Exam (elaborations)
303 Post Licensing NC exam 2024 with correct answers
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303 Post Licensing NC exam 2024 with correct answers
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303 Post Licensing NC exam 2024 withcorrect answers
Commercial Real Estate Broker Lien - ANSWER: ➡ These laws allow for a commercial real
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estate broker to obtain and foreclose upon a lien as a legal remedy against a property if the
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buyer/seller or lessee/lessor fails to pay the broker the agreed upon commission, as their
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interests in the real property may apply.
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Commercial Lien Requirements - ANSWER: ➡ Must have written agreement
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Co-op agents have no rights to lien
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Limited to subject property g g g
Filing Requirements for a commercial real estate lien - ANSWER: ➡ Cannot be filed until
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within 30 days of closing or possession
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Leaseholds within 90 days of possession or within 60 days of non payment
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Priority of Commercial Brokers Lien - ANSWER: ➡ Date of recordation
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no special warranty
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mechanic lines always have superiority over the brokers lien, regardless of time.
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Collection a commercial lien - ANSWER: ➡ 18 months to enforce lien
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calculated fees from filing dates g g g g
cost and attorney fees to the prevailing party
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Differences between a Commercial & Residential Practices - ANSWER: ➡ Transaction
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timeframes
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land use restrictions and signage codes
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, demographics market trends g g
tenant use and types of businessg g g g g
more detailed leasing arrangements
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Transaction Cycle Time - ANSWER: ➡ Much longer than residential g g g g gg g g g g
each aspect takes longer; property selection, due diligence, analysis, closing
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Full service lease - ANSWER: ➡ Lease includes services
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Base rent + prorated expenses + utilities & services
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Lessor pays expenses, but they are shared with tenants
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Rent is usually higher than other leases
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CAMS - common area maintenance charges shared by all tenants.
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Highest and best use - ANSWER: ➡ There's only one best and highest use. Most profitable use
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Pass Through Provisions - ANSWER: ➡ Provisions that "pass through" to tenant
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-taxes
-insurance
-utilities
Upfit - ANSWER: ➡ An unfit is a customization of space fit to the needs of a tenant at the
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OWNER'S EXPENSE
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Pass through provisions with a base year stop - ANSWER: ➡ Owner pays them up to the
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amount they were the first year , tenant pays excess
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Absorption Studies - ANSWER: ➡ Analysis of space leased and available over particular period
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of time
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