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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions:

1. 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?

A) Bernie and Mei would be designated agents of their respective clients.
B) Bernie and Mei each have a single agency relationship with their respective clients.
C) Bernie and Mei could act as dual agents to both clients.
D) Bernie would be the designated agent for both buyer and seller.

2. 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.

3. The buyer of a long-vacant lot plans to build a home. The zoning ordinance for the town in which the property is located indicates that every lot with a structure must be at least 80 feet wide. When the buyer applies for a building permit, they are surprised to learn that the lot is only 76 feet wide. The property is worthless if they cannot build a home. To build a home on the lot legally, what must the buyer obtain from the local zoning board?

A) Nonconforming use permit
B) Conditional exception
C) Variance
D) Buffer exemption

4. A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value. What is the adjusted value of the comparable property?

A) $310,000
B) The price of the comparable property is never adjusted.
C) $300,000
D) $290,000

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

Solutions: