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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q15-Q20):

NEW QUESTION # 15
The owner of a cooperative unit has which of the following rights in the property?

A. A fee simple interest in the unit combined with occupancy rights for a specified recurring period annually
B. A proprietary lease for the exclusive use of the unit and shares of stock in the corporation that owns the property
C. A fee simple interest in the unit and a proportional interest in common areas based on unit size
D. A fee simple interest in the unit and an undivided common interest in common areas

Answer: B

Explanation:
In a cooperative (co-op) ownership arrangement, the real estate is owned by a corporation. Individual residents do not own their units as real property. Instead, they own shares of stock in the corporation and receive a proprietary lease, which gives them the right to occupy a specific unit. This contrasts with condominium ownership, where unit owners hold fee simple title. Therefore, the correct answer is D.
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NEW QUESTION # 16
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. Mortgage payments of principal and interest
C. Owner's income tax obligations
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 # 17
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. $1,047.00, paid by the seller
B. $838.00, paid by the buyer
C. $1,046.80, paid by the buyer
D. $523.40, paid by the seller

Answer: A

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 # 18
In North Carolina, which type of buyer agency agreement may be oral or written?

A. Nonexclusive buyer agency agreement that does not bind the buyer for a fixed period of time
B. Exclusive buyer agency agreement that does not bind the buyer for a fixed period of time
C. Nonexclusive buyer agency agreement for a fixed period of time
D. Exclusive buyer agency agreement for a fixed period of time

Answer: A

Explanation:
In North Carolina, a nonexclusive buyer agency agreement that does not include a specific time period can initially be oral. However, before writing or presenting any offers on behalf of the buyer, the agreement must be put into writing and signed. Exclusive buyer agency agreements and any agreement that includes a fixed term must be in writing from the beginning. Therefore, the correct answer is D.
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NEW QUESTION # 19
Which of the following statements regarding the proper handling of multiple offers in North Carolina is TRUE?

A. A listing broker should prioritize the highest offer when presenting multiple offers.
B. A listing broker must disclose the existence of multiple offers to all buyers before they make an offer.
C. A listing broker must continue to present offers even if the seller has accepted a previous offer.
D. A listing broker must disclose the terms of a buyer's offer to every competing buyer.

Answer: C

Explanation:
According to NCREC rules and guidance, a listing broker is obligated to continue presenting all offers to the seller until closing, unless specifically instructed otherwise by the seller in writing. Even if the seller has accepted an offer, other offers must still be presented unless the transaction is completed. Brokers are not required to disclose the terms of competing offers (doing so requires written consent), nor are they required to prioritize offers based on price alone. Therefore, the correct and legally accurate answer is B.
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NEW QUESTION # 20
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Jack Martin Jack Martin

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