303 nc post licensing Study guides, Class notes & Summaries

Commercial purchase contract - Answer-vary widely, inspections or due diligent are key, no standard contract Commercial Due Diligence - Answer-Free look, no risk, determined by buyer and seller BPO-Broker Price Opinion Analysis - Answer-Contains a market analysis and derives value from capitalization rates Capitalization formula - Answer-I/R*V Value=NOI/Rate Potential Gross Income - Answer-Vacancy Collection losses Additional income Effective gross income - Answer-Operating expe...

NC Real Estate 2023 Exam Questions with All Correct Answers How do you activate your license? - ANSWER Affiliating with a BIC What do you need a license for? - ANSWER LLBEANS List Lease Buy Exchange Auciton Negotiate Sell (procure a ready, willing, or able buyer) What is the 3 prong test? - ANSWER To determine if you need a license. 1. LLBEANS 2. for others 3. for compensation Exemptions to needing a license - ANSWER 1. FSBO 2. Entity (LLC, Corp, Partnership...

NC POST LICENSING- 303 EXAM NEWEST 2024/2025 UPDATED QUESTIONS AND CORRECT DETAILED ANSWERS GRADE A+NC POST LICENSING- 303 EXAM NEWEST 2024/2025 UPDATED QUESTIONS AND CORRECT DETAILED ANSWERS GRADE A+

Commercial purchase contract - vary widely, inspections or due diligent are key, no standard contract Commercial Due Diligence - Free look, no risk, determined by buyer and seller BPO-Broker Price Opinion Analysis - Contains a market analysis and derives value from capitalization rates Capitalization formula - I/R*V Value=NOI/Rate Potential Gross Income - Vacancy Collection losses Additional income Effective gross income - Operating expenses Net operating income - Debt servic...

Mary, a woman of color, has filed a fair housing complaint after suspecting her real estate agent was only showing her homes in communities that were primarily made up of minorities. After completing its investigation, HUD found reasonable cause to believe that discrimination occurred. What will happen next? - ANSWERSHUD will issue a charge of discrimination and will notify Mary, the complainant, of its determination. How can North Carolina landlords remove tenants who engage in illegal activ...

Four License Statuses - ANSWER PB, Full Broker, BIC Eligible, BIC Must always affiliate with a broker-in-charge (BIC) in order to have an active license. - ANSWER Provisional Broker May be supervised by two BICs if the BICs are with two different firms and in the same location and acting as co-listing or co-selling agents. - ANSWER Can a provisional broker have 2 BICS? Requirements for an active license (PB) - ANSWER Timely completion of postlicensure and CE, Renewing license on of befo...

Commercial purchase contract - ANSWERSvary widely, inspections or due diligent are key, no standard contract Commercial Due Diligence - ANSWERSFree look, no risk, determined by buyer and seller BPO-Broker Price Opinion Analysis - ANSWERSContains a market analysis and derives value from capitalization rates Capitalization formula - ANSWERSI/R*V Value=NOI/Rate Potential Gross Income - ANSWERSVacancy Collection losses Additional income Effective gross income - ANSWERSOperating expe...

Commercial Real Estate Broker Lien - ANSWERSThese laws allow for a commercial real estate broker to obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the real property may apply. Commercial Lien Requirements - ANSWERSMust have written agreement Co-op agents have no rights to lien Limited to subject property Filing Requirements for a commercial real estate lie...

Active & current real estate license - Required when assisting another for compensation in providing brokerage services. Unlicensed assistants MAY NOT - -Negotiate mgmt contracts -Prepare advertisements -Negotiate amounts of money -Determine deductions from deposits Unlicensed assistants MAY - -Accept applications -Complete & execute preprinted leases -Accept deposits & payments for delivery to BIC -Show properties & rental units -Place for rent signs Full broker who is NOT a BI...