Pass North Carolina Real Estate Commission NCREC-Broker-N PDF Dumps Recently Updated 127 Questions [Q54-Q72]

5/5 - (1 vote)

Pass North Carolina Real Estate Commission NCREC-Broker-N PDF Dumps | Recently Updated 127 Questions

Updated Test Engine to Practice NCREC-Broker-N Dumps & Practice Exam

NEW QUESTION 54
What clause in a mortgage would permit the lender to call the outstanding balance due and payable if the borrower sells the property or otherwise transfers ownership of the property?

Acceleration clause

Alienation clause

Balloon payment clause

Defeasance clause

NEW QUESTION 55
A North Carolina real estate broker lists their vacation home for sale. A prospective buyer asks to see the property. Which statement is TRUE?

The broker can be a designated agent of the buyer if another licensee in the brokerage firm acts as the broker’s designated agent.

The broker can represent the buyer with informed written consent because the property is not the broker’s primary residence.

The broker can represent the buyer with informed written consent as long as the broker’s ownership interest in the vacation home is less than 25%.

The broker cannot represent the buyer under any circumstances.

NEW QUESTION 56
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.

NEW QUESTION 57
Which of the following will an appraiser consider when appraising a property?

The cost to update the subject property

The original price paid for the property

The average value of all available comparables

A reconciliation of values if more than one appraisal method is used

NEW QUESTION 58
The owner of a cooperative unit has which of the following rights in the property?

A fee simple interest in the unit and an undivided common interest in common areas

A fee simple interest in the unit and a proportional interest in common areas based on unit size

A fee simple interest in the unit combined with occupancy rights for a specified recurring period annually

A proprietary lease for the exclusive use of the unit and shares of stock in the corporation that owns the property

NEW QUESTION 59
Which is the correct formula for finding the value of a property using a capitalization rate?

Net Operating Income × Rate = Value

Net Operating Income / Rate = Value

Potential Gross Income / Rate = Value

Rate / Net Operating Income = Value

NEW QUESTION 60
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

NEW QUESTION 61
A North Carolina broker with RealtyOne is working for a buyer client to find a home. They find a home listed with RealtyTwo and submit an offer on Wednesday afternoon. The listing agent presents the offer to the seller on Thursday. The seller signs the offer with no changes and returns it to the listing agent on Thursday evening. Friday morning, the listing agent calls the RealtyOne broker and states the seller has signed and accepted the buyer’s offer. The RealtyOne broker receives the signed documents on Saturday. On Sunday morning, the RealtyOne broker meets with their buyer client, informs them of the acceptance, and delivers the signed documents to them. When did the parties form a valid and binding contract?

Thursday when the seller signed the contract

Thursday evening when the seller informed the listing agent of their acceptance

Friday morning when the acceptance was communicated to the RealtyOne broker

Sunday when the buyer was informed of the acceptance and received the signed documents

NEW QUESTION 62
A seller tells their listing broker that the basement leaks in heavy rains but marks “No Representation” to the relevant question on the North Carolina Real Estate Commission’s Residential Property and Owners’ Association Disclosure Statement (RPOADS). The listing broker must:

complete a new property disclosure statement themself.

inform the local building commission.

inform the buyer that the basement leaks during heavy rains.

protect the interests of their client and keep the information confidential.

NEW QUESTION 63
A North Carolina broker must maintain copies of all transaction files for at least _____ after the conclusion of a transaction?

1 year

2 years

3 years

4 years

NEW QUESTION 64
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:

24 hours of receipt.

1 business day of receipt.

3 business days of receipt.

3 calendar days of receipt.

NEW QUESTION 65
In North Carolina, which lien has the highest priority when property is sold to recover a debt?

Ad valorem property tax lien

Judgment lien

Mortgage lien

Whichever lien was recorded first

NEW QUESTION 66
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?

Actual damages

Compensatory damages

Liquidated damages

Punitive damages

NEW QUESTION 67
Which of the following statements regarding the proper handling of multiple offers in North Carolina is TRUE?

A listing broker must disclose the terms of a buyer’s offer to every competing buyer.

A listing broker must continue to present offers even if the seller has accepted a previous offer.

A listing broker must disclose the existence of multiple offers to all buyers before they make an offer.

A listing broker should prioritize the highest offer when presenting multiple offers.

NEW QUESTION 68
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

NEW QUESTION 69
Which of the following is a key characteristic of an exclusive right to sell listing agreement?

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

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

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

The seller can list the property with multiple brokers.

NEW QUESTION 70
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

NEW QUESTION 71
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?

Because the seller changed only the earnest money amount and not the price, the offer was accepted as soon as the seller signed it.

Because the seller changed only the earnest money amount and not the price, the offer was accepted when the seller notified the buyer.

If the buyer rejects the change, the seller can accept the buyer’s original offer.

The seller has rejected the original offer and made a counteroffer.

NEW QUESTION 72
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.