Real NCREC-Broker-N Exam Dumps (V8.02) – Real NCREC-Broker-N Practice Questions and Answers for Effective Learning

1. A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value.

What is the adjusted value of the comparable property?

2. A property owner owns 150 acres of land. Bordering one side of the property is a non-navigable river.

Which statement about the owner's ownership rights is TRUE?

3. By what right could a county acquire private land necessary to build a new highway ramp?

4. In North Carolina, which lien has the highest priority when property is sold to recover a debt?

5. According to the North Carolina Real Estate Commission Rules, a broker must deliver a copy of any signed purchase agreement to their client or customer within ____ of receipt.

6. Which of the following statements regarding the proper handling of multiple offers in North Carolina is TRUE?

7. A buyer bought a house on an installment land contract, also called a contract for deed.

Which statement about this transaction is TRUE?

8. When attempting to distinguish a fixture from personal property, one can ignore the:

9. 1.A business may contact a former client for up to _______ after a transaction closes, even if that client

is on the National Do Not Call Registry?

10. A North Carolina resident who believes they were refused a lease in a new apartment building because of their sexual orientation can file a complaint with the North Carolina Human Relations Commission, but they must do so within ________ of the alleged discrimination.

11. What are the four elements of value that must exist in harmony to maximize the value of real property?

12. A homeowner has been trying to sell their house for some time, but buyers seem to be turned off by the odor from a nearby chicken farm.

This is an example of:

13. When a property is being sold "as is," what responsibility does the listing broker have related to disclosures?

14. Property in Town A is assessed at 50% of market value. The property tax rate is $32 per $1,000.

If the market value of a home is $630,000, what is the annual tax assessment?

15. Which statement about a mortgagee's title insurance policy is TRUE?

16. A local bank refuses to make residential loans in a particular section of town because of the ethnic background of its residents.

This is a discriminatory practice called:

17. On a settlement statement, the seller's net proceeds are calculated by:

18. If a seller whose property is currently listed with another company initiates a conversation with a broker about the possibility of the broker becoming their new listing agent, the broker:

19. A property manager receives a request from a prospective tenant to install grab bars in the showers and a handrail by the toilet to assist the tenant with their disability.

According to the Fair Housing Act, what is the property manager required to do?

20. An appraiser estimates that it would cost $598,720 to rebuild the subject house.

Now what must the appraiser do to arrive at an opinion of value for the property using the cost approach?

21. A contract in which one or both parties have not yet completed performance of their contractual obligations is referred to as:

22. What duty does a North Carolina real estate broker have related to material facts?

23. Which statement about postlicensing education requirements for North Carolina provisional brokers is TRUE?

24. In the government survey system of legal description, the north-south lines and east-west lines intersect to create what?

25. After taking a listing on a property, a broker learns of major highway changes in the are a. The broker should disclose this information:

26. On Monday morning, a buyer agent who works for ABC Realty submits a buyer client's offer to the listing agent at XYZ Realty. Later that day, the listing agent presents the offer to the seller. On Tuesday morning, the seller signs the offer with no changes, and on Tuesday evening, the listing agent calls the buyer agent to tell them the offer is signed and accepted. The buyer agent finally gets in contact with the buyer Wednesday morning to communicate the good news. On Wednesday afternoon, the listing agent delivers the signed offer to the buyer agent, and the buyer agent delivers it to the buyer that evening.

At what point was there a valid, binding contract between buyer and seller?

27. A North Carolina real estate broker may:

28. A provision in a contract that makes the parties' rights and obligations dependent on the occurrence or nonoccurrence of a specified event is a(n):

29. Which statement about a North Carolina broker-in-charge (BIC) is TRUE?

30. The primary purpose of a comparative market analysis of real property is to provide a(n):

31. According to the North Carolina Good Funds Settlement Act, when can a broker expect to receive their commission following completion of a real estate transaction?

32. A buyer signs a contract to purchase a 10-year-old unit in a condominium community. Under the provisions of the North Carolina Condominium Act, how many days does the buyer have to rescind the contract?

33. Which statement about acknowledging a deed is TRUE?

34. Josh is a new North Carolina broker at Atlantic Realty. He just got his first listing and wrote the following ad: "Charming seaside cottage. Call Broker Josh at 555-9876 for an appointment."

Which statement about this ad copy is TRUE?

35. Which of the following entities would participate in the primary market for mortgage lending?

36. If a buyer defaults on a purchase agreement just prior to settlement, what clause in the contract would likely allow the seller to keep the earnest money deposit?

37. A lease with a simple exchange of rent for occupancy, under which the tenant pays none of the costs of ownership, is known as a(n):

38. In residential construction, building a concrete foundation directly on the ground is called:

39. A North Carolina broker must maintain copies of all transaction files for at least _____ after the conclusion of a transaction?

40. The owner of a lot that is 99 feet by 110 feet would like to sell it. Similar properties sell for $180,000 per acre.

What is the likely selling price for this property?

41. A salaried employee of a North Carolina brokerage firm that practices property management must have a real estate license if they perform which task?

42. A prospective buyer offers to buy a house for $415,000, with an earnest money deposit of $1,000. The seller crosses out the earnest money amount, changes it to $4,000, initials and dates the change, signs the offer, and returns it to the buyer.

Which of the following statements is TRUE?

43. A listing broker receives a signed offer from a buyer. Although the broker must present the offer to the seller as soon as possible, under the North Carolina Real Estate Commission Rules, the broker must present the offer:

44. A property owner gave a five-acre parcel of land to a church as long as the church does not build a parking lot on it.

What kind of estate does the church have for this property?

45. Friends Jack, Jill, and Harold bought a warehouse property in North Carolina, and the deed simply stated, "as joint tenants."

Assuming Harold had a will when he died, who got his share of the warehouse?

46. Under the terms of the NCAR/NCBA Offer to Purchase and Contract (Standard Form 2-T), the settlement date can be delayed for how long before the contract is no longer enforceable and binding on all parties?

47. Which of these activities is prohibited by federal antitrust laws?

48. What is the EPA's recommended action level for radon in the air, measured in picocuries per liter (pCi/L)?

49. Which statement about an option contract is TRUE?