Exam (elaborations)
NC POST LICENSING 303 EXAMS STUDY QUESTIONS
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NC POST LICENSING 303 EXAMS STUDY QUESTIONS
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NC POST LICENSING 303 EXAMS STUDY QUESTIONSCommercial purchase contract - Answers- vary widely, inspections or due diligent are
key, no standard contract
Commercial Due Diligence - Answers- Free look, no risk, determined by buyer and
seller
BPO-Broker Price Opinion Analysis - Answers- Contains a market analysis and derives
value from capitalization rates
Capitalization formula - Answers- I/R*V
Value=NOI/Rate
Potential Gross Income - Answers- Vacancy Collection losses
Additional income
Effective gross income - Answers- Operating expenses
Net operating income - Answers- Debt service(mortgage), Capital expenditures
reserves commissions
Ground Lease - Answers- Dirt owners dream, common arrangements, costals, lake,
reservations, hong kong is the world's largest
Common Ground Lease Provision - Answers- Often Allowed construction of a building
typically in the lease get to deduct rent as business expenses
Full-Service Lease - Answers- Lease includes services, base rent + prorated expenses
+ utilities & services, lessor pays expenses, but they are shared among tenants, rent is
usually higher than other leases, CAMs
CAMs - Answers- Common area maintenance charges shared by all tenants
Landlord - Answers- Lessor of the property; agents that have actual or apparent
authority over the property
Smoke & Carbon Monoxide Detectors - Answers- Smoke Mandatory, Carbon attached
garage and fossil fuel appliances, landlord must install 10yr lithium batteries or hard
wire; tenant replace batteries during the lease
Constructive Eviction - Answers- Landlord Breach-Failure to maintain; Heath & safety.
Tenant must move and relinquish possession.
Actual Eviction - Answers- Tenant Breach-Breach of lease; usually failure to pay rent.
Landlord must file a summary ejectment.
, Magistrate Handle Evictions - Answers- Right to hearing in 7 days, decision on day of
hearing, writ issued within 5 days of hearing, summary ejectment proceeding
Tenant Security Deposit Act - Answers- Trust acct or bond;
Wkly-2 weeks;mthly-1 1/2 mths; longer-2 mths
Commercial vs. residential deposits - Answers- Residential based upon lease term.
Commercial deposits are unregulated
Proper uses of security deposits - Answers- Nonpymt of rent; can use for damage;
unfulfilled lease term;unpaid bills that create a lien on the property; Eviction cost
Vacation Rental - Answers- Residential property, vacation leisure or recreation purpose,
less than 90 days, renter has permanent residence
1866 Civil Rights Act - Answers- Illegal to discriminate on the basis of race or color
Fair Housing
FReSH CoRN - Answers- Familial status, race, sex, handicap, color, religion, national
origin
Blockbusting - Answers- Directing people to move out of a neighborhood due to
protected class demographics
Steering - Answers- Referencing neighborhoods by protected class; directing people to
or away from certain neighborhoods based on ethnic or racial make up
Redlining - Answers- Lender or mortgage violation. Changing loan terms or conditions
based on ethnic or racial makeup
Children Exclusion - Answers- Children cannot be excluded from any part of the
property; can enforce safety guidelines and adult supervision
Enforcement of Fair Housing Laws - Answers- HUD, Private Agencies, Attorney
General, North Carolina Human Relations Commission
Equal Credit Opportunity Act
ECOA - Answers- Lenders only: all protected classes including marital status, age,
receipt of public assistance income
Vacation Rental - Answers- Residential property, vacation leisure or recreation purpose,
less than 90 days, renter has permanent residence
1866 Civil Rights Act - Answers- Illegal to discriminate on the basis of race or color
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