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303 NC POST LICENSING EXAM ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS BEST AND NEWEST ACTUAL EXAM /GRADED A+$16.49
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303 NC POST LICENSING EXAM
ACTUAL EXAM COMPLETE
ACCURATE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS BEST
AND NEWEST ACTUAL EXAM
/GRADED A+
In a gross lease, who pays all expenses including
maintenance, taxes, and insurance? -
....ANSWER...Landlord
Most commercial rentals use a - ....ANSWER...Net
lease
In a net lease, what is the tenant responsible for
paying? - ....ANSWER...- Operating expenses
- Property taxes
- Insurance
,Graduated lease - ....ANSWER...A lease where rent
increases and decreases in set intervals
The provisions that describe and define the
increases and decreases in graduated leases are
called - ....ANSWER...Escalator
Index lease - ....ANSWER...A lease that has rent
increases and decreases that are uncertain and may
or may not change based on previously determined
indices are called
Percentage lease - ....ANSWER...When the lease
contains a fixed amount plus a percentage of the
gross income or sales.
Percentage leases are most commonly found in the
rental of - ....ANSWER...Retail properties
Characteristics of a ground lease - ....ANSWER...-
Construction of buildings
- Typically long term
- Lessee gets to deduct rent
(Improvement belongs to landlord at lease end)
,Under a typical ground lease the lessee does not
typically get the rights to? - ....ANSWER...Oil and
mineral rights
NC oil, gas, and mineral lease requirements -
....ANSWER...- In writing
- Must be recorded
- Must be disclosed on transfer
Full service lease - ....ANSWER...A lease that
includes the payment of maintenance, janitorial,
landscaping, security, or other services.
The following are ways leases can be terminated: -
....ANSWER...- Full performance
- End of lease term
- Mutual cancellation
- Condemnation (eminent domain) of property
- Failure to pay or maintain
, Leasing and subleasing are permitted however when
a lease is assigned what are the liabilities? -
....ANSWER...Assignor, is primarily liable
Assignee, is secondarily liable
When a leased property is sold, the lease travels
with the property and must be honored by -
....ANSWER...The new owner
NC provision exists when a tenant who is a sole
occupant dies, the landlord may file an affidavit of
possession with a proof of a death certificate and
regain possession to the premises. The landlord
must retain possession to the premises for how
many days? - ....ANSWER...90 Days
What is a landlord? - ....ANSWER...- Lessor of
property
- Property manager
- Owner
- Agents who have apparent authority
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