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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q61-Q66):
NEW QUESTION # 61
A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this?
- A. Partially amortizing
- B. Fully amortizing
- C. Straight amortizing
- D. Negatively amortizing
Answer: B
Explanation:
A fully amortizing loan is one in which the borrower makes equal monthly payments over the loan term, with a portion of each payment applied to interest and the remainder to principal. By the end of the loan term, the entire balance is paid off. Therefore, the correct answer is A - fully amortizing.
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NEW QUESTION # 62
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. can pay the commission to the broker.
- B. must return the commission to the seller.
- C. must pay the commission to the licensee who took over the transaction for the now-inactive broker.
- D. must keep the commission.
Answer: A
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 # 63
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. 3 days
- B. 7 days
- C. The buyer has no such right to cancel the contract.
- D. 5 days
Answer: C
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 # 64
An appraiser who is appraising a duplex gathers the following information: rent, vacancy rate, mortgage loan payments, property taxes, the owner's income tax obligations, and various expenses. The appraiser also examines the same information from other similar properties in the area as well as their sales prices. To find the net operating income of the subject property, what does the appraiser need to consider?
- A. None of the operating expenses
- B. Owner's income tax obligations
- C. Mortgage payments of principal and interest
- D. Vacancy losses
Answer: D
Explanation:
In the income approach, Net Operating Income (NOI) = Effective Gross Income # Operating Expenses.
Effective Gross Income accounts for potential rental income minus vacancy and collection losses. Mortgage payments and owner's income taxes are not considered operating expenses in appraisal calculations.
Therefore, vacancy losses are essential in determining NOI. Correct answer: C.
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NEW QUESTION # 65
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?
- A. 24 months
- B. 12 months
- C. 9 months
- D. 18 months
Answer: D
Explanation:
According to theNCREC Broker National (Broker-N)guidelines and the Federal Telephone Consumer Protection Act (TCPA), a real estate business may continue to contact a former client for up to18 monthsafter the conclusion of a transaction under the established business relationship exception, even if the client is on the National Do Not Call Registry. The NCREC's official materials affirm this 18-month contact window.
Reference:
NCREC Broker National (Broker-N) Compliance Guide, Section on Telemarketing and Client Communications Federal TCPA Rules, 47 C.F.R. § 64.1200(f)(5) NCREC Legal Update Bulletin, "Do Not Call and Client Relationships," 2023
NEW QUESTION # 66
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