Exam (elaborations)
NC POST LICENCE 303 SELECTED TOPICS
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NC POST LICENCE 303 SELECTED TOPICS
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NC POST LICENCE 303 SELECTED TOPICSComercial Real Estate Broker Lien - Answers- 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 - Answers- 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 - Answers- Must be erected by a general contractor or by a person
bonded for $5000 to assure compliance with the building code
NC Residential Rental Act - Answers- -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 - Answers- Non- Freehold estate ; the landlord holds
title while the tenant takes possession
Lease - Answers- a contract that conveys possession but not title
contract for deed - Answers- title is given when loan is paid off
Security Deposit limits (residential) - Answers- -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 - Answers- - 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 - Answers- 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 - Answers- 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) - Answers- 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 - Answers- increases are based upon the consumer price index
Loan Fraud - Answers- a real estate agent who participates is subject same penalties
as principal and license suspension or revocation but NCREC
Common Loan Fraud - Answers- almost every falsifies LTV
Short Sales - Answers- -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
Financing in Commercial Brokerage - Answers- -Lending:
More ARM's
LTV's much lower
Loans more often made to entities
Non-Recourse loans
Office Floor space categories - Answers- Floor plate
Core area
Usable area
Rentable area
Full service Lease - Answers- Landlord provides more services scubas cleaning,
utilities, and other services
Rent is usually higher
Absorption study - Answers- Used to measure how much office space is available vs.
how much is used during a particular period
Transaction Cycle (Sales) - Answers- -Buyer usually given a free look period
-May terminate without penalty unless otherwise agreed
-Option contract may serve better
Due Diligence - Answers- Investigate the property
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