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[General] North Carolina Real Estate Commission NCREC-Broker-N New Exam Bootcamp, New NCRE

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【General】 North Carolina Real Estate Commission NCREC-Broker-N New Exam Bootcamp, New NCRE

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North Carolina Real Estate Commission NCREC-Broker-N Exam Syllabus Topics:
TopicDetails
Topic 1
  • National Portion: Core Concepts: This section of the exam measures the skills of broker candidates and focuses on the basic principles of real estate. It covers property ownership, forms of estates, property rights, and how interests are transferred. It also evaluates contracts, agency duties, and the role of brokers in maintaining lawful and ethical agreements. These core concepts ensure candidates understand the foundational rules of practice across the United States.
Topic 2
  • National Portion: Applied Knowledge: This part of the exam measures the applied knowledge of broker candidates and emphasizes practical skills. It includes financing and valuation methods, market analysis, and understanding mortgage processes. Candidates are also tested on land use controls, zoning, environmental regulations, required disclosures, and common real estate calculations. This applied knowledge ensures brokers can handle real-world scenarios effectively.
Topic 3
  • State Portion: Legal Framework: This section of the exam evaluates provisional brokers on the rules and statutes that apply specifically in North Carolina. It includes license law, the Real Estate Commission’s authority, and disciplinary procedures. It also covers how agency relationships must be created and disclosed under state law. These legal frameworks define the responsibilities and compliance requirements for practicing in the state.
Topic 4
  • State Portion: Practice and Procedures: This part of the exam measures the skills of provisional brokers in practical, day-to-day operations within North Carolina. It covers contracts and closing processes, use of state-specific forms, and procedures for managing transactions. It also includes state statutes on property transfers, landlord-tenant law, and fair housing requirements. This focus ensures provisional brokers can carry out transactions correctly within state guidelines.

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q120-Q125):NEW QUESTION # 120
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?
  • A. Add land value and labor costs
  • B. Subtract depreciation and add labor costs
  • C. Subtract depreciation and add land value
  • D. Subtract land value and depreciation
Answer: C
Explanation:
The cost approach to value involves three primary steps: (1) estimate the replacement or reproduction cost of the improvements, (2) subtract accrued depreciation, and (3) add the market value of the land. In this case, the appraiser has already estimated the cost to rebuild the structure. The next steps are to subtract any depreciation from the improvements and then add the land value to derive the final opinion of value. Labor costs are already factored into the reconstruction estimate and are not added again.
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NEW QUESTION # 121
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. that the developer is responsible for maintaining private streets.
  • B. whether the property's frontage street is subject to flooding.
  • C. the anticipated cost of assessments for public or private streets.
  • D. whether the property's frontage street is public or private.
Answer: D
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.
-

NEW QUESTION # 122
A North Carolina real estate broker may:
  • A. practice oral buyer agency so long as it is exclusive and sets a specific time frame for the oral agency agreement.
  • B. practice oral buyer agency but must have a written agency agreement with the buyer prior to presenting an offer.
  • C. delay the use of the Working with Real Estate Agents Disclosure when there is an oral seller agency.
  • D. practice oral seller agency but must have a listing agreement in writing no later than the time at which a buyer submits an offer.
Answer: B
Explanation:
Under North Carolina Real Estate Commission (NCREC) rules, a broker may begin working with a buyer under oral buyer agency but must have a signed, written buyer agency agreement in place before presenting any offer on behalf of that buyer. Oral agency cannot be exclusive or have a defined time frame. Additionally, the broker must provide the Working with Real Estate Agents Disclosure at first substantial contact.
Therefore, oral buyer agency is permissible temporarily but must convert to a written agreement before drafting or presenting an offer, making option C correct.

NEW QUESTION # 123
A seller sold their house for $600,000. They are responsible for paying a 6% commission to the listing broker, closing costs of $8,500, and the remaining balance on their prior mortgage loan of $60,000. How much will they net on the sale?
  • A. $564,000
  • B. $531,500
  • C. $499,610
  • D. $495,500
Answer: D
Explanation:
Total sale price = $600,000
Commission = $600,000 × 0.06 = $36,000
Total deductions = $36,000 (commission) + $8,500 (closing costs) + $60,000 (loan payoff) = $104,500 Net proceeds = $600,000 - $104,500 = $495,500 Correct answer: B
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NEW QUESTION # 124
A seller tells their listing broker that the basement leaks in heavy rains but marks "No Representation" to the relevant question on the North Carolina Real Estate Commission's Residential Property and Owners' Association Disclosure Statement (RPOADS). The listing broker must:
  • A. inform the local building commission.
  • B. protect the interests of their client and keep the information confidential.
  • C. inform the buyer that the basement leaks during heavy rains.
  • D. complete a new property disclosure statement themself.
Answer: C
Explanation:
According to NCREC rules, even when a seller selects "No Representation" on the RPOADS, the listing broker is obligated to disclose any material facts they know about the property to prospective buyers. A leaking basement is considered a material fact, and withholding that information would be a violation of license law and Commission rules. Therefore, the listing agent must disclose the leak to the buyer.
Reference:
NCREC Residential Property Disclosure Act Guidance
NCREC License Law and Rule Comments (Disclosure of Material Facts)
North Carolina General Statutes § 47E-4

NEW QUESTION # 125
......
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