- Rely on verbal assurances from the seller regarding rezoning potential.
Correct answer: Include a condition precedent in the offer making the purchase contingent on obtaining satisfactory rezoning.
Explanation: To protect the buyer, the licensee should advise including a subject condition that makes the purchase contingent on successful rezoning. This ensures the buyer's intended use is viable before completing the purchase.
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Question explanations
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