NCREC-BROKER-N EXAM QUESTIONS - SUCCESSFUL GUIDELINES FOR PREPARATION [2025]

NCREC-Broker-N Exam Questions - Successful Guidelines For Preparation [2025]

NCREC-Broker-N Exam Questions - Successful Guidelines For Preparation [2025]

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q56-Q61):

NEW QUESTION # 56
The statute of frauds requires contracts for the sale of real property to be:

  • A. recorded in the same jurisdiction as the property.
  • B. prepared by an attorney.
  • C. fully executed before the expiration date.
  • D. in writing to be enforceable.

Answer: D

Explanation:
The Statute of Frauds is a legal doctrine that requires certain types of contracts-including contracts for the sale of real property-to be in writing to be enforceable in a court of law. Oral agreements for real estate transactions are not enforceable under this law in North Carolina. There is no requirement that contracts be drafted by attorneys, executed by a certain date, or recorded. Therefore, the correct answer is B.
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NEW QUESTION # 57
Which of these activities is prohibited by federal antitrust laws?

  • A. Providing legal advice
  • B. Price-fixing
  • C. Price gouging
  • D. Racial discrimination

Answer: B

Explanation:
Federal antitrust laws, including the Sherman Antitrust Act, prohibit activities that restrict fair competition.
One of the key prohibited practices is price-fixing-an agreement among competitors to set commission rates or pricing, which violates the requirement for competitive, independent business conduct. Price gouging is related to consumer protection during emergencies, and racial discrimination falls under fair housing law, not antitrust. Providing legal advice is a separate licensing concern. Therefore, A is correct.


NEW QUESTION # 58
Property in Town A is assessed at 50% of market value. The property tax rate is $32 per $1,000. If the market value of a home is $630,000, what is the annual tax assessment?

  • A. $10,080
  • B. $4,032
  • C. $20,160
  • D. $8,064

Answer: D

Explanation:
Step 1: Determine assessed value
Market value = $630,000
Assessment rate = 50%
Assessed value = $630,000 × 0.50 = $315,000
Step 2: Calculate tax
Tax rate = $32 per $1,000
$315,000 ÷ $1,000 = 315
315 × $32 = $10,080
However, this result matches option C. Therefore:
Corrected Final answer: C. $10,080
Explanation Confirmed: Assessed value is 50% of $630,000 = $315,000. Tax at $32 per $1,000 means $315 ×
$32 = $10,080. Correct answer is C.


NEW QUESTION # 59
When submitting an offer, a buyer handed their broker an earnest money deposit in cash. To comply with the North Carolina Real Estate Commission Rules, what must the broker do?

  • A. Not accept the cash and ask the buyer to write a check instead
  • B. Ensure the cash is locked in a safe place until the offer is accepted
  • C. Deposit the cash into the brokerage trust account within three banking days of receipt
  • D. Turn the money over to the listing broker within 24 hours of receipt

Answer: C

Explanation:
Under NCREC rules, a broker must deposit any earnest money received (including cash) into the firm's trust account within three banking days of receipt if the offer has been accepted. If the offer has not yet been accepted, the funds must be safeguarded and then deposited within three banking days following acceptance.
Cash must be treated with particular care, and a detailed receipt should be provided. Therefore, the correct answer is C.
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NEW QUESTION # 60
For which appraisal assignment is the gross rent multiplier (GRM) method MOST appropriate?

  • A. Residential duplex
  • B. 10-unit apartment building
  • C. Retail establishment
  • D. Warehouse complex

Answer: A

Explanation:
The Gross Rent Multiplier (GRM) is best suited for valuing small residential income properties, typically 1-4 units, where monthly rental income is a primary valuation factor. Among the options, a residential duplex (two units) fits this criteria perfectly. Larger multi-unit properties and commercial properties typically require more complex income capitalization approaches.
Reference:
NCREC Appraisal Study Guide - Income Approach
Uniform Standards of Professional Appraisal Practice (USPAP) Guidelines on GRM Use


NEW QUESTION # 61
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