Exam (elaborations)
NC Post Licensing 303 exam with verified answers
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NC Post Licensing 303 exam with verified answers
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NC Post Licensing 303 exam withverified answers
Commercial purchase contract - ANSWER: ➡ vary widely, inspections or due diligent are key,
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no standard contract
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Commercial Due Diligence - ANSWER: ➡ Free look, no risk, determined by buyer and seller
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BPO-Broker Price Opinion Analysis - ANSWER: ➡ Contains a market analysis and derives
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value from capitalization rates
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Capitalization formula - ANSWER: ➡ I/R*V g g g gg g
Value=NOI/Rate
Potential Gross Income - ANSWER: ➡ Vacancy Collection losses
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Additional income g
Effective gross income - ANSWER: ➡ Operating expenses
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Net operating income - ANSWER: ➡ Debt service(mortgage), Capital expenditures reserves
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commissions
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Ground Lease - ANSWER: ➡ Dirt owners dream, common arrangements, costals, lake,
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reservations, hong kong is the world's largest
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Common Ground Lease Provision - ANSWER: ➡ Often Allowed construction of a building
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typically in the lease get to deduct rent as business expenses
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, Full-Service Lease - ANSWER: ➡ Lease includes services, base rent + prorated expenses +
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utilities & services, lessor pays expenses, but they are shared among tenants, rent is usually
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higher than other leases, CAMs
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CAMs - ANSWER: ➡ Common area maintenance charges shared by all tenants
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Landlord - ANSWER: ➡ Lessor of the property; agents that have actual or apparent authority
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over the property
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Smoke & Carbon Monoxide Detectors - ANSWER: ➡ Smoke Mandatory, Carbon attached
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garage and fossil fuel appliances, landlord must install 10yr lithium batteries or hard wire;
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tenant replace batteries during the lease
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Constructive Eviction - ANSWER: ➡ Landlord Breach-Failure to maintain; Heath & safety.
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Tenant must move and relinquish possession.
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Actual Eviction - ANSWER: ➡ Tenant Breach-Breach of lease; usually failure to pay rent.
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Landlord must file a summary ejectment.
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Magistrate Handle Evictions - ANSWER: ➡ Right to hearing in 7 days, decision on day of
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hearing, writ issued within 5 days of hearing, summary ejectment proceeding
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Tenant Security Deposit Act - ANSWER: ➡ Trust acct or bond;
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Wkly-2 weeks;mthly-1 1/2 mths; longer-2 mths
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Commercial vs. residential deposits - ANSWER: ➡ Residential based upon lease term.
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Commercial deposits are unregulated
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