1|Page
NC POST-LICENSING 303 EXAM NEWEST 2025 WITH 200
ACCURATE AND VERIFIED QUESTIONS COVERING AGENT
RELATIONSHIPS AND RESPONSIBILITIES, CONTRACT LAW,
LICENSE STATUS, AND NORTH CAROLINA REAL ESTATE
REGULATIONS.
The Basics of Condominiums - ANSWER-The formal legal definition of a condominium is when
owners
1) have a separate Fee simple
AND
2) share ownership of common area
3) title to the common area is Tenants in Common
Regarding Condominiums: What must be disclosed to prospective buyers prior to sale - VIP -
ANSWER-Public Offering Statement
Regarding condominiums: When must the disclosure of POS happen - ANSWER-Prior to
purchase contract
How many days do prospective buyers have to rescind from contract - ANSWER-A MANDATORY
7 day right of rescission
Regarding condominiums: - ANSWER-There must be a unit owner's association formed prior to
transfer of first unit
,2|Page
Regarding condominiums: there may be a special class of common areas that is reserved for use
by one or more units. These areas are called - ANSWER-Limited Common Areas
Regarding condominium insurance coverage - ANSWER-Policy H06 owner's "walls" in coverage
is covered
What typically covers the common areas of a condominium - ANSWER-the Condo Master Policy
To sell timeshare in North Carolina one MUST have - ANSWER-a real estate license
Definition of TIMESHARE in NC - ANSWER-the sale or lease with a right to occupy the property
or unit at least
1) 5 or more separate time periods
2) over a period of at least 5 years
When must a POS be provided to prospective buyers when selling a TIMESHARE interest VIP -
ANSWER-prior to contract
What must be obtained prior to the sale or offer to sell or lease a TIMESHARE interest - VIP -
ANSWER-Certificate of Registration
TIMESHARE developer must designate - ANSWER-a licensee who is NOT on provisional status to
act as PROJECT BROKER
,3|Page
What is the job of the PROJECT BROKER in a TIMESHARE brokerage - ANSWER-Manage and
Supervise timeshare salespersons
How many days does a prospective buyer have to rescind in a TIMESHARE sale - ANSWER-5 days
If buyer rescinds on a TIMESHARE sale monies must be returned - ANSWER-within 30 days from
the date the contract was executed
TIMESHARE developer may be fined - ANSWER-500 dollars for non compliance by NREC
Records in a TIMESHARE sale must be kept - ANSWER-minimum of 3 years
Manufactured Homes are - ANSWER-personal property
Modular homes are - ANSWER-real property after sections are assembled
Manufactured Homes can be converted into REAL Property if - VIP - ANSWER-1) the owner
owns the land
2) Owner removes, wheels, and axles (and attach to land in some cases)
3) owner obtains an Affidavit of Affixture - (cancels the DMV registration
Non resident limited commercial broker license - ANSWER-1) Is only available to a non-resident
of North Carolina
2) licensee must have an active license in another state
, 4|Page
Requirements to get a Limited Commercial Real Estate License - ANSWER-1) File an application
2) Affiliate with a NC Broker
3) Limited to commercial real estate practice
Transaction times in commercial real estate sales are - ANSWER-often longer than residential
sales
Loan terms in commercial real estate financing - ANSWER-are shorter than residential
Interest rates in commercial real estate financing - ANSWER-are higher then residential
Basic types of commercial real estate - ANSWER-land, office building, retail building, industrial,
speciality properties
Commercial Real Estate Classes - ANSWER-Class A:
- No more than 20 years old
- modern features
- well maintained
- excellent quality
Class B:
- 20-30 years old
- maintained and functioning
- some limitations such as parking and locations
Class C:
NC POST-LICENSING 303 EXAM NEWEST 2025 WITH 200
ACCURATE AND VERIFIED QUESTIONS COVERING AGENT
RELATIONSHIPS AND RESPONSIBILITIES, CONTRACT LAW,
LICENSE STATUS, AND NORTH CAROLINA REAL ESTATE
REGULATIONS.
The Basics of Condominiums - ANSWER-The formal legal definition of a condominium is when
owners
1) have a separate Fee simple
AND
2) share ownership of common area
3) title to the common area is Tenants in Common
Regarding Condominiums: What must be disclosed to prospective buyers prior to sale - VIP -
ANSWER-Public Offering Statement
Regarding condominiums: When must the disclosure of POS happen - ANSWER-Prior to
purchase contract
How many days do prospective buyers have to rescind from contract - ANSWER-A MANDATORY
7 day right of rescission
Regarding condominiums: - ANSWER-There must be a unit owner's association formed prior to
transfer of first unit
,2|Page
Regarding condominiums: there may be a special class of common areas that is reserved for use
by one or more units. These areas are called - ANSWER-Limited Common Areas
Regarding condominium insurance coverage - ANSWER-Policy H06 owner's "walls" in coverage
is covered
What typically covers the common areas of a condominium - ANSWER-the Condo Master Policy
To sell timeshare in North Carolina one MUST have - ANSWER-a real estate license
Definition of TIMESHARE in NC - ANSWER-the sale or lease with a right to occupy the property
or unit at least
1) 5 or more separate time periods
2) over a period of at least 5 years
When must a POS be provided to prospective buyers when selling a TIMESHARE interest VIP -
ANSWER-prior to contract
What must be obtained prior to the sale or offer to sell or lease a TIMESHARE interest - VIP -
ANSWER-Certificate of Registration
TIMESHARE developer must designate - ANSWER-a licensee who is NOT on provisional status to
act as PROJECT BROKER
,3|Page
What is the job of the PROJECT BROKER in a TIMESHARE brokerage - ANSWER-Manage and
Supervise timeshare salespersons
How many days does a prospective buyer have to rescind in a TIMESHARE sale - ANSWER-5 days
If buyer rescinds on a TIMESHARE sale monies must be returned - ANSWER-within 30 days from
the date the contract was executed
TIMESHARE developer may be fined - ANSWER-500 dollars for non compliance by NREC
Records in a TIMESHARE sale must be kept - ANSWER-minimum of 3 years
Manufactured Homes are - ANSWER-personal property
Modular homes are - ANSWER-real property after sections are assembled
Manufactured Homes can be converted into REAL Property if - VIP - ANSWER-1) the owner
owns the land
2) Owner removes, wheels, and axles (and attach to land in some cases)
3) owner obtains an Affidavit of Affixture - (cancels the DMV registration
Non resident limited commercial broker license - ANSWER-1) Is only available to a non-resident
of North Carolina
2) licensee must have an active license in another state
, 4|Page
Requirements to get a Limited Commercial Real Estate License - ANSWER-1) File an application
2) Affiliate with a NC Broker
3) Limited to commercial real estate practice
Transaction times in commercial real estate sales are - ANSWER-often longer than residential
sales
Loan terms in commercial real estate financing - ANSWER-are shorter than residential
Interest rates in commercial real estate financing - ANSWER-are higher then residential
Basic types of commercial real estate - ANSWER-land, office building, retail building, industrial,
speciality properties
Commercial Real Estate Classes - ANSWER-Class A:
- No more than 20 years old
- modern features
- well maintained
- excellent quality
Class B:
- 20-30 years old
- maintained and functioning
- some limitations such as parking and locations
Class C:
