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New North Carolina Real Estate Commission NCREC-Broker-N Study Notes | NCREC-Broker-N Test Simulator Fee

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q101-Q106):

NEW QUESTION # 101
The primary purpose of a comparative market analysis of real property is to provide a(n):

A. lender with the appropriate market value of the collateral.
B. insurer with the estimated cost to rebuild the property.
C. seller with a range of appropriate listing prices.
D. appraiser with a thorough picture of the current economic market.

Answer: C

Explanation:
A Comparative Market Analysis (CMA) is a tool used by real estate brokers to estimate the probable selling price of a property based on recently sold, active, and expired listings of similar properties. The primary purpose is to assist a seller in determining a reasonable and competitive listing price. Unlike a formal appraisal, a CMA is not intended for use by appraisers, insurers, or lenders. Therefore, the correct answer is C.
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NEW QUESTION # 102
In North Carolina, an earnest money deposit that is paid by check must be deposited into a trust account no later than:

A. 3 banking days after acceptance of the offer.
B. 5 banking days after acceptance of the offer.
C. 3 banking days after receipt.
D. 5 banking days after receipt.

Answer: A

Explanation:
According to North Carolina Real Estate Commission rules, if an earnest money deposit is received with an offer and held by the broker, it must be deposited in the trust account no later than 3 banking days after the broker has received notice of contract acceptance (i.e., when the offer becomes a binding contract). Therefore, the correct answer is B.

NEW QUESTION # 103
A week before closing, lightning struck the roof of the property being sold, doing about $5,000 in damage.
The seller and buyer agree to adjust the sales price accordingly and continue with the transaction. What should they do to document this mutual understanding?

A. Execute a new purchase agreement
B. Draft a lis pendens
C. Prepare and sign an amendment
D. Nothing; an oral agreement is sufficient

Answer: C

Explanation:
Any change to the terms of a binding real estate contract must be made in writing and signed by all parties. In this case, the original Offer to Purchase and Contract remains valid, and the parties are modifying the terms (adjusting the sales price due to damage). This should be documented using a formal amendment. Therefore, the correct answer is C.

NEW QUESTION # 104
Which statement about postlicensing education requirements for North Carolina provisional brokers is TRUE?

A. A new provisional broker has two years to complete the required postlicensing education.
B. The required postlicensing education must be completed before a provisional broker license can be activated.
C. If a provisional broker does not complete the required postlicensing education, their license is revoked.
D. The required postlicensing education program consists of three 30-hour courses.

Answer: D

Explanation:
North Carolina provisional brokers are required to complete three postlicensing courses, each 30 hours in length, for a total of 90 hours. These must be completed within 18 months of licensure. Failure to complete these results in the license status being changed to inactive-not revoked. Additionally, postlicensing is not required to activate a license initially, but must be completed to remove the "provisional" status. Therefore, the correct answer is C.

NEW QUESTION # 105
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. $4,032
B. $10,080
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 # 106
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