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

1. A North Carolina real estate broker may:

A) delay the use of the Working with Real Estate Agents Disclosure when there is an oral seller agency.
B) practice oral seller agency but must have a listing agreement in writing no later than the time at which a buyer submits an offer.
C) practice oral buyer agency so long as it is exclusive and sets a specific time frame for the oral agency agreement.
D) practice oral buyer agency but must have a written agency agreement with the buyer prior to presenting an offer.

2. 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 would be the designated agent for both buyer and seller.
D) Bernie and Mei could act as dual agents to both clients.

3. Which of the following entities would participate in the primary market for mortgage lending?

A) Federal Housing Administration
B) Commercial bank
C) Federal National Mortgage Association
D) Federal Home Loan Mortgage Corporation

4. In North Carolina, if a listing broker is tempted to disclose the terms of an offer to get another buyer to submit a higher offer, what must the broker do?

A) Obtain express authority to disclose the terms of the offer from the offering party
B) Disclose all offers to all competing buyers because the existence of multiple offers is a material fact
C) Obtain permission to disclose the terms of the offer from the seller only
D) Only disclose the highest or best offer

5. 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

Solutions: