NC Post Licensing - 303 Exam Questions &
Answers | 100% Verified solutions |Questions
with Correct Answers 2025 latest update!!
A Licensee may not earn compensation when there license - VIP - answer-is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 -
answer-the license was current and active even if inactive of expired after
A BIC may NOT pay a licensee's ENTITY - answer-unless the entity has a firm
license.
A Licensee can share commission with parties BUT - answer-1) Must be in
writing - as part of the agreement
Commercial Real Estate Lien Tim Requirements - answer-1) Not until 30 days of
closing or possesion
2) For Leases - 90 days or written 60 days of non payment
,3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of
when they are filed
The Basics of Condominiums - answer-The formal legal definition of a
condominium is when owners
1) have a separate Fee simple
AND
2) share ownership of common area
3) title to the common area is Tenants in Common
Commercial Real Estate Classes - answer-Class A:
- No more than 20 years old
, - modern features
- well maintained
- excellent quality
Class B:
- 20-30 years old
- maintained and functioning
- some limitations such as parking and locations
Class C:
- older than 30 years
- lack of maintenance, parking, security
- serious limitiations
Definition of Core area in a commercial building - VIP - answer-area used for
building functions. For Example
Lobbies, stair, mechanical rooms, elevators, restrooms
Definition of Rentable area or square footage - VIP - answer-Core area plus
Usable area
Definition of Floor Plate - answer-Area of the floor determined by measuring
the exterior walls
Definition of Useable area - VIP - answer-The floor plate minus the core area
Answers | 100% Verified solutions |Questions
with Correct Answers 2025 latest update!!
A Licensee may not earn compensation when there license - VIP - answer-is
INACTIVE or EXPIRED
A Licensee can receive compensation that was earned WHEN - VIPterm-0 -
answer-the license was current and active even if inactive of expired after
A BIC may NOT pay a licensee's ENTITY - answer-unless the entity has a firm
license.
A Licensee can share commission with parties BUT - answer-1) Must be in
writing - as part of the agreement
Commercial Real Estate Lien Tim Requirements - answer-1) Not until 30 days of
closing or possesion
2) For Leases - 90 days or written 60 days of non payment
,3) Broker has 18 months to enforce
4) Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
5) Mechanics Liens ALWAYS have superiority over the broker's regardless of
when they are filed
The Basics of Condominiums - answer-The formal legal definition of a
condominium is when owners
1) have a separate Fee simple
AND
2) share ownership of common area
3) title to the common area is Tenants in Common
Commercial Real Estate Classes - answer-Class A:
- No more than 20 years old
, - modern features
- well maintained
- excellent quality
Class B:
- 20-30 years old
- maintained and functioning
- some limitations such as parking and locations
Class C:
- older than 30 years
- lack of maintenance, parking, security
- serious limitiations
Definition of Core area in a commercial building - VIP - answer-area used for
building functions. For Example
Lobbies, stair, mechanical rooms, elevators, restrooms
Definition of Rentable area or square footage - VIP - answer-Core area plus
Usable area
Definition of Floor Plate - answer-Area of the floor determined by measuring
the exterior walls
Definition of Useable area - VIP - answer-The floor plate minus the core area
