303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Absorption study - ansUsed to measure how much office space is available vs. how
much is used during a particular period
BPO Commercial property - ansbroker should use both the income and the sales
comparison approach
Broker License Education - ans-must complete 30 hour post license courses within 3
years of receiving provisional broker
- Must complete at least one course per year or license goes inactive until course is
completed
Broker-In-Charge - ans2 years full time experience
must complete 8 hour BIC and 4 hour trust account courses within 120 days.
must complete annual BIC up
Broker-In-Charge is not required - ans-firm is formed for sole purpose of receiving
compensation from another firm and:
- is a Subchapter S corporation
-no branch office
-has a qualifying broker
Broker-in-Charge Responsibilities - ans- all advertising
-must maintain trust accounts
-maintain all records, 3 years of all contracts and offers , copies of sketches for sqft.
-insure all agents renew license and complete continuing education.
-
Comercial Real Estate Broker Lien - ansavailable 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
Common Loan Fraud - ansalmost every falsifies LTV
Constructive Eviction - ansLandlord has failed to provide fit and habitable. Tenant may
move and stop paying rent.
contract for deed - anstitle is given when loan is paid off
Due Diligence - ansInvestigate the property
Extraterritorial Jurisdiction (EJ's) - ansAllows control of land use outside city limits
-Pop. Less than 10,000= 1 mile
,303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
-Pop. between 10,000-25,000= 2 miles
-Pop. of 25, 000 or more = 3 miles
Federal Fair Housing Act of 1968 (RESIDENTIAL) - ansProhibits discrimination based
on
-RACE
-RELIGION
-COLOR
-NATIONAL ORIGIN
-SEX
(UDATED 1988)
FAMILIAR STATUS AND HANDICAPPED
Financing in Commercial Brokerage - ans-Lending:
More ARM's
LTV's much lower
Loans more often made to entities
Non-Recourse loans
Full service Lease - ansLandlord provides more services scubas cleaning, utilities, and
other services
Rent is usually higher
Index Lease - ansincreases are based upon the consumer price index
Landlord Duties - ansThese 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
Lease - ansa contract that conveys possession but not title
Licence suspension/ Revocation - ansProvisional broker receiving compensations from
other than B-I-C
- If you leave a firm , previous BIC may pay you directly any commission earned while
you were active
- Must have BIC consent
,303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Limited Non Resident Commercial License - ansMust reside in another state or US
territory , PERON must hold an active license in a "qualifying state" , Two years
experience NOT required.
Loan Fraud - ansa real estate agent who participates is subject same penalties as
principal and license suspension or revocation but NCREC
Making Manufactured Housing real property - ans-must be on permeant foundation
-remove wheels and tongue
-change paperwork at DMV
-cancel VIN and title - have it deeded
-notify tax office
Modular Housing - ansMust be erected by a general contractor or by a person bonded
for $5000 to assure compliance with the building code
NC Residential Rental Act - ans-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
Non-Conforming use - ansnot currently allowed but allowed because was there first.
"grandfathered"
-cannot expand
-cannot rebuild if destroyed
-may sell and new owner may continue
-Ultimate goal is to make conform
Office Floor space categories - ansFloor plate
Core area
Usable area
Rentable area
option contract - ansthe right to buy real property for a period of time
Pass through Provisions - ansTenant to share operating costs ; usually when the
collective total increases
Percentage Lease - ans-Retail space
-Pay rent plus share of INCOME or PROFIT
, 303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Permitted uses of security deposit - ans- 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
property management - ans-has to be licensed
-any agreement between broker and property owner must be in writing
Real Estate Firms - ansMust have: Qualifying Broker
Licensed in good standing
general partner of partnership
manager of LLC
officer of corporation
does not have to be a BIC
firm gets a license
Restrictive Covenants - ansRun with the land
enforced by the owners and developer
Can be more restrictive than public land use controls such as zoning
More restrictive prevails
Security Deposit limits (residential) - ans-Week to week: 2 weeks rent
-Month to month : 1.5 months rent
-greater than m-m: 2 months rent
Short Sales - ans-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
Special Use - ansallowing a use not normally allowed in zoning because it serves the
area in a special way i.e.. schools, library, church etc.
