North Carolina Real Estate Commission NC Real Estate Broker National - NCREC-Broker-N Exam Practice Test

In North Carolina, a buyer agent must disclose their agency status to the seller or the seller's agent:

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?

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?

Which statement about acknowledging a deed is TRUE?

A buyer submits an offer to purchase a house, giving the listing broker an earnest money deposit to hold. The offer gives the seller four days to respond. The next day, the buyer changes their mind and contacts the listing broker to withdraw the offer and demand the earnest money back. The seller had not even had time to review the offer. Which statement is TRUE?

A listing brokerage firm offered a 3% commission split to any broker who could find a buyer for their
$700,000 listing. The seller agreed to pay a 7% commission. A broker from another brokerage firm found a buyer, and the seller accepted their offer of $695,000. What did the listing brokerage firm earn on this transaction?