303 Post Licensing NC Exam 2024 Questions & Answers 100% Correct!

Commercial Real Estate Broker Lien - ANSWERSThese laws allow for a commercial real estate broker to obtain and foreclose upon a lien as a legal remedy against a property if the buyer/seller or lessee/lessor fails to pay the broker the agreed upon commission, as their interests in the real property may apply. Commercial Lien Requirements - ANSWERSMust have written agreement Co-op agents have no rights to lien Limited to subject property Filing Requirements for a commercial real estate lien - ANSWERSCannot be filed until within 30 days of closing or possession Leaseholds within 90 days of possession or within 60 days of non payment Priority of Commercial Brokers Lien - ANSWERSDate of recordation no special warranty mechanic lines always have superiority over the brokers lien, regardless of time. Collection a commercial lien - ANSWERS18 months to enforce lien calculated fees from filing dates cost and attorney fees to the prevailing party Differences between a Commercial & Residential Practices - ANSWERSTransaction timeframes land use restrictions and signage codes demographics market trends tenant use and types of business more detailed leasing arrangements Transaction Cycle Time - ANSWERSMuch longer than residential each aspect takes longer; property selection, due diligence, analysis, closing Full service lease - ANSWERSLease includes services Base rent + prorated expenses + utilities & services Lessor pays expenses, but they are shared with tenants Rent is usually higher than other leases CAMS - common area maintenance charges shared by all tenants.