Post Licensing 303 Exam 2024 Questions & Answers 100% SOLVED!

The purpose of zoning regulations - ANSWERSTo control the use of the land Full service office lease - ANSWERSLandlord pays for business service and maintenance but the rent is higher Absorption rate - ANSWERSHow much space is used or sales in a given period of time Floor plate, core area, usable and rentable area - ANSWERSOffice property Define due dilligence - ANSWERSBuyer or renter is evaluation of property for the intended use- research, inspections, test, etc. What is the free look period in commercial real estate? - ANSWERSEqual to due dilligence, buyer or renters evaluation of the property during this time period, doing their DD and having their right to cancel What is a nonconforming use in zoning? - ANSWERSA legal use but does not adhere to the zoning ordinance, but was legal use before the zoning changed What is an illegal use in zoning? - ANSWERSUsing the property against the zoning ordinance What is a zoning variance? - ANSWERSA slight change from the zoning ordinance because of a hardship but properly used for the zoning purpose What is the basic responibility of the landlord under the Residential Rental Agreement Act? - ANSWERSThe landlord must maintain a fit and habitable property and maintain the common areas and cannot rent "as is" if not habitable Under the NC Tenant Security Deposit Act, the maximum a landlord can collext as a security deposit is determined by what? - ANSWERSThe term of the lease for residential properties In almost all lending fraud cases what are they trying to adjust and by doing what? - ANSWERSLoan to value ratio by giving false information What are restrictive/protective covenants? - ANSWERSPrivate landuse controls, can be more restrictive than zoning In real estate what does it mean "runs with the land"? - ANSWERSIt affects other land