pg. 1 NC Post Licensing – 303 Practice Test 2024/ All Possible Exam Questions with Correct Verified Answers/ Graded A+
Commercial Real Estate Lien Act says - Correct Answer - Lien May be placed on Commercial properties for commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements – Correct Answer - 1) Written Agreement specifying services and compensation 2) Must be a listing agent to file 3) Must be limited to THE subject property
Commercial Real Estate Lien Tim Requirements – Correct 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 – Correct 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 1 / 3
pg. 2 All deposits must be made to the trust account within - Correct Answer - 3 banking days/3 days of acceptance of receipt or contract acceptance, whichever is later
Licensees can accept for delivery – Correct Answer - 1) Due Diligence fees 2) Ernest Money deposits
Licensees cannot accept or deliver – Correct Answer - 1) Inspection fees 2) Survey fees 3) Closing disbursements to clients repairs 4) survey payments
Trust accounts may earn interest so long as - Correct Answer - The broker has written consent of client and a written agreement specific who gets the interest
BICS may transfer earnest money for closing - VIP - Correct Answer - No more than 10 days prior to settlement
Regarding Condominiums: What must be disclosed to prospective buyers prior to sale - VIP - Correct Answer - Public Offering Statement
Regarding condominiums: When must the disclosure of POS happen - Correct Answer - Prior to purchase contract
How many days do prospective buyers have to rescind from contract - Correct Answer - A MANDATORY 7 day right of rescission
Regarding condominiums: - Correct Answer - There must be a unit owner's association formed prior to transfer of first unit
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Regarding condominiums: there may be a special class of common areas that is
reserved for use by one or more units. These areas are called - Correct Answer - Limited Common Areas
Regarding condominium insurance coverage - Correct Answer - Policy H06 owner's "walls" in coverage is covered
What typically covers the common areas of a condominium - Correct Answer - the Condo Master Policy
To sell timeshare in North Carolina one MUST have - Correct Answer - a real estate license
Definition of TIMESHARE in NC - Correct Answer - the sale or lease with a right to occupy the property or unit at least
1) 5 or more separate time periods
2) over a period of at least 5 years
When must a POS be provided to prospective buyers when selling a TIMESHARE interest VIP - Correct Answer - prior to contract
What must be obtained prior to the sale or offer to sell or lease a TIMESHARE interest - VIP - Correct Answer - Certificate of Registration
TIMESHARE developer must designate - Correct Answer - a licensee who is NOT on provisional status to act as PROJECT BROKER
What is the job of the PROJECT BROKER in a TIMESHARE brokerage - Correct Answer - Manage and Supervise timeshare salespersons
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