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NCREC-Broker-N Practice Questions

NC Real Estate Broker National

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Total Questions : 125

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Question # 11

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):

Options:

A.  

amendment

B.  

contingency

C.  

option

D.  

stipulation

Discussion 0
Question # 12

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?

Options:

A.  

Harold's spouse

B.  

Harold's heirs

C.  

Jack and Jill

D.  

It's up to the court to decide

Discussion 0
Question # 13

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

Options:

A.  

2.0 pCi/L

B.  

3.0 pCi/L

C.  

4.0 pCi/L

D.  

5.0 pCi/L

Discussion 0
Question # 14

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?

Options:

A.  

Exclusive agency

B.  

Exclusive right to sell

C.  

Net listing

D.  

Open listing

Discussion 0
Question # 15

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

Options:

A.  

fully executed before the expiration date.

B.  

in writing to be enforceable.

C.  

prepared by an attorney.

D.  

recorded in the same jurisdiction as the property.

Discussion 0
Question # 16

Under the provisions of the federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), a lender must provide a borrower with the Closing Disclosure at least _________ prior to loan consummation.

Options:

A.  

1 business day

B.  

3 business days

C.  

3 calendar days

D.  

7 calendar days

Discussion 0
Question # 17

Under the provisions of a property management agreement, a property manager has a legal obligation to promote and protect whose interests?

Options:

A.  

The property owner

B.  

The tenants

C.  

The property owner and the tenants

D.  

The public

Discussion 0
Question # 18

Which of these activities is prohibited by federal antitrust laws?

Options:

A.  

Price-fixing

B.  

Price gouging

C.  

Racial discrimination

D.  

Providing legal advice

Discussion 0
Question # 19

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?

Options:

A.  

A real estate brokerage firm allows a title company to use the brokerage's downtown office to conduct closings as a convenience to downtown clients.

B.  

A title company buys an ad in the local newspaper every month for the real estate brokerage firm that sends the title company the most referrals.

C.  

A home inspector gives a real estate broker tickets to the Super Bowl to thank the broker for the business they sent to the inspector this year.

D.  

A mortgage company includes a link to a real estate brokerage firm's website on its home page in exchange for the brokerage sending clients their way.

Discussion 0
Question # 20

The listing agent for Guy's ranch home is also Ginny's buyer agent. After a long day of showing the requested two-story homes to Ginny, they drive past Guy's home, and she excitedly asks to see it. Guy is out of town and has given the agent permission to show the property in his absence, so the agent sees no harm in letting her in. Which statement is TRUE?

Options:

A.  

The agent violated the duty of loyalty to Guy by letting them into his property when he wasn't there.

B.  

The agent violated the duty of obedience to Ginny by showing her a ranch home instead of the requested two-story.

C.  

The agent did nothing wrong, as they were simply looking out for the buyer client's best interests.

D.  

The agent may have created an undisclosed and illegal dual agency.

Discussion 0
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