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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 # 31

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

Options:

A.  

appraiser with a thorough picture of the current economic market.

B.  

insurer with the estimated cost to rebuild the property.

C.  

seller with a range of appropriate listing prices.

D.  

lender with the appropriate market value of the collateral.

Discussion 0
Question # 32

The owner of a house located in North Carolina sold it to a buyer for $523,400. The buyer finances $418,700 and makes a down payment of $104,700. At settlement, what is the required excise (transfer) tax, and who pays it?

Options:

A.  

$523.40, paid by the seller

B.  

$838.00, paid by the buyer

C.  

$1,046.80, paid by the buyer

D.  

$1,047.00, paid by the seller

Discussion 0
Question # 33

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

Options:

A.  

an approved lender

B.  

the Department of Housing and Urban Development (HUD)

C.  

Fannie Mae

D.  

the Federal Housing Administration (FHA)

Discussion 0
Question # 34

In North Carolina, an earnest money deposit that is paid by check must be deposited into a trust account no later than:

Options:

A.  

3 banking days after receipt.

B.  

3 banking days after acceptance of the offer.

C.  

5 banking days after receipt.

D.  

5 banking days after acceptance of the offer.

Discussion 0
Question # 35

In the context of antitrust laws, which action would be considered an example of a group boycott?

Options:

A.  

Two brokers from different firms agree to charge the same commission rate.

B.  

Two brokers from different firms agree to focus on different neighborhoods.

C.  

Two brokers from different firms agree to use the same marketing materials.

D.  

Two brokers from different firms agree not to cooperate with a new discount brokerage.

Discussion 0
Question # 36

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?

Options:

A.  

Obtain permission to disclose the terms of the offer from the seller only

B.  

Obtain express authority to disclose the terms of the offer from the offering party

C.  

Disclose all offers to all competing buyers because the existence of multiple offers is a material fact

D.  

Only disclose the highest or best offer

Discussion 0
Question # 37

Which statement about acknowledging a deed is TRUE?

Options:

A.  

Acknowledging a deed requires the signature of the listing agent.

B.  

A deed must be acknowledged to be valid.

C.  

A deed must be acknowledged to be recorded.

D.  

A deed must be acknowledged or the transaction cannot close.

Discussion 0
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