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NCREC-Broker-N Valid Mock Test | NCREC-Broker-N Latest Dumps Sheet

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q40-Q45):

NEW QUESTION # 40
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?

A. $28,000
B. $21,000
C. $20,850
D. $27,800

Answer: D

Explanation:
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.

NEW QUESTION # 41
A seller wants to net $200,000 from a transaction but will have to pay off a home loan and other fees, at a total cost of $288,800. The seller will also need to pay a 6% commission. What will the property need to sell for?

A. $488,800
B. $520,000
C. $567,008
D. $518,128

Answer: B

Explanation:
Let X = sale price.
Seller nets $200,000 and owes $288,800 in fees and costs. A 6% commission will be taken from the sale price.
Net = 0.94X - 288,800 = 200,000
Solving:
0.94X = 488,800
X = $520,000
Therefore, the required sale price is $520,000 - answer C.
-

NEW QUESTION # 42
A contract in which one or both parties have not yet completed performance of their contractual obligations is referred to as:

A. executed
B. voidable
C. unenforceable
D. executory

Answer: D

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.
-

NEW QUESTION # 43
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?

A. Mortgage payments of principal and interest
B. Vacancy losses
C. Owner's income tax obligations
D. None of the operating expenses

Answer: B

Explanation:
In the income approach, Net Operating Income (NOI) = Effective Gross Income # Operating Expenses.
Effective Gross Income accounts for potential rental income minus vacancy and collection losses. Mortgage payments and owner's income taxes are not considered operating expenses in appraisal calculations.
Therefore, vacancy losses are essential in determining NOI. Correct answer: C.
-

NEW QUESTION # 44
The monthly rent for each unit in a six-unit office building is $2,500. The annual vacancy rate averages 4%.
The owner collects $3,000 per year in advertising fees. Annual operating expenses are $40,000. The annual debt service is $25,000. What is the net operating income of this property?

A. $135,800
B. $110,800
C. $150,800
D. $132,680

Answer: A

Explanation:
Step 1: Calculate Gross Scheduled Income
6 units × $2,500/month × 12 months = $180,000
Step 2: Deduct Vacancy Loss (4%)
$180,000 × 0.04 = $7,200
Effective Gross Income = $180,000 # $7,200 = $172,800
Step 3: Add Other Income
$172,800 + $3,000 (advertising fees) = $175,800
Step 4: Subtract Operating Expenses (ignore debt service)
$175,800 # $40,000 = $135,800
Note: Net Operating Income (NOI) excludes debt service.
Correct answer: C

NEW QUESTION # 45
......

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