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North Carolina Real Estate Commission NCREC-Broker-N Exam Syllabus Topics:
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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q31-Q36):
NEW QUESTION # 31
Under the provisions of the North Carolina Subdivision Streets Disclosure Law, a subdivision developer must give a prospective buyer a disclosure statement that indicates:
- A. whether the property's frontage street is subject to flooding.
- B. whether the property's frontage street is public or private.
- C. the anticipated cost of assessments for public or private streets.
- D. that the developer is responsible for maintaining private streets.
Answer: B
Explanation:
The North Carolina Subdivision Streets Disclosure Law requires developers to provide written disclosure to prospective buyers regarding whether the subdivision streets are intended to be publicly maintained (by the NCDOT or a municipality) or privately maintained. This ensures that buyers are aware of their responsibility for street upkeep if they are private. Therefore, the correct answer is A.
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NEW QUESTION # 32
Which of the following is a key characteristic of an exclusive right to sell listing agreement?
- A. The broker is guaranteed a commission if the property sells during the listing term.
- B. The seller can list the property with multiple brokers.
- C. The seller does not owe a commission if they sell the property themselves.
- D. The broker must be the procuring cause of the sale to earn a commission.
Answer: A
Explanation:
Anexclusive right to selllisting gives one broker the sole authority to market and sell a property. The broker is entitled to a commissionno matter who procures the buyer, even if the seller finds the buyer independently during the listing period commission payment upon sale within the term-matchingoption A.
Option B is false (that applies to exclusive agency); C applies to open or exclusive-agency; and D conflicts with the exclusivity provision.
NEW QUESTION # 33
The property manager of an apartment building would be in violation of the federal Fair Housing Act if they discriminated against a prospective tenant on the basis of:
- A. military status.
- B. familial status.
- C. age.
- D. marital status.
Answer: B
Explanation:
The federal Fair Housing Act prohibits discrimination based on race, color, religion, sex, national origin, disability, and familial status. Familial status includes pregnant women and families with children under 18.
Age and military status are not federally protected classes under this law (though they may be under local ordinances). Marital status is not a protected class under federal law either. Therefore, the correct answer is B.
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NEW QUESTION # 34
Bernie is the broker-in-charge at a brokerage firm located in North Carolina. He is actively involved in listing and selling properties. Mei is a provisional broker at the same brokerage firm. She has a buyer client who has expressed interest in one of Bernie's listings. In this transaction, what would be a permissible agency arrangement?
- A. Bernie and Mei would be designated agents of their respective clients.
- B. Bernie would be the designated agent for both buyer and seller.
- C. Bernie and Mei could act as dual agents to both clients.
- D. Bernie and Mei each have a single agency relationship with their respective clients.
Answer: A
Explanation:
Under North Carolina agency rules,dual agencyis permissible only ifwritten informed consentis secured from both parties, and typically involvesdesignated agencyto avoid conflict of interest. Bernie could serve as thedesignated agentfor the seller (listing), and Mei could serve as thedesignated agentfor the buyer, each separately representing their client while the brokerage acts as dual agent at the firm level Option C accurately reflects this legal structure. Option A (non-designated dual agency) is rarely allowed, B leaves Bernie unrepresented for seller, and D improperly places one agent on both sides.
NEW QUESTION # 35
What is the formula for calculating capital gain when a principal residence is sold?
- A. Amount Realized + Adjusted Basis
- B. Adjusted Basis / Amount Realized
- C. Amount Realized - Adjusted Basis
- D. Adjusted Basis - Amount Realized
Answer: C
Explanation:
Capital gain is determined by subtracting theadjusted basis(original cost plus improvements minus depreciation) from theamount realized(selling price minus selling costs). This matchesAmount Realized - Adjusted Basisas per the Broker#N Financing and Taxation section.
NEW QUESTION # 36
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