Tag NCREC-Broker-N Test Answers

Q63. By what right could a county acquire private land necessary to build a new highway ramp?

Q64. A property is selling for $690,000, and the seller’s estimated closing expenses amount to $8,000. If the seller originally purchased the property for $410,000 and paid $3,000 in closing expenses, what is the seller’s estimated profit on the sale?

Q65. According to the North Carolina Real Estate Commission Rules, what must be included in a written agency agreement?

Q66. A week before closing, lightning struck the roof of the property being sold, doing about $5,000 in damage.
The seller and buyer agree to adjust the sales price accordingly and continue with the transaction. What should they do to document this mutual understanding?

Q67. A North Carolina broker has been practicing real estate for 10 years for a firm in Asheville. The broker just bought a home on Oak Island and would like to split their time between the mountains and the shore. Under what circumstances could the broker affiliate with two different brokers-in-charge?

Q68. The statute of frauds requires contracts for the sale of real property to be:

Q69. 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?

Q70. 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?

Q71. 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?

Q72. A loan is set up so that the borrower’s loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this?

Q73. What duty does a North Carolina real estate broker have related to material facts?

Q74. A seller sold their house for $600,000. They are responsible for paying a 6% commission to the listing broker, closing costs of $8,500, and the remaining balance on their prior mortgage loan of $60,000. How much will they net on the sale?

Q75. A Baptist charity runs a not-for-profit senior housing community for members of its faith. A 75-year-old Hindu woman applies to lease an apartment, and her application is denied. Does she have a case for illegal discrimination under the federal Fair Housing Act?

Q76. Which statement about a North Carolina broker-in-charge (BIC) is TRUE?

Q77. 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?

Q78. When must a North Carolina broker provide a copy of the Working With Real Estate Agents (WWREA) Disclosure to a prospective buyer or seller?

Q79. A seller lists his home with a brokerage firm, allowing the brokerage to put a sign in the yard, list the property in the multiple listing service, and advertise it on social media. During the listing period, the seller sells the home to a co-worker and is not obligated to pay the brokerage any commission. What type of listing did the seller have with the brokerage?

Q80. A North Carolina broker just received an offer to purchase a home they have listed. According to the North Carolina Real Estate License Law and the Real Estate Commission Rules, the broker must present the offer to the seller immediately but no later than: