Pass NCREC-Broker-N Exam - Real Test Engine PDF with 127 Questions [Q17-Q35]

Pass NCREC-Broker-N Exam – Real Test Engine PDF with 127 Questions [Q17-Q35]

4.5/5 - (2 votes)

Pass NCREC-Broker-N Exam – Real Test Engine PDF with 127 Questions

Get New NCREC-Broker-N Certification Practice Test Questions Exam Dumps

Q17. A seller wants to net $200,000 from a transaction but will have to pay off a home loan and other fees, at a total cost of $288,800. The seller will also need to pay a 6% commission. What will the property need to sell for?

$488,800

$518,128

$520,000

$567,008

Q18. 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?

4.2%

9.6%

10.4%

Q19. The buyer of a farm wants to separately purchase a tractor from the seller. What document would MOST likely be required at closing to transfer ownership of the tractor?

Deed

Purchase agreement

Personal property addendum

Bill of sale

Q20. What are the four elements of value that must exist in harmony to maximize the value of real property?

Demand, utility, scarcity, and transferability

Immobility, scarcity, transferability, and demand

Right of use, enjoyment, exclusivity, and disposal

Uniqueness, immobility, indestructibility, and demand

Q21. A North Carolina real estate broker may:

delay the use of the Working with Real Estate Agents Disclosure when there is an oral seller agency.

practice oral seller agency but must have a listing agreement in writing no later than the time at which a buyer submits an offer.

practice oral buyer agency but must have a written agency agreement with the buyer prior to presenting an offer.

practice oral buyer agency so long as it is exclusive and sets a specific time frame for the oral agency agreement.

Q22. 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:

economic depreciation

external obsolescence

functional obsolescence

physical deterioration

Q23. When a borrower obtains an FHA-insured loan, the source of the funds is MOST likely to be:

an approved lender

the Department of Housing and Urban Development (HUD)

Fannie Mae

the Federal Housing Administration (FHA)

Q24. After a purchase agreement has been signed, but before the transaction closes, the buyer attempts to have the contract voided. The buyer was able to prove that, because of a mental disorder, they were incompetent at the time the contract was signed although later went on medication. Is the contract still valid?

Yes, because mental illness does not factor into questions of contractual capacity.

Yes, because the contract is still executory.

No, because buyers are entitled to rescind contracts before closing.

No, because the temporary incapacity allows them to void the contract.

Q25. What principle states that the value of the best home in a neighborhood will be lowered by the existence of inferior homes?

Anticipation

Contribution

Progression

Regression

Q26. When submitting an offer, a buyer handed their broker an earnest money deposit in cash. To comply with the North Carolina Real Estate Commission Rules, what must the broker do?

Not accept the cash and ask the buyer to write a check instead

Ensure the cash is locked in a safe place until the offer is accepted

Deposit the cash into the brokerage trust account within three banking days of receipt

Turn the money over to the listing broker within 24 hours of receipt

Q27. A buyer’s stable monthly income is $6,800. Every month they pay a $485 car payment, $200 in a revolving credit payment, and $1,500 in alimony. Using ratios of 31% and 43%, what is the maximum monthly mortgage payment they would qualify for on an FHA-insured mortgage loan?

$739

$1,763

$1,972

$2,108

Q28. A homeowner signs a contract with a broker stating that the homeowner will pay the broker a commission if the broker finds a ready, willing, and able buyer for the house in the next 60 days. What is the BEST way to describe this contract as of the day they sign it?

Express and executed

Express and executory

Implied and executed

Implied and executory

Q29. An appraiser who is appraising a duplex gathers the following information: rent, vacancy rate, mortgage loan payments, property taxes, the owner’s income tax obligations, and various expenses. The appraiser also examines the same information from other similar properties in the area as well as their sales prices. To find the net operating income of the subject property, what does the appraiser need to consider?

Owner’s income tax obligations

Mortgage payments of principal and interest

Vacancy losses

None of the operating expenses

Q30. Which statement about a North Carolina broker-in-charge (BIC) is TRUE?

To qualify for BIC Eligible status, a broker must have three years of full-time brokerage experience in the previous five years.

To qualify for BIC Eligible status, a broker must complete a 24-hour course offered by the Real Estate Commission.

A brokerage office can designate only one broker-in-charge.

A broker-in-charge can serve in that capacity in multiple brokerage offices at different locations.

Q31. Under the provisions of the North Carolina Subdivision Streets Disclosure Law, a subdivision developer must give a prospective buyer a disclosure statement that indicates:

whether the property’s frontage street is public or private.

the anticipated cost of assessments for public or private streets.

that the developer is responsible for maintaining private streets.

whether the property’s frontage street is subject to flooding.

Q32. A broker who solicits active clients of other brokers may be guilty of:

tortious interference.

tortious obstruction.

negligent interference.

negligent obstruction.

Q33. Which of the following entities would participate in the primary market for mortgage lending?

Commercial bank

Federal Home Loan Mortgage Corporation

Federal Housing Administration

Federal National Mortgage Association

Q34. A seller discusses listing their home with a broker. The seller tells the broker that when the house sells, the seller wants $200,000 in their pocket at closing, and the listing brokerage can keep any amount beyond that as their commission. What does this scenario describe?

Exclusive agency listing

Exclusive right to sell listing

Net listing

Open listing

Q35. The property manager of an apartment building would be in violation of the federal Fair Housing Act if they discriminated against a prospective tenant on the basis of:

age.

familial status.

marital status.

military status.