NCREC-Broker-N Exam Dumps - NC Real Estate Broker National

The total commission earned was 7% of the final sales price ($695,000 × 0.07 = $48,650).

The cooperating (buyer’s) broker received 3% ($695,000 × 0.03 = $20,850).

The listing brokerage firm retained the difference:

$48,650 – $20,850 = $27,800.

So, the listing firm earned $27,800 — answer C.

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An Alienation Clause—also known as a due-on-sale clause—gives the lender the right to demand full repayment of the loan if the borrower transfers ownership or sells the property without the lender’s consent. This clause is standard in most modern mortgage agreements to protect the lender's interest.

Under theNorth Carolina Condominium Act (N.C.G.S. Chapter 47C), the buyer of a condominium unit has a7-day right of rescission only for new condominiums, meaning units offered for sale in a project not yet completed or occupied. For units in a condominium community that are more than one year old,there is no statutory right to rescind the contractonce signed. Since this is a 10-year-old unit, the buyer doesnothave a rescission period.

A "seller's market" occurs whendemand exceeds supply, resulting in strong buyer competition. The most common real-world effect ismultiple offers on listed properties, intensifying competition and giving sellers leverage. This matches optionB. The definitions in NCREC study guides, textbooks, and appraisal resources all align with this scenario.

In North Carolina, a contract becomes binding when the last party to sign communicates their acceptance to the other party or the other party’s agent. Although the seller signed on Tuesday morning, the contract was not binding until the buyer was informed of the acceptance. The listing agent told the buyer agent Tuesday evening, but the buyer agent did not inform the buyer until Wednesday morning. Therefore, the contract became binding at the moment the buyer was notified—Wednesday morning. Correct answer: C.

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North Carolina rules prohibit a broker from representing a buyer in the purchase of property in which the broker has an ownership interest, regardless of whether the property is a vacation home, primary residence, or investment. The potential for conflict of interest is considered too great, and no form of dual or designated agency is permitted in such situations. Therefore, the broker cannot represent the buyer under any circumstances.

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According to the North Carolina Real Estate Commission, brokers must retain records related to a real estate transaction for a minimum of three years from the date of closing or termination of the transaction. These records include contracts, agency agreements, disclosures, and correspondence. Therefore, C is the correct answer.

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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).

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