NC 302 POST UPDATED MAIN 2026 EXAMINATION
QUESTIONS AND ANSWERS SURE A+
✔✔Non resident limited commercial broker license - ✔✔1) Is only available to a non-
resident of North Carolina
2) licensee must have an active license in another state
✔✔Requirements to get a Limited Commercial Real Estate License - ✔✔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 - ✔✔often longer than
residential sales
✔✔Loan terms in commercial real estate financing - ✔✔are shorter than residential
✔✔Interest rates in commercial real estate financing - ✔✔are higher then residential
✔✔Basic types of commercial real estate - ✔✔land, office building, retail building,
industrial, speciality properties
✔✔Commercial Real Estate Classes - ✔✔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:
- older than 30 years
- lack of maintenance, parking, security
- serious limitiations
✔✔Definition of Core area in a commercial building - VIP - ✔✔area used for building
functions. For Example
Lobbies, stair, mechanical rooms, elevators, restrooms
✔✔Definition of Rentable area or square footage - VIP - ✔✔Core area plus Usable area
, ✔✔Definition of Floor Plate - ✔✔Area of the floor determined by measuring the exterior
walls
✔✔Definition of Useable area - VIP - ✔✔The floor plate minus the core area
✔✔Office rental rates are usually calculated - VIP - ✔✔per square foot for the rentable
area
✔✔Tenant Improvements - ✔✔Commercial lease or sale in which TENANT makes and
pays for repairs or improvement
✔✔Upfits - ✔✔Commercial lease or sale in which OWNER makes and pays for repairs
or improvement
✔✔Passthrough provisions in commercial real estate are - ✔✔Taxes, Insurance, and
Maintenance
✔✔Net lease with Base Years Stop (BYS) - ✔✔Means the owner pays on the pass
through provisions the first year and the tenant pays in the subsequent years that is
over the base year amount
✔✔Absorption Study - VIP - ✔✔analyzing the amount of space leased and vacant over
a particular period of time
✔✔Key factors that affect commercial real estate - ✔✔Location
Area demographics
Traffic patterns
Income levels
Growth
Trends
✔✔Retail spaces are usually leased - ✔✔square foot as an annual dollar amount
✔✔In a Commercial Purchase a common practice is to - ✔✔Use Letters of Intent before
a final purchase contract is created by parties
✔✔Inspection period in a commercial purchase is - ✔✔10 day free look period
✔✔Property used in a trade or business may qualify for tax - ✔✔depreciation
✔✔Capital gains - ✔✔if real estate has not been an owner occupied for 2 out of the last
5 years is subject to Capital GAINS TAX
QUESTIONS AND ANSWERS SURE A+
✔✔Non resident limited commercial broker license - ✔✔1) Is only available to a non-
resident of North Carolina
2) licensee must have an active license in another state
✔✔Requirements to get a Limited Commercial Real Estate License - ✔✔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 - ✔✔often longer than
residential sales
✔✔Loan terms in commercial real estate financing - ✔✔are shorter than residential
✔✔Interest rates in commercial real estate financing - ✔✔are higher then residential
✔✔Basic types of commercial real estate - ✔✔land, office building, retail building,
industrial, speciality properties
✔✔Commercial Real Estate Classes - ✔✔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:
- older than 30 years
- lack of maintenance, parking, security
- serious limitiations
✔✔Definition of Core area in a commercial building - VIP - ✔✔area used for building
functions. For Example
Lobbies, stair, mechanical rooms, elevators, restrooms
✔✔Definition of Rentable area or square footage - VIP - ✔✔Core area plus Usable area
, ✔✔Definition of Floor Plate - ✔✔Area of the floor determined by measuring the exterior
walls
✔✔Definition of Useable area - VIP - ✔✔The floor plate minus the core area
✔✔Office rental rates are usually calculated - VIP - ✔✔per square foot for the rentable
area
✔✔Tenant Improvements - ✔✔Commercial lease or sale in which TENANT makes and
pays for repairs or improvement
✔✔Upfits - ✔✔Commercial lease or sale in which OWNER makes and pays for repairs
or improvement
✔✔Passthrough provisions in commercial real estate are - ✔✔Taxes, Insurance, and
Maintenance
✔✔Net lease with Base Years Stop (BYS) - ✔✔Means the owner pays on the pass
through provisions the first year and the tenant pays in the subsequent years that is
over the base year amount
✔✔Absorption Study - VIP - ✔✔analyzing the amount of space leased and vacant over
a particular period of time
✔✔Key factors that affect commercial real estate - ✔✔Location
Area demographics
Traffic patterns
Income levels
Growth
Trends
✔✔Retail spaces are usually leased - ✔✔square foot as an annual dollar amount
✔✔In a Commercial Purchase a common practice is to - ✔✔Use Letters of Intent before
a final purchase contract is created by parties
✔✔Inspection period in a commercial purchase is - ✔✔10 day free look period
✔✔Property used in a trade or business may qualify for tax - ✔✔depreciation
✔✔Capital gains - ✔✔if real estate has not been an owner occupied for 2 out of the last
5 years is subject to Capital GAINS TAX
