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Practice Exam Software North Carolina Real Estate Commission NCREC-Broker-N Exam Questions

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q48-Q53):

NEW QUESTION # 48
According to the North Carolina Real Estate Commission Rules, what must be included in a written agency agreement?

A. The expiration date of the broker's license
B. An automatic renewal clause
C. The broker's license number
D. A broker protection clause

Answer: C

Explanation:
According to 21 NCAC 58A .0104(a), a written agency agreement in North Carolina must include the broker' s license number and a definite expiration date. These are required by the Commission to ensure regulatory clarity and accountability. A broker protection clause is optional and negotiated between parties. Automatic renewal clauses are prohibited in listing agreements. Therefore, the correct and required component is the broker's license number.
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NEW QUESTION # 49
An appraiser estimates that it would cost $598,720 to rebuild the subject house. Now what must the appraiser do to arrive at an opinion of value for the property using the cost approach?

A. Subtract land value and depreciation
B. Subtract depreciation and add land value
C. Add land value and labor costs
D. Subtract depreciation and add labor costs

Answer: B

Explanation:
The cost approach to value involves three primary steps: (1) estimate the replacement or reproduction cost of the improvements, (2) subtract accrued depreciation, and (3) add the market value of the land. In this case, the appraiser has already estimated the cost to rebuild the structure. The next steps are to subtract any depreciation from the improvements and then add the land value to derive the final opinion of value. Labor costs are already factored into the reconstruction estimate and are not added again.
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NEW QUESTION # 50
A listing brokerage firm offered a 3% commission split to any broker who could find a buyer for their
$700,000 listing. The seller agreed to pay a 7% commission. A broker from another brokerage firm found a buyer, and the seller accepted their offer of $695,000. What did the listing brokerage firm earn on this transaction?

A. $21,000
B. $27,800
C. $20,850
D. $28,000

Answer: B

Explanation:
The total commission earned was 7% of the final sales price ($695,000 × 0.07 = $48,650).
The cooperating (buyer's) broker received 3% ($695,000 × 0.03 = $20,850).
The listing brokerage firm retained the difference:
$48,650 - $20,850 = $27,800.
So, the listing firm earned $27,800 - answer C.

NEW QUESTION # 51
The owners of a house that was built in 1950 are planning to sell it. What must they do prior to a sale of the property to comply with federal lead-based paint disclosure requirements?

A. Remove all lead-based paint
B. Purchase a home warranty policy that covers the removal of lead-based paint
C. Conduct a test for lead-based paint
D. Provide buyers with copies of any reports available from prior lead tests

Answer: D

Explanation:
Under the federal Residential Lead-Based Paint Hazard Reduction Act, sellers of residential property built before 1978 must:
Disclose any known lead-based paint or hazards.
Provide copies of any available reports or records.
Provide the EPA's lead hazard information pamphlet.
Allow the buyer a 10-day inspection period (unless waived).
Sellers are not required to test for or remove lead paint. Therefore, the correct answer is B.

NEW QUESTION # 52
According to the North Carolina Real Estate Commission Rules, a broker must deliver a copy of any signed purchase agreement to their client or customer within ____ of receipt.

A. 2 days
B. 24 hours
C. 4 days
D. 3 days

Answer: B

Explanation:
NCREC rules require that brokers deliver a copy of any executed (signed) document to all parties within 3 calendar days. However, a stricter rule applies to offers and contracts: any signed agency agreement or sales contract must be delivered within 3 days, and any executed offer must be delivered "immediately, but in no case later than 3 days." Best practice-and NCREC recommendation-is within 24 hours. Therefore, the most accurate and safe answer is A.
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NEW QUESTION # 53
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