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Post Licensing 303 exam with well answered questions.
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Post Licensing 303 exam with well answered questions.
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Post Licensing 303 exam with wellanswered questions
The purpose of zoning regulations - ANSWER: ➡ To control the use of the land
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Full service office lease - ANSWER: ➡ Landlord pays for business service and maintenance but
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the rent is higher
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Absorption rate - ANSWER: ➡ How much space is used or sales in a given period of time
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Floor plate, core area, usable and rentable area - ANSWER: ➡ Office property
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Define due dilligence - ANSWER: ➡ Buyer or renter is evaluation of property for the intended
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use- research, inspections, test, etc.
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What is the free look period in commercial real estate? - ANSWER: ➡ Equal to due dilligence,
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buyer or renters evaluation of the property during this time period, doing their DD and having
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their right to cancel
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What is a nonconforming use in zoning? - ANSWER: ➡ A legal use but does not adhere to the
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zoning ordinance, but was legal use before the zoning changed
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What is an illegal use in zoning? - ANSWER: ➡ Using the property against the zoning ordinance
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What is a zoning variance? - ANSWER: ➡ A slight change from the zoning ordinance because of
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a hardship but properly used for the zoning purpose
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, What is the basic responibility of the landlord under the Residential Rental Agreement Act? -
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ANSWER: ➡ The landlord must maintain a fit and habitable property and maintain the
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common areas and cannot rent "as is" if not habitable
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Under the NC Tenant Security Deposit Act, the maximum a landlord can collext as a security
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deposit is determined by what? - ANSWER: ➡ The term of the lease for residential properties
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In almost all lending fraud cases what are they trying to adjust and by doing what? - ANSWER:
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➡ Loan to value ratio by giving false information
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What are restrictive/protective covenants? - ANSWER: ➡ Private landuse controls, can be
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more restrictive than zoning
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In real estate what does it mean "runs with the land"? - ANSWER: ➡ It affects other land
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owners as they take ownership of the land.
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What are some of the main duties of the Broker in charge? - ANSWER: ➡ 1. Supervise P.B.s
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2. Make sure all brokers in the firm do their CE and renew their license each year.
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3. Approval of all ads
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4. Handles trust accounts
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What are some of the "real estate" duties a salaried assistant may do for a broker? - ANSWER:
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➡ 1. show rentals
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2. write leases, but can never negotiate
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3. prepare materials
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4. collect and deposit money
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5. keep records
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What is "Retaliatory eviction"? - ANSWER: ➡ Evicting a tenant who has taken legal action
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against the landlord (this is illegal)
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