Good NCREC-Broker-N Exam Dumps Save Your Preparation Time

1. Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?

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

3. What is the formula for calculating capital gain when a principal residence is sold?

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

5. Which of the following is an example of encroachment?

6. A North Carolina real estate broker may:

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

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

9. Which statement about acknowledging a deed is TRUE?

10. A North Carolina non-provisional broker at ABC Realty has been working with a buyer client to help them purchase a house listed by XYZ Realty.

After the transaction closes, who will pay the non-provisional broker the commission they earned?

11. A North Carolina broker may be subject to disciplinary action for failing to deliver to their client a detailed and accurate closing statement.

What obligation does the broker have if the settlement statement will be prepared by a settlement agent and provided at closing?

12. In North Carolina, if a listing broker is tempted to disclose the terms of an offer to get another buyer to submit a higher offer, what must the broker do?

13. An investor bought a small office building for $500,000. They sold it 10 years later for $480,000.

What is their percentage of loss?

14. North Carolina broker Chris has a buyer agency contract with Ike stating that Chris's firm will earn a 2.5% commission for finding the property Ike buys. Ike looks at three properties for which the seller is offering a 3% commission split to the selling agent, and one of the sellers is offering a $500 gift card to a selling agent as a bonus.

Which statement is TRUE?

15. The monthly rent for each unit in a six-unit office building is $2,500. The annual vacancy rate averages 4%. The owner collects $3,000 per year in advertising fees. Annual operating expenses are $40,000. The annual debt service is $25,000.

What is the net operating income of this property?

16. A listing brokerage firm offered a 3% commission split to any broker who could find a buyer for their $700,000 listing. The seller agreed to pay a 7% commission. A broker from another brokerage firm found a buyer, and the seller accepted their offer of $695,000.

What did the listing brokerage firm earn on this transaction?

17. Which of the following will an appraiser consider when appraising a property?

18. It would be considered the unauthorized practice of law for a North Carolina real estate broker to:

19. 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?

20. 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?

21. Which of the following BEST describes a seller's market?

22. Which of the following is a key characteristic of an exclusive right to sell listing agreement?

A. The broker is guaranteed a commission if the property sells during the listing term.

B. The seller does not owe a commission if they sell the property themselves.

C. The broker must be the procuring cause of the sale to earn a commission.

D. The seller can list the property with multiple brokers.

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

24. Which situation would be an appropriate use of an expedited eviction process in North Carolina?

25. 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?

26. 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:

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

28. 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?

29. According to the North Carolina Real Estate Commission Rules, what must be included in a written agency agreement?

30. 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?

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

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

33. 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?

34. 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?

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

36. A North Carolina broker deposits a buyer's earnest money check into their firm's general fund so that they can pay the rent on the brokerage office.

This is an example of:

37. A real estate licensee's advertisement for a house includes only the following phrase about financing: "Assume the owner's original loan with only a $1,000 down payment!" What is wrong with this advertisement?

38. Which is MOST likely to be an example of an acceptable practice under the provisions of the federal Real Estate Settlement Procedures Act (RESPA) related to kickbacks?