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Guide for NCREC-Broker-N: Real Estate Licensing North Carolina Real Estate Broker National

Quiz NCREC-Broker-N: Real Estate Licensing North Carolina Real Estate Broker National

Free Test
/ 10

Quiz

1/10
A business may contact a former client for up to after a transaction closes, even if that client
is on the National Do Not Call Registry?
Select the answer
1 correct answer
A.
9 months
B.
12 months
C.
18 months
D.
24 months

Quiz

2/10
The owner of a lot that is 99 feet by 110 feet would like to sell it. Similar properties sell for $180,000
per acre. What is the likely selling price for this property?
Select the answer
1 correct answer
A.
$45,000
B.
$54,450
C.
$60,000
D.
$90,000

Quiz

3/10
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?
Select the answer
1 correct answer
A.
3 days
B.
5 days
C.
7 days
D.
The buyer has no such right to cancel the contract.

Quiz

4/10
Under the terms of the NCAR/NCBA Offer to Purchase and Contract (Standard Form 2-T), the
settlement date can be delayed for how long before the contract is no longer enforceable and
binding on all parties?
Select the answer
1 correct answer
A.
3 days
B.
5 days
C.
7 days
D.
10 days

Quiz

5/10
An appraiser estimates that it would cost $598,720 to rebuild the subject house. Now what must the
appraiser do to arrive at an opinion of value for the property using the cost approach?
Select the answer
1 correct answer
A.
Subtract depreciation and add labor costs
B.
Subtract depreciation and add land value
C.
Subtract land value and depreciation
D.
Add land value and labor costs

Quiz

6/10
Which statement about an option contract is TRUE?
Select the answer
1 correct answer
A.
The buyer is obligated to purchase the property within the indicated time frame.
B.
The seller is obligated to sell the property if the buyer chooses to exercise the option.
C.
Any money paid with an option must be refunded if the option is not exercised.
D.
An option contract does not require consideration to be enforceable.

Quiz

7/10
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:
Select the answer
1 correct answer
A.
may discuss the terms of a possible listing agreement that would begin after the current listing ends.
B.
may not discuss the terms of any possible future listing agreement.
C.
may suggest that the seller terminate the current listing agreement early.
D.
must advise the seller to contact an attorney.

Quiz

8/10
A North Carolina real estate broker may:
Select the answer
1 correct answer
A.
delay the use of the Working with Real Estate Agents Disclosure when there is an oral seller agency.
B.
practice oral seller agency but must have a listing agreement in writing no later than the time at which a buyer submits an offer.
C.
practice oral buyer agency but must have a written agency agreement with the buyer prior to presenting an offer.
D.
practice oral buyer agency so long as it is exclusive and sets a specific time frame for the oral agency agreement.

Quiz

9/10
[Commission and Compensation]
According to the North Carolina Good Funds Settlement Act, when can a broker expect to receive
their commission following completion of a real estate transaction?
Select the answer
1 correct answer
A.
At the time of settlement
B.
Before the deed is recorded
C.
After the deed and deed of trust are recorded
D.
Once the lender's funds are verified

Quiz

10/10
A listing broker receives a signed offer from a buyer. Although the broker must present the offer to
the seller as soon as possible, under the North Carolina Real Estate Commission Rules, the broker
must present the offer:
Select the answer
1 correct answer
A.
within 24 hours.
B.
before the end of the next business day.
C.
within 2 days.
D.
within 3 days.
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  • Quiz name:NCREC-Broker-N: Real Estate Licensing North Carolina Real Estate Broker National
  • Total number of questions:125
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