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[General] NCREC-Broker-N Latest Exam Vce & Real NCREC-Broker-N Braindumps

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【General】 NCREC-Broker-N Latest Exam Vce & Real NCREC-Broker-N Braindumps

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North Carolina Real Estate Commission NCREC-Broker-N Exam Syllabus Topics:
TopicDetails
Topic 1
  • 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 2
  • 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 3
  • 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.
Topic 4
  • 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.

North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q100-Q105):NEW QUESTION # 100
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. Subtract depreciation and add land value
  • B. Subtract depreciation and add labor costs
  • C. Subtract land value and depreciation
  • D. Add land value and labor costs
Answer: A
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.
-

NEW QUESTION # 101
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?
  • A. Once the lender's funds are verified
  • B. At the time of settlement
  • C. After the deed and deed of trust are recorded
  • D. Before the deed is recorded
Answer: C
Explanation:
The North Carolina Good Funds Settlement Act requires that no disbursement of funds-including broker commissions-can be made until the deed and any deed of trust are recorded in the public records. Only once the documents are recorded can the closing attorney legally disburse funds. Thus, brokers should expect to be paid only after recording, making answer C correct.
-

NEW QUESTION # 102
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?
  • A. The buyer has no such right to cancel the contract.
  • B. 7 days
  • C. 5 days
  • D. 3 days
Answer: A
Explanation:
Under theNorth Carolina Condominium Act (N.C.G.S. Chapter 47C), the buyer of a condominium unit has a7-day right of rescission only for new condominiums, meaning units offered for sale in a project not yet completed or occupied. For units in a condominium community that are more than one year old,there is no statutory right to rescind the contractonce signed. Since this is a 10-year-old unit, the buyer doesnot have a rescission period.
Reference:
N.C.G.S. § 47C-3-107 (Right of Rescission for New Condominiums)
NCREC Broker National (Broker-N) Compliance Guide, Section on Condominium Transactions and Buyer Protections NC Real Estate Commission Legal Bulletin: Condominium Rescission Rights, 2023 Therefore, the buyer hasno right to cancelthe contract based solely on the Condominium Act for this 10-year- old unit.

NEW QUESTION # 103
A buyer's stable monthly income is $6,800. Every month they pay a $485 car payment, $200 in a revolving credit payment, and $1,500 in alimony. Using ratios of 31% and 43%, what is the maximum monthly mortgage payment they would qualify for on an FHA-insured mortgage loan?
  • A. $1,972
  • B. $739
  • C. $2,108
  • D. $1,763
Answer: D
Explanation:
FHA mortgage qualification uses two ratios:
Housing ratio (Front-end): 31% of monthly gross income
Total debt ratio (Back-end): 43% of monthly gross income
Step 1: Calculate max housing (front-end)
31% × $6,800 = $2,108
Step 2: Calculate max total debts (back-end)
43% × $6,800 = $2,924
Subtract monthly debts: $485 + $200 + $1,500 = $2,185
Max mortgage payment allowed = $2,924 # $2,185 = $739
The borrower is limited by the back-end ratio, so the maximum housing expense is $739.
Note: The initial selected answer choice "B. $1,763" would exceed the debt ratio when combined with existing monthly obligations. The correct final answer is A.

NEW QUESTION # 104
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. that the developer is responsible for maintaining private streets.
  • C. whether the property's frontage street is public or private.
  • D. the anticipated cost of assessments for public or private streets.
Answer: C
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 # 105
......
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