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NCREC-Broker-N Latest Practice Questions | NCREC-Broker-N Latest Test Report
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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 (Q104-Q109):
NEW QUESTION # 104
What duty does a North Carolina real estate broker have related to material facts?
- A. An affirmative duty to discover and disclose material facts to their clients only
- B. An affirmative duty to discover and disclose material facts to all parties
- C. A duty to disclose known material facts to their clients only but no affirmative duty to discover material facts
- D. A duty to disclose known material facts to all parties but no affirmative duty to discover material facts
Answer: B
Explanation:
NC brokers are bound by an affirmative duty to both discover and disclose material facts to all parties in a transaction, not just their clients. This includes facts they know or should reasonably know, such as structural defects, zoning violations, or environmental issues. This duty exists regardless of whom the broker represents.
Therefore, option A is correct.
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NEW QUESTION # 105
A North Carolina broker with RealtyOne is working for a buyer client to find a home. They find a home listed with RealtyTwo and submit an offer on Wednesday afternoon. The listing agent presents the offer to the seller on Thursday. The seller signs the offer with no changes and returns it to the listing agent on Thursday evening. Friday morning, the listing agent calls the RealtyOne broker and states the seller has signed and accepted the buyer's offer. The RealtyOne broker receives the signed documents on Saturday. On Sunday morning, the RealtyOne broker meets with their buyer client, informs them of the acceptance, and delivers the signed documents to them. When did the parties form a valid and binding contract?
- A. Sunday when the buyer was informed of the acceptance and received the signed documents
- B. Thursday evening when the seller informed the listing agent of their acceptance
- C. Friday morning when the acceptance was communicated to the RealtyOne broker
- D. Thursday when the seller signed the contract
Answer: C
Explanation:
Under North Carolina contract law, a real estate contract becomes binding at the moment the final acceptance is communicated to the offering party (or their agent). In this case, that happened on Friday morning when the listing agent communicated the seller's acceptance to the buyer's broker. Delivery of the documents is not required for formation of the contract; communication is sufficient.
NEW QUESTION # 106
If a seller whose property is currently listed with another company initiates a conversation with a broker about the possibility of the broker becoming their new listing agent, the broker:
- A. may discuss the terms of a possible listing agreement that would begin after the current listing ends.
- B. may suggest that the seller terminate the current listing agreement early.
- C. must advise the seller to contact an attorney.
- D. may not discuss the terms of any possible future listing agreement.
Answer: A
Explanation:
Under the NCREC Rules and Code of Ethics, a broker may not interfere with another firm's existing exclusive listing agreement. However, if a seller independently initiates a conversation, a broker is allowed to discuss the terms of a future agreement - but that agreement must begin only after the current listing expires.
The broker must not suggest early termination or breach of contract. Therefore, option A accurately reflects what is legally and ethically permissible.
NEW QUESTION # 107
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. 4 days
- B. 2 days
- C. 3 days
- D. 24 hours
Answer: D
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 # 108
Which is MOST likely to be an example of an acceptable practice under the provisions of the federal Real Estate Settlement Procedures Act (RESPA) related to kickbacks?
- A. A title company buys an ad in the local newspaper every month for the real estate brokerage firm that sends the title company the most referrals.
- B. A home inspector gives a real estate broker tickets to the Super Bowl to thank the broker for the business they sent to the inspector this year.
- C. A mortgage company includes a link to a real estate brokerage firm's website on its home page in exchange for the brokerage sending clients their way.
- D. A real estate brokerage firm allows a title company to use the brokerage's downtown office to conduct closings as a convenience to downtown clients.
Answer: D
Explanation:
RESPA prohibits giving or receiving anything of value in exchange for referrals related to settlement services.
However, a title company using space provided by a brokerage (without compensation tied to referrals) for mutual client convenience may be permitted as long as fair market value is paid (if rent is involved) and there is no requirement or agreement for referrals. The other choices involve direct value exchange for referrals, which are prohibited. Correct answer: A.
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NEW QUESTION # 109
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