Commercial Real Estate Broker Lien - 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 - ANSWER-Must reside in another stat...
JBehr Course 3 Exam Questions |Already
Answered | Graded A+
Commercial Real Estate Broker Lien - 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 - 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 - 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 - ANSWER--Lending:
More ARM's
LTV's much lower
Loans more often made to entities
Non-Recourse loans
Office Floor space categories - ANSWER-Floor plate
Core area
Usable area
Rentable area
Full service Lease - ANSWER-Landlord provides more services scubas cleaning, utilities, and other
services
Rent is usually higher
Transaction Cycle (Sales) - ANSWER--Buyer usually given a free look period
-May terminate without penalty unless otherwise agreed
,-Option contract may serve better
Due Diligence - ANSWER-Investigate the property
BPO Commercial property - ANSWER-broker should use both the income and the sales comparison
approach
Types of Eviction - ANSWER-Actual Eviction
- Called summary ejectment
-small claims court (magistrate )
Constructive Eviction
Constructive Eviction - ANSWER-Landlord has failed to provide fit and habitable. Tenant may move and
stop paying rent.
Pass through Provisions - ANSWER-Tenant to share operating costs ; usually when the collective total
increases
Landlord Duties - 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 - ANSWER--Retail space
-Pay rent plus share of INCOME or PROFIT
NC Residential Rental Act - 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 - ANSWER-Non- Freehold estate ; the landlord holds title while the
tenant takes possession
Lease - ANSWER-a contract that conveys possession but not title
contract for deed - ANSWER-title is given when loan is paid off
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