NC 302 POST LICENSING EXAM CONTRACTS AND CLOSING NEWEST LATEST EXAM VERSION
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Course
NC 302
Institution
NC 302
Commercial Real Estate Broker Lien - CORRECT ANSWER️ available
only to listing broker, is NOT superior to mechanics lien, Must be filed for
sales: within 30 days prior to closing; Leases: within 60 days after due date
of payment
Limited Non Resident Commercial License - CORRECT ANSWER️ M...
NC 302 POST LICENSING EXAM CONTRACTS
AND CLOSING NEWEST 2024-2026 LATEST
EXAM VERSION
Commercial Real Estate Broker Lien - CORRECT ANSWER✔️ available
only to listing broker, is NOT superior to mechanics lien, Must be filed for
sales: within 30 days prior to closing; Leases: within 60 days after due date
of payment
Limited Non Resident Commercial License - CORRECT ANSWER✔️ Must
reside in another state or US territory , PERON must hold an active license
in a "qualifying state" , Two years experience NOT required.
Modular Housing - CORRECT ANSWER✔️ Must be erected by a general
contractor or by a person bonded for $5000 to assure compliance with the
building code
Financing in Commercial Brokerage - CORRECT ANSWER✔️ -Lending:
More ARM's
LTV's much lower
Loans more often made to entities
Non-Recourse loans
Office Floor space categories - CORRECT ANSWER✔️ Floor plate
Core area
Usable area
Rentable area
Full service Lease - CORRECT ANSWER✔️ Landlord provides more
services scubas cleaning, utilities, and other services
Rent is usually higher
,Transaction Cycle (Sales) - CORRECT ANSWER✔️ -Buyer usually given
a free look period
-May terminate without penalty unless otherwise agreed
-Option contract may serve better
Due Diligence - CORRECT ANSWER✔️ Investigate the property
BPO Commercial property - CORRECT ANSWER✔️ broker should use
both the income and the sales comparison approach
Types of Eviction - CORRECT ANSWER✔️ Actual Eviction
- Called summary ejectment
-small claims court (magistrate )
Constructive Eviction
Constructive Eviction - CORRECT ANSWER✔️ Landlord has failed to
provide fit and habitable. Tenant may move and stop paying rent.
Pass through Provisions - CORRECT ANSWER✔️ Tenant to share
operating costs ; usually when the collective total increases
Landlord Duties - CORRECT ANSWER✔️ These duties require landlords
to provide a "fit and habitable premises" by complying with current building
and housing codes, keeping all common areas in "safe condition,"
maintaining and promptly repairing all electrical, plumbing, heating and air
conditioning, and providing operable smoke alarms. The statutes also
require landlords to "repair or remedy any imminently dangerous
conditions" within a reasonable time after receiving notice, based upon the
severity of the condition
Percentage Lease - CORRECT ANSWER✔️ -Retail space
-Pay rent plus share of INCOME or PROFIT
,NC Residential Rental Act - CORRECT ANSWER✔️ -Waivers are
Prohibited
-Property must be "fit and habitable"
-must comply with current building codes
-keep common areas safe
-Maintenance , heat to 65degrees
-does not apply to transient quarters
Type of Estate created by a Lease - CORRECT ANSWER✔️ Non-
Freehold estate ; the landlord holds title while the tenant takes possession
Lease - CORRECT ANSWER✔️ a contract that conveys possession but
not title
contract for deed - CORRECT ANSWER✔️ title is given when loan is paid
off
Security Deposit limits (residential) - CORRECT ANSWER✔️ -Week to
week: 2 weeks rent
-Month to month : 1.5 months rent
-greater than m-m: 2 months rent
Permitted uses of security deposit - CORRECT ANSWER✔️ - Non
payment of rent
-Damage to property
- Non-fulfillment of rental period
- Unpaid bills from occupancy
- Cost of re-renting
-cost for removal or storage of tenants property
- court costs relating to termination
NOT NORMAL WEAR AND TEAR
Subdivision - CORRECT ANSWER✔️ tracts of two or more lots
, -for the purpose of sale or development
-includes dedication of new streets or change in existing streets
Restrictive Covenants - CORRECT ANSWER✔️ Run with the land
enforced by the owners and developer
Can be more restrictive than public land use controls such as zoning
More restrictive prevails
Extraterritorial Jurisdiction (EJ's) - CORRECT ANSWER✔️ Allows control
of land use outside city limits
-Pop. Less than 10,000= 1 mile
-Pop. between 10,000-25,000= 2 miles
-Pop. of 25, 000 or more = 3 miles
Index Lease - CORRECT ANSWER✔️ increases are based upon the
consumer price index
Loan Fraud - CORRECT ANSWER✔️ a real estate agent who participates
is subject same penalties as principal and license suspension or revocation
but NCREC
Common Loan Fraud - CORRECT ANSWER✔️ almost every falsifies LTV
Short Sales - CORRECT ANSWER✔️ -Licensee may refuse
-Licensees Do Not act as negotiators between seller and lender
-Seller is NOT automatically forgiven any further debt in a short sale
- buyer can back out prior to lender acceptance
- other offers reconsidered backups
-seller must notify if foreclosure is initiated
Unlicensed Assistant - CORRECT ANSWER✔️ -show rental properties
(not listing)
-Act as bookkeeper fir trust funds
-Prepare advertising under supervision
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