NC POST LICENSING 303 EXAM STUDY
GUIDE UPDATED ACTUAL QUESTIONS
AND ANSWERS ACCURATE PRACTICE
SOLUTION
⩥ What are the requirements for a room to be included in the
'Heated Square Footage'?
Answer: Heated, finished, and accessible from other heated
living areas.
⩥ What is 'target housing' for possible lead-based paint
disclosure?
Answer: Residential housing built prior to 1978.
⩥ What are the basic disclosure requirements of the seller
regarding lead-based paint?
Answer: Provide the EPA booklet, complete the Lead-Based
Paint Addendum, permit buyer to do a risk assessment.
⩥ Must the seller certify that the house is lead paint free?
Answer: No
,⩥ Can any broker be paid for a CMA/BPO?
Answer: No, must be a full broker.
⩥ Is the broker required to personally inspect the property when
performing a CMA/BPO for a fee?
Answer: Yes, unless waived by the client.
⩥ Can a CMA/BPO be used as a basis for making a mortgage
loan?
Answer: No
⩥ Can a CMA/BPO determine market value?
Answer: No, it can only determine probable selling or leasing
price.
⩥ Should the probable selling price be reported as a single
figure or a range?
Answer: Can be provided as either, as long as the high side is
not more than 10% higher than the low side.
, ⩥ How much higher should a home be listed above the probable
selling price?
Answer: Slightly higher to allow for negotiation.
⩥ Can a broker use the terms value or worth in describing the
results of a BPO/CMA?
Answer: No
⩥ What factors should be considered when selecting
comparables for a property using the sales comparison
approach?
Answer: Date of sale, type of property, location, construction
features, square footage, age, neighborhood, acreage.
⩥ Should a property sold as a short sale be used as a comparable
if other properties are available?
Answer: No.
⩥ What is the preferred time frame for comparable properties to
have sold?
Answer: Preferably within the last 6 months.
GUIDE UPDATED ACTUAL QUESTIONS
AND ANSWERS ACCURATE PRACTICE
SOLUTION
⩥ What are the requirements for a room to be included in the
'Heated Square Footage'?
Answer: Heated, finished, and accessible from other heated
living areas.
⩥ What is 'target housing' for possible lead-based paint
disclosure?
Answer: Residential housing built prior to 1978.
⩥ What are the basic disclosure requirements of the seller
regarding lead-based paint?
Answer: Provide the EPA booklet, complete the Lead-Based
Paint Addendum, permit buyer to do a risk assessment.
⩥ Must the seller certify that the house is lead paint free?
Answer: No
,⩥ Can any broker be paid for a CMA/BPO?
Answer: No, must be a full broker.
⩥ Is the broker required to personally inspect the property when
performing a CMA/BPO for a fee?
Answer: Yes, unless waived by the client.
⩥ Can a CMA/BPO be used as a basis for making a mortgage
loan?
Answer: No
⩥ Can a CMA/BPO determine market value?
Answer: No, it can only determine probable selling or leasing
price.
⩥ Should the probable selling price be reported as a single
figure or a range?
Answer: Can be provided as either, as long as the high side is
not more than 10% higher than the low side.
, ⩥ How much higher should a home be listed above the probable
selling price?
Answer: Slightly higher to allow for negotiation.
⩥ Can a broker use the terms value or worth in describing the
results of a BPO/CMA?
Answer: No
⩥ What factors should be considered when selecting
comparables for a property using the sales comparison
approach?
Answer: Date of sale, type of property, location, construction
features, square footage, age, neighborhood, acreage.
⩥ Should a property sold as a short sale be used as a comparable
if other properties are available?
Answer: No.
⩥ What is the preferred time frame for comparable properties to
have sold?
Answer: Preferably within the last 6 months.
