Question 1

When selling a house that was built before 1978, the seller is required to:

Options :

A : conduct an inspection for lead-based paint hazards.

B : give the buyer the opportunity to conduct their own lead paint inspection.

C : mitigate any lead-based paint hazards on the property.

D : pay for a lead-based paint risk assessment.

Answer: B

Question 2

A listing broker receives a signed offer from a buyer. Although the broker must present the offer to the seller as soon as possible, under the North Carolina Real Estate Commission Rules, the broker