Exam (elaborations)
NC Post Licensing 303: Questions With Accurate Solutions
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NC Post Licensing 303: Questions With Accurate Solutions
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NC Post Licensing 303: Questions With AccurateSolutions
Commercial purchase contract Right Ans - vary widely, inspections or due
diligent are key, no standard contract
Commercial Due Diligence Right Ans - Free look, no risk, determined by
buyer and seller
BPO-Broker Price Opinion Analysis Right Ans - Contains a market analysis
and derives value from capitalization rates
Capitalization formula Right Ans - I/R*V
Value=NOI/Rate
Potential Gross Income Right Ans - Vacancy Collection losses
Additional income
Effective gross income Right Ans - Operating expenses
Net operating income Right Ans - Debt service(mortgage), Capital
expenditures reserves commissions
Ground Lease Right Ans - Dirt owners dream, common arrangements,
costals, lake, reservations, hong kong is the world's largest
Common Ground Lease Provision Right Ans - Often Allowed construction
of a building typically in the lease get to deduct rent as business expenses
Full-Service Lease Right Ans - 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 Right Ans - Common area maintenance charges shared by all tenants
Landlord Right Ans - Lessor of the property; agents that have actual or
apparent authority over the property
, Smoke & Carbon Monoxide Detectors Right Ans - 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 Right Ans - Landlord Breach-Failure to maintain;
Heath & safety. Tenant must move and relinquish possession.
Actual Eviction Right Ans - Tenant Breach-Breach of lease; usually failure
to pay rent. Landlord must file a summary ejectment.
Magistrate Handle Evictions Right Ans - 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 Right Ans - Trust acct or bond;
Wkly-2 weeks;mthly-1 1/2 mths; longer-2 mths
Commercial vs. residential deposits Right Ans - Residential based upon
lease term. Commercial deposits are unregulated
Proper uses of security deposits Right Ans - Nonpymt of rent; can use for
damage; unfulfilled lease term;unpaid bills that create a lien on the property;
Eviction cost
Vacation Rental Right Ans - Residential property, vacation leisure or
recreation purpose, less than 90 days, renter has permanent residence
1866 Civil Rights Act Right Ans - Illegal to discriminate on the basis of race
or color
Fair Housing
FReSH CoRN Right Ans - Familial status, race, sex, handicap, color, religion,
national origin
Blockbusting Right Ans - Directing people to move out of a neighborhood
due to protected class demographics
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