303 Post Licensing Exam 2024 Questions & Answers 100% Correct!
Commercial Property - ANSWERSVastly different from residential, so have to make sure you are an expert **Can be disciplined by license law and sued** residential vs. commercial - ANSWERSResidential: 1-4 unit dwelling Commercial: Anything else! Including rental and sales of commercial properties; does NOT include the leasing and management of residential income producing properties Major Differences between Residential and Commercial Practice - ANSWERSClassification/product types Transaction cycle time MLS vs Database Zoning and land use restrictions Leasing Contracts and forms Financing Higher Stakes Business relationships Working hours Cooperating w/out of state agents Commercial Real Estate Broker Lien Transaction Cycle Time - ANSWERSResidential - 3-6 months Commercial - 12-18 months Listing Agreements longer Expenses greater in commercial Class A Office Space - ANSWERSLess than 20 years old Higher Rents Represent the highest-quality buildings in their market Professionally managed Well-located with good access Class B Office Space - ANSWERSThe next notch down from Class A Well maintained More than 20 years old Class C Office Space - ANSWERSThe lowest classification of office building Located in less-desirable areas Poor quality always needing renovations
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