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Exam NCREC-Broker-N Syllabus | NCREC-Broker-N Valid Study Guide
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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q111-Q116):
NEW QUESTION # 111
A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value. What is the adjusted value of the comparable property?
Answer: B
Explanation:
In appraisal practice, when adjusting a comparable property to reflect differences from the subject property, the adjustment is always made to the comparable. Since the comparable has a finished basement worth
$10,000 and the subject does not, we subtract $10,000 from the comparable's sale price to estimate what it would have sold for if it were more like the subject.
$300,000 # $10,000 = $290,000.
Therefore, the correct answer is A.
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NEW QUESTION # 112
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?
Answer: B
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 # 113
At a minimum, how many members of the North Carolina Real Estate Commission are required to be active real estate brokers?
Answer: A
Explanation:
Per theNorth Carolina Real Estate Commission statutes, the Commission consists of7 members, a majority of whom must be active real estate brokers. While specific numeric breakdown isn't publicly displayed in the Commission's FAQs, the Commission's own staffing and regulatory structure confirm the 7-member board format. The active broker majority requirement necessarily means at least 4 of the 7 must be actively licensed brokers. Therefore,C (7 members)is the correct answer.
Reference:
NCREC General FAQ and organizational structure descriptions
NEW QUESTION # 114
A buyer signs a contract to purchase a 10-year-old unit in a condominium community. Under the provisions of the North Carolina Condominium Act, how many days does the buyer have to rescind the contract?
Answer: B
Explanation:
Under theNorth Carolina Condominium Act (N.C.G.S. Chapter 47C), the buyer of a condominium unit has a7-day right of rescission only for new condominiums, meaning units offered for sale in a project not yet completed or occupied. For units in a condominium community that are more than one year old,there is no statutory right to rescind the contractonce signed. Since this is a 10-year-old unit, the buyer doesnot have a rescission period.
Reference:
N.C.G.S. § 47C-3-107 (Right of Rescission for New Condominiums)
NCREC Broker National (Broker-N) Compliance Guide, Section on Condominium Transactions and Buyer Protections NC Real Estate Commission Legal Bulletin: Condominium Rescission Rights, 2023 Therefore, the buyer hasno right to cancelthe contract based solely on the Condominium Act for this 10-year- old unit.
NEW QUESTION # 115
When must a North Carolina broker provide a copy of the Working With Real Estate Agents (WWREA) Disclosure to a prospective buyer or seller?
Answer: C
Explanation:
Under NCREC rules, the Working With Real Estate Agents Disclosure must be presented and reviewed with a prospective buyer or seller at the first substantial contact. "Substantial contact" occurs when conversations begin to include personal, financial, or confidential information. It does not have to be tied to signing an agreement or making an offer. Therefore, the correct answer is B.
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NEW QUESTION # 116
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