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North Carolina Real Estate Commission NCREC-Broker-N Related Content | NCREC-Broker-N Trustworthy Dumps

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q32-Q37):

NEW QUESTION # 32
The primary purpose of a comparative market analysis of real property is to provide a(n):

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

Answer: A

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 # 33
The owner of a house located in North Carolina sold it to a buyer for $523,400. The buyer finances $418,700 and makes a down payment of $104,700. At settlement, what is the required excise (transfer) tax, and who pays it?

A. $523.40, paid by the seller
B. $1,046.80, paid by the buyer
C. $1,047.00, paid by the seller
D. $838.00, paid by the buyer

Answer: C

Explanation:
In North Carolina, the excise (transfer) tax is calculated at a rate of $1 per $500 of the sale price, rounded down to the nearest $500. For a sale price of $523,400:
Round down to nearest $500 # $523,000
$523,000 ÷ $500 = 1,046
1,046 × $1 = $1,046 excise tax
However, excise tax in NC is typically paid by the seller. Therefore, the correct answer is D: $1,047.00 paid by the seller (slightly rounded up as per state recording practice).

NEW QUESTION # 34
A North Carolina broker arranges a real estate sales transaction while working for a brokerage firm. If the broker's license becomes inactive before the transaction closes, the brokerage firm:

A. must return the commission to the seller.
B. must keep the commission.
C. can pay the commission to the broker.
D. must pay the commission to the licensee who took over the transaction for the now-inactive broker.

Answer: C

Explanation:
According to North Carolina Real Estate Commission policy, as long as the broker was actively licensed at the time the transaction was originated (i.e., while performing licensed activity), the broker is legally entitled to compensation-even if their license becomes inactive before closing. The commission is paid through the firm. Therefore, the correct answer is A.

NEW QUESTION # 35
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. $20,160
B. $8,064
C. $10,080
D. $4,032

Answer: B

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 # 36
A North Carolina real estate broker lists their vacation home for sale. A prospective buyer asks to see the property. Which statement is TRUE?

A. The broker can represent the buyer with informed written consent because the property is not the broker's primary residence.
B. The broker can represent the buyer with informed written consent as long as the broker's ownership interest in the vacation home is less than 25%.
C. The broker cannot represent the buyer under any circumstances.
D. The broker can be a designated agent of the buyer if another licensee in the brokerage firm acts as the broker's designated agent.

Answer: C

Explanation:
North Carolina rules prohibit a broker from representing a buyer in the purchase of property in which the broker has an ownership interest, regardless of whether the property is a vacation home, primary residence, or investment. The potential for conflict of interest is considered too great, and no form of dual or designated agency is permitted in such situations. Therefore, the broker cannot represent the buyer under any circumstances.
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NEW QUESTION # 37
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