Subdivision - anstracts of two or more lots
-for the purpose of sale or development
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Absorption study - ansUsed to measure how much office space is available vs. how
much is used during a particular period
BPO Commercial property - ansbroker should use both the income and the sales
comparison approach
Broker License Education - ans-must complete 30 hour post license courses within 3
years of receiving provisional broker
- Must complete at least one course per year or license goes inactive until course is
completed
Broker-In-Charge - ans2 years full time experience
must complete 8 hour BIC and 4 hour trust account courses within 120 days.
must complete annual BIC up
Broker-In-Charge is not required - ans-firm is formed for sole purpose of receiving
compensation from another firm and:
- is a Subchapter S corporation
-no branch office
-has a qualifying broker
Broker-in-Charge Responsibilities - ans- all advertising
-must maintain trust accounts
-maintain all records, 3 years of all contracts and offers , copies of sketches for sqft.
-insure all agents renew license and complete continuing education.
-
Comercial Real Estate Broker Lien - ansavailable 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
Common Loan Fraud - ansalmost every falsifies LTV
Constructive Eviction - ansLandlord has failed to provide fit and habitable. Tenant may
move and stop paying rent.
contract for deed - anstitle is given when loan is paid off
Due Diligence - ansInvestigate the property
Extraterritorial Jurisdiction (EJ's) - ansAllows control of land use outside city limits
-Pop. Less than 10,000= 1 mile
,303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
-Pop. between 10,000-25,000= 2 miles
-Pop. of 25, 000 or more = 3 miles
Federal Fair Housing Act of 1968 (RESIDENTIAL) - ansProhibits discrimination based
on
-RACE
-RELIGION
-COLOR
-NATIONAL ORIGIN
-SEX
(UDATED 1988)
FAMILIAR STATUS AND HANDICAPPED
Financing in Commercial Brokerage - ans-Lending:
More ARM's
LTV's much lower
Loans more often made to entities
Non-Recourse loans
Full service Lease - ansLandlord provides more services scubas cleaning, utilities, and
other services
Rent is usually higher
Index Lease - ansincreases are based upon the consumer price index
Landlord Duties - ansThese 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
Lease - ansa contract that conveys possession but not title
Licence suspension/ Revocation - ansProvisional broker receiving compensations from
other than B-I-C
- If you leave a firm , previous BIC may pay you directly any commission earned while
you were active
- Must have BIC consent
,303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Limited Non Resident Commercial License - ansMust reside in another state or US
territory , PERON must hold an active license in a "qualifying state" , Two years
experience NOT required.
Loan Fraud - ansa real estate agent who participates is subject same penalties as
principal and license suspension or revocation but NCREC
Making Manufactured Housing real property - ans-must be on permeant foundation
-remove wheels and tongue
-change paperwork at DMV
-cancel VIN and title - have it deeded
-notify tax office
Modular Housing - ansMust be erected by a general contractor or by a person bonded
for $5000 to assure compliance with the building code
NC Residential Rental Act - ans-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
Non-Conforming use - ansnot currently allowed but allowed because was there first.
"grandfathered"
-cannot expand
-cannot rebuild if destroyed
-may sell and new owner may continue
-Ultimate goal is to make conform
Office Floor space categories - ansFloor plate
Core area
Usable area
Rentable area
option contract - ansthe right to buy real property for a period of time
Pass through Provisions - ansTenant to share operating costs ; usually when the
collective total increases
Percentage Lease - ans-Retail space
-Pay rent plus share of INCOME or PROFIT
, 303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 250 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A
Permitted uses of security deposit - ans- 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
property management - ans-has to be licensed
-any agreement between broker and property owner must be in writing
Real Estate Firms - ansMust have: Qualifying Broker
Licensed in good standing
general partner of partnership
manager of LLC
officer of corporation
does not have to be a BIC
firm gets a license
Restrictive Covenants - ansRun with the land
enforced by the owners and developer
Can be more restrictive than public land use controls such as zoning
More restrictive prevails
Security Deposit limits (residential) - ans-Week to week: 2 weeks rent
-Month to month : 1.5 months rent
-greater than m-m: 2 months rent
Short Sales - ans-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
Special Use - ansallowing a use not normally allowed in zoning because it serves the
area in a special way i.e.. schools, library, church etc.
Subdivision - anstracts of two or more lots
-for the purpose of sale or development
