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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q28-Q33):
NEW QUESTION # 28
Which of the following statements regarding the proper handling of multiple offers in North Carolina is TRUE?
Answer: B
Explanation:
According to NCREC rules and guidance, a listing broker is obligated to continue presenting all offers to the seller until closing, unless specifically instructed otherwise by the seller in writing. Even if the seller has accepted an offer, other offers must still be presented unless the transaction is completed. Brokers are not required to disclose the terms of competing offers (doing so requires written consent), nor are they required to prioritize offers based on price alone. Therefore, the correct and legally accurate answer is B.
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NEW QUESTION # 29
The primary purpose of a comparative market analysis of real property is to provide a(n):
Answer: A
Explanation:
A Comparative Market Analysis (CMA) is a tool used by real estate brokers to estimate the probable selling price of a property based on recently sold, active, and expired listings of similar properties. The primary purpose is to assist a seller in determining a reasonable and competitive listing price. Unlike a formal appraisal, a CMA is not intended for use by appraisers, insurers, or lenders. Therefore, the correct answer is C.
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NEW QUESTION # 30
Which is the correct formula for finding the value of a property using a capitalization rate?
Answer: B
Explanation:
In the income approach to real estate valuation, the formula used is:
Value = Net Operating Income (NOI) ÷ Capitalization Rate
This method estimates the value of an income-producing property based on its ability to generate income.
Using this formula, you divide the NOI by the cap rate to find the value. Gross income is not used without adjustments, and multiplication or inverting the formula is incorrect. Therefore, the correct answer is B.
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NEW QUESTION # 31
After taking a listing on a property, a broker learns of major highway changes in the area. The broker should disclose this information:
Answer: A
Explanation:
North Carolina brokers are obligated to disclose all material facts to all parties in a transaction, regardless of representation. Planned infrastructure changes such as highway expansions may affect property value or desirability and are therefore material facts. The duty to disclose is not conditional on the buyer's inquiry or seller's permission. So the correct answer is C.
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NEW QUESTION # 32
After a purchase agreement has been signed, but before the transaction closes, the buyer attempts to have the contract voided. The buyer was able to prove that, because of a mental disorder, they were incompetent at the time the contract was signed although later went on medication. Is the contract still valid?
Answer: C
Explanation:
For a contract to be valid and enforceable, all parties must have legal capacity at the time of signing. If the buyer can prove they were legally incompetent due to mental illness at the time of execution, they may have the right to void the contract-even if they later regained competence. Temporary or situational incompetence at the time of contract formation is legally sufficient to make the contract voidable. Therefore, the correct answer is D.
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NEW QUESTION # 33
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