Free PDF Quiz 2025 North Carolina Real Estate Commission Unparalleled NCREC-Broker-N Reliable Test Answers
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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q67-Q72):
NEW QUESTION # 67
To equalize each comparable property to the subject property when performing the sales comparison approach, the appraiser should make adjustments to:
Answer: C
Explanation:
In the sales comparison approach, appraisers always make adjustments to the comparable properties - never to the subject property - to reflect how they differ from the subject. This ensures that all comparables are on an equal footing with the subject being appraised. Thus, answer B is correct.
NEW QUESTION # 68
Under the provisions of a property management agreement, a property manager has a legal obligation to promote and protect whose interests?
Answer: B
Explanation:
Under North Carolina law, a property manager acts as a general agent for the property owner and owes fiduciary duties-including loyalty, obedience, accounting, and full disclosure-to the owner. While managers must comply with fair housing and other tenant-related laws, their primary duty is to the owner of the property.
Reference:
NCREC Property Management Guidelines
North Carolina License Law and Rule Comments - Section on Agency Duties
NEW QUESTION # 69
A contract in which one or both parties have not yet completed performance of their contractual obligations is referred to as:
Answer: A
Explanation:
An executory contract is one in which terms have been agreed upon, but some or all of the obligations have yet to be performed. For example, a purchase contract where the closing has not yet occurred is executory. An executed contract is one where all parties have completed their obligations. A voidable contract is valid unless canceled by one party due to a legal defect. An unenforceable contract cannot be upheld in court. Therefore, the correct answer is B.
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NEW QUESTION # 70
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?
Answer: A
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 # 71
An investor bought a small office building for $500,000. They sold it 10 years later for $480,000. What is their percentage of loss?
Answer: C
Explanation:
To calculate the percentage of loss:
Loss = Original Price # Sale Price = $500,000 # $480,000 = $20,000
Percentage loss = ($20,000 ÷ $500,000) × 100 = 4%
Correct answer: A
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NEW QUESTION # 72
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