NC 302 POST LICENSING EXAM CONTRACTS
AND CLOSING NEWEST 2025-2026 LATEST
EXAM VERSION
Commercial Real Estate Broker Lien - CORRECT ANSWER✔️ available only | | | | | | | | ||
to listing broker, is NOT superior to mechanics lien, Must be filed for
|| || || || || || || || || || || || ||
sales: within 30 days prior to closing; Leases: within 60 days after due date
|| || || || || || || || || || || || || ||
of payment
|| ||
Limited Non Resident Commercial License - CORRECT ANSWER✔️ Must
|| || || || || || || ||
reside in another state or US territory , PERON must hold an active license
|| || || || || || || || || || || || || ||
in a "qualifying state" , Two years experience NOT required.
|| || || || || || || || || ||
Modular Housing - CORRECT ANSWER✔️ Must be erected by a general
|| || || || || || || || || ||
contractor or by a person bonded for $5000 to assure compliance with the
|| || || || || || || || || || || || ||
building code
|| ||
Financing in Commercial Brokerage - CORRECT ANSWER✔️ -Lending: More
|| || || || || || || ||
ARM's
||
LTV's much lower || ||
Loans more often made to entities
|| || || || ||
Non-Recourse loans
|| ||
Office Floor space categories - CORRECT ANSWER✔️ Floor plate Core
|| || || || || || || || ||
area
||
Usable area ||
Rentable area
|| |
Full service Lease - CORRECT ANSWER✔️ Landlord provides more services
|| || || || || || || || ||
scubas cleaning, utilities, and other services
|| || || || || ||
Rent is usually higher
|| || ||
,Transaction Cycle (Sales) - CORRECT ANSWER✔️ -Buyer usually given a || || || || || || || || ||
free look period
|| || ||
-May terminate without penalty unless otherwise agreed
|| || || || || ||
-Option contract may serve better || || || ||
Due Diligence - CORRECT ANSWER✔️ Investigate the property
|| || || || || || ||
BPO Commercial property - CORRECT ANSWER✔️ broker should use both
|| || || || || || || || ||
the income and the sales comparison approach
|| || || || || || ||
Types of Eviction - CORRECT ANSWER✔️ Actual Eviction
|| || || || || || ||
- Called summary ejectment
|| || ||
-small claims court (magistrate )
|| || || ||
Constructive Eviction ||
Constructive Eviction - CORRECT ANSWER✔️ Landlord has failed to provide || || || || || || || || ||
fit and habitable. Tenant may move and stop paying rent.
|| || || || || || || || || ||
Pass through Provisions - CORRECT ANSWER✔️ Tenant to share operating
|| || || || || || || || ||
costs ; usually when the collective total increases
|| || || || || || || ||
Landlord Duties - CORRECT ANSWER✔️ These duties require landlords to
| || | || | | || || ||
provide a "fit and habitable premises" by complying with current building
|| || || || || || || || || || ||
and housing codes, keeping all common areas in "safe condition,"
|| || || || || || || || || ||
maintaining and promptly repairing all electrical, plumbing, heating and air
|| || || || || || || || || ||
conditioning, and providing operable smoke alarms. The statutes also
|| || || || || || || || ||
require landlords to "repair or remedy any imminently dangerous
|| || || || || || || || ||
conditions" within a reasonable time after receiving notice, based upon the
|| || || || || || || || || || ||
severity of the condition
|| || || ||
Percentage Lease - CORRECT ANSWER✔️ -Retail space || || || || || ||
-Pay rent plus share of INCOME or PROFIT
|| || || || || || ||
,NC Residential Rental Act - CORRECT ANSWER✔️ -Waivers are Prohibited
|| || || || || || || || ||
-Property must be "fit and habitable"
|| || || || || ||
-must comply with current building codes
|| || || || ||
-keep common areas safe || || ||
-Maintenance , heat to 65degrees || || || ||
-does not apply to transient quarters
|| || || || ||
Type of Estate created by a Lease - CORRECT ANSWER✔️ Non- Freehold
| | | || | | || | || | ||
estate ; the landlord holds title while the tenant takes possession
|| || || || || || || || || || ||
Lease - CORRECT ANSWER✔️ a contract that conveys possession but not
|| || || || || || || || || ||
title
||
contract for deed - CORRECT ANSWER✔️ title is given when loan is paid off
| || | | | || | || | | || | ||
Security Deposit limits (residential) - CORRECT ANSWER✔️ -Week to week:
|| || || || || || || || ||
2 weeks rent
|| || ||
-Month to month : 1.5 months rent || || || || || ||
-greater than m-m: 2 months rent || || || || ||
Permitted uses of security deposit - CORRECT ANSWER✔️ - Non payment of
|| || || || || || || || || || ||
rent
||
-Damage to property || ||
- Non-fulfillment of rental period || || ||
- Unpaid bills from occupancy || || ||
- Cost of re-renting || ||
-cost for removal or storage of tenants property
|| || || || || || ||
- court costs relating to termination
|| || || ||
NOT NORMAL WEAR AND TEAR
|| || || || ||
Subdivision - CORRECT ANSWER✔️ tracts of two or more lots || || || || || || || || ||
, -for the purpose of sale or development
|| || || || || ||
-includes dedication of new streets or change in existing streets
|| || || || || || || || ||
Restrictive Covenants - CORRECT ANSWER✔️ Run with the land enforced by
|| || || || || || || || || ||
the owners and developer
|| || || ||
Can be more restrictive than public land use controls such as zoning
|| || || || || || || || || || ||
More restrictive prevails
|| || ||
Extraterritorial Jurisdiction (EJ's) - CORRECT ANSWER✔️ Allows control of || || || || || || || ||
land use outside city limits
|| || || || ||
-Pop. Less than 10,000= 1 mile
|| || || || ||
-Pop. between 10,000-25,000= 2 miles
|| || || ||
-Pop. of 25, 000 or more = 3 miles
|| || || || || || || ||
Index Lease - CORRECT ANSWER✔️ increases are based upon the consumer
|| || || || || || || || || ||
price index
|| ||
Loan Fraud - CORRECT ANSWER✔️ a real estate agent who participates is
| || | | | || || | || || ||
subject same penalties as principal and license suspension or revocation
|| || || || || || || || || ||
but NCREC
|| ||
Common Loan Fraud - CORRECT ANSWER✔️ almost every falsifies LTV
|| || || || || || || || ||
Short Sales - CORRECT ANSWER✔️ -Licensee may refuse
|| || || || || || ||
-Licensees Do Not act as negotiators between seller and lender || || || || || || || || ||
-Seller is NOT automatically forgiven any further debt in a short sale
|| || || || || || || || || || ||
- buyer can back out prior to lender acceptance
|| || || || || || ||
- other offers reconsidered backups || || ||
-seller must notify if foreclosure is initiated
|| || || || || ||
Unlicensed Assistant - CORRECT ANSWER✔️ -show rental properties (not
|| || || || || || || ||
listing)
||
-Act as bookkeeper fir trust funds
|| || || || ||
-Prepare advertising under supervision || || ||
AND CLOSING NEWEST 2025-2026 LATEST
EXAM VERSION
Commercial Real Estate Broker Lien - CORRECT ANSWER✔️ available only | | | | | | | | ||
to listing broker, is NOT superior to mechanics lien, Must be filed for
|| || || || || || || || || || || || ||
sales: within 30 days prior to closing; Leases: within 60 days after due date
|| || || || || || || || || || || || || ||
of payment
|| ||
Limited Non Resident Commercial License - CORRECT ANSWER✔️ Must
|| || || || || || || ||
reside in another state or US territory , PERON must hold an active license
|| || || || || || || || || || || || || ||
in a "qualifying state" , Two years experience NOT required.
|| || || || || || || || || ||
Modular Housing - CORRECT ANSWER✔️ Must be erected by a general
|| || || || || || || || || ||
contractor or by a person bonded for $5000 to assure compliance with the
|| || || || || || || || || || || || ||
building code
|| ||
Financing in Commercial Brokerage - CORRECT ANSWER✔️ -Lending: More
|| || || || || || || ||
ARM's
||
LTV's much lower || ||
Loans more often made to entities
|| || || || ||
Non-Recourse loans
|| ||
Office Floor space categories - CORRECT ANSWER✔️ Floor plate Core
|| || || || || || || || ||
area
||
Usable area ||
Rentable area
|| |
Full service Lease - CORRECT ANSWER✔️ Landlord provides more services
|| || || || || || || || ||
scubas cleaning, utilities, and other services
|| || || || || ||
Rent is usually higher
|| || ||
,Transaction Cycle (Sales) - CORRECT ANSWER✔️ -Buyer usually given a || || || || || || || || ||
free look period
|| || ||
-May terminate without penalty unless otherwise agreed
|| || || || || ||
-Option contract may serve better || || || ||
Due Diligence - CORRECT ANSWER✔️ Investigate the property
|| || || || || || ||
BPO Commercial property - CORRECT ANSWER✔️ broker should use both
|| || || || || || || || ||
the income and the sales comparison approach
|| || || || || || ||
Types of Eviction - CORRECT ANSWER✔️ Actual Eviction
|| || || || || || ||
- Called summary ejectment
|| || ||
-small claims court (magistrate )
|| || || ||
Constructive Eviction ||
Constructive Eviction - CORRECT ANSWER✔️ Landlord has failed to provide || || || || || || || || ||
fit and habitable. Tenant may move and stop paying rent.
|| || || || || || || || || ||
Pass through Provisions - CORRECT ANSWER✔️ Tenant to share operating
|| || || || || || || || ||
costs ; usually when the collective total increases
|| || || || || || || ||
Landlord Duties - CORRECT ANSWER✔️ These duties require landlords to
| || | || | | || || ||
provide a "fit and habitable premises" by complying with current building
|| || || || || || || || || || ||
and housing codes, keeping all common areas in "safe condition,"
|| || || || || || || || || ||
maintaining and promptly repairing all electrical, plumbing, heating and air
|| || || || || || || || || ||
conditioning, and providing operable smoke alarms. The statutes also
|| || || || || || || || ||
require landlords to "repair or remedy any imminently dangerous
|| || || || || || || || ||
conditions" within a reasonable time after receiving notice, based upon the
|| || || || || || || || || || ||
severity of the condition
|| || || ||
Percentage Lease - CORRECT ANSWER✔️ -Retail space || || || || || ||
-Pay rent plus share of INCOME or PROFIT
|| || || || || || ||
,NC Residential Rental Act - CORRECT ANSWER✔️ -Waivers are Prohibited
|| || || || || || || || ||
-Property must be "fit and habitable"
|| || || || || ||
-must comply with current building codes
|| || || || ||
-keep common areas safe || || ||
-Maintenance , heat to 65degrees || || || ||
-does not apply to transient quarters
|| || || || ||
Type of Estate created by a Lease - CORRECT ANSWER✔️ Non- Freehold
| | | || | | || | || | ||
estate ; the landlord holds title while the tenant takes possession
|| || || || || || || || || || ||
Lease - CORRECT ANSWER✔️ a contract that conveys possession but not
|| || || || || || || || || ||
title
||
contract for deed - CORRECT ANSWER✔️ title is given when loan is paid off
| || | | | || | || | | || | ||
Security Deposit limits (residential) - CORRECT ANSWER✔️ -Week to week:
|| || || || || || || || ||
2 weeks rent
|| || ||
-Month to month : 1.5 months rent || || || || || ||
-greater than m-m: 2 months rent || || || || ||
Permitted uses of security deposit - CORRECT ANSWER✔️ - Non payment of
|| || || || || || || || || || ||
rent
||
-Damage to property || ||
- Non-fulfillment of rental period || || ||
- Unpaid bills from occupancy || || ||
- Cost of re-renting || ||
-cost for removal or storage of tenants property
|| || || || || || ||
- court costs relating to termination
|| || || ||
NOT NORMAL WEAR AND TEAR
|| || || || ||
Subdivision - CORRECT ANSWER✔️ tracts of two or more lots || || || || || || || || ||
, -for the purpose of sale or development
|| || || || || ||
-includes dedication of new streets or change in existing streets
|| || || || || || || || ||
Restrictive Covenants - CORRECT ANSWER✔️ Run with the land enforced by
|| || || || || || || || || ||
the owners and developer
|| || || ||
Can be more restrictive than public land use controls such as zoning
|| || || || || || || || || || ||
More restrictive prevails
|| || ||
Extraterritorial Jurisdiction (EJ's) - CORRECT ANSWER✔️ Allows control of || || || || || || || ||
land use outside city limits
|| || || || ||
-Pop. Less than 10,000= 1 mile
|| || || || ||
-Pop. between 10,000-25,000= 2 miles
|| || || ||
-Pop. of 25, 000 or more = 3 miles
|| || || || || || || ||
Index Lease - CORRECT ANSWER✔️ increases are based upon the consumer
|| || || || || || || || || ||
price index
|| ||
Loan Fraud - CORRECT ANSWER✔️ a real estate agent who participates is
| || | | | || || | || || ||
subject same penalties as principal and license suspension or revocation
|| || || || || || || || || ||
but NCREC
|| ||
Common Loan Fraud - CORRECT ANSWER✔️ almost every falsifies LTV
|| || || || || || || || ||
Short Sales - CORRECT ANSWER✔️ -Licensee may refuse
|| || || || || || ||
-Licensees Do Not act as negotiators between seller and lender || || || || || || || || ||
-Seller is NOT automatically forgiven any further debt in a short sale
|| || || || || || || || || || ||
- buyer can back out prior to lender acceptance
|| || || || || || ||
- other offers reconsidered backups || || ||
-seller must notify if foreclosure is initiated
|| || || || || ||
Unlicensed Assistant - CORRECT ANSWER✔️ -show rental properties (not
|| || || || || || || ||
listing)
||
-Act as bookkeeper fir trust funds
|| || || || ||
-Prepare advertising under supervision || || ||
