Question 1

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?

Options :

A : $499,610

B : $495,500

C : $531,500

D : $564,000

Answer: B

Question 2

What principle states that the value of the best home in a neighborhood will be lowered by the existence of inferior homes?

Options :

A : Anticipation

B : Contribution

C : Progression

D : Regression

Answer: D

Question 3

Bernie is the broker-in-charge at a brokerage firm located in North Carolina. He is actively involved in listing and selling properties. Mei is a provisional broker at the same brokerage firm. She has a buyer client who has expressed interest in one of Bernie's listings. In this transaction, what would be a permissible agency arrangement?

Options :

A : Bernie and Mei could act as dual agents to both clients.

B : Bernie and Mei each have a single agency relationship with their respective clients.

C : Bernie and Mei would be designated agents of their respective clients.

D : Bernie would be the designated agent for both buyer and seller.

Answer: C

Question 4

When selling a house that was built before 1978, the seller is required to:

Options :

A : conduct an inspection for lead-based paint hazards.

B : give the buyer the opportunity to conduct their own lead paint inspection.

C : mitigate any lead-based paint hazards on the property.

D : pay for a lead-based paint risk assessment.

Answer: B

Question 5

Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?

Options :

A : 3 days

B : 5 days

C : 10 days

D : Under the law, there is no right of cancellation

Answer: D

Free NCREC-Broker-N Mock Exam – Practice Online Confidently

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