NC 302 POST CORE EXAM 2026 GUIDE QUESTIONS AND
ANSWERS SURE A+
✔✔Commercial Real Estate Lien Requirements - ✔✔1) Written Agreement specifying
services and compensation
2) Must be a listing agent to file
3) Must be limited to THE subject property
✔✔Commercial Real Estate Lien Tim Requirements - ✔✔1) Not until 30 days of closing
or possesion
2) For Leases - 90 days or written 60 days of non payment
3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of when they
are filed
✔✔The Basics of Condominiums - ✔✔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 - ✔✔Public Offering Statement
✔✔Regarding condominiums: When must the disclosure of POS happen - ✔✔Prior to
purchase contract
✔✔How many days do prospective buyers have to rescind from contract - ✔✔A
MANDATORY 7 day right of rescission
✔✔Regarding condominiums: - ✔✔There must be a unit owner's association formed
prior to transfer of first unit
, ✔✔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 - ✔✔Limited Common
Areas
✔✔Regarding condominium insurance coverage - ✔✔Policy H06 owner's "walls" in
coverage is covered
✔✔What typically covers the common areas of a condominium - ✔✔the Condo Master
Policy
✔✔To sell timeshare in North Carolina one MUST have - ✔✔a real estate license
✔✔Definition of TIMESHARE in NC - ✔✔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 - ✔✔prior to contract
✔✔What must be obtained prior to the sale or offer to sell or lease a TIMESHARE
interest - VIP - ✔✔Certificate of Registration
✔✔TIMESHARE developer must designate - ✔✔a licensee who is NOT on provisional
status to act as PROJECT BROKER
✔✔What is the job of the PROJECT BROKER in a TIMESHARE brokerage -
✔✔Manage and Supervise timeshare salespersons
✔✔How many days does a prospective buyer have to rescind in a TIMESHARE sale -
✔✔5 days
✔✔If buyer rescinds on a TIMESHARE sale monies must be returned - ✔✔within 30
days from the date the contract was executed
✔✔TIMESHARE developer may be fined - ✔✔500 dollars for non compliance by NREC
✔✔Records in a TIMESHARE sale must be kept - ✔✔minimum of 3 years
✔✔Manufactured Homes are - ✔✔personal property
ANSWERS SURE A+
✔✔Commercial Real Estate Lien Requirements - ✔✔1) Written Agreement specifying
services and compensation
2) Must be a listing agent to file
3) Must be limited to THE subject property
✔✔Commercial Real Estate Lien Tim Requirements - ✔✔1) Not until 30 days of closing
or possesion
2) For Leases - 90 days or written 60 days of non payment
3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of when they
are filed
✔✔The Basics of Condominiums - ✔✔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 - ✔✔Public Offering Statement
✔✔Regarding condominiums: When must the disclosure of POS happen - ✔✔Prior to
purchase contract
✔✔How many days do prospective buyers have to rescind from contract - ✔✔A
MANDATORY 7 day right of rescission
✔✔Regarding condominiums: - ✔✔There must be a unit owner's association formed
prior to transfer of first unit
, ✔✔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 - ✔✔Limited Common
Areas
✔✔Regarding condominium insurance coverage - ✔✔Policy H06 owner's "walls" in
coverage is covered
✔✔What typically covers the common areas of a condominium - ✔✔the Condo Master
Policy
✔✔To sell timeshare in North Carolina one MUST have - ✔✔a real estate license
✔✔Definition of TIMESHARE in NC - ✔✔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 - ✔✔prior to contract
✔✔What must be obtained prior to the sale or offer to sell or lease a TIMESHARE
interest - VIP - ✔✔Certificate of Registration
✔✔TIMESHARE developer must designate - ✔✔a licensee who is NOT on provisional
status to act as PROJECT BROKER
✔✔What is the job of the PROJECT BROKER in a TIMESHARE brokerage -
✔✔Manage and Supervise timeshare salespersons
✔✔How many days does a prospective buyer have to rescind in a TIMESHARE sale -
✔✔5 days
✔✔If buyer rescinds on a TIMESHARE sale monies must be returned - ✔✔within 30
days from the date the contract was executed
✔✔TIMESHARE developer may be fined - ✔✔500 dollars for non compliance by NREC
✔✔Records in a TIMESHARE sale must be kept - ✔✔minimum of 3 years
✔✔Manufactured Homes are - ✔✔personal property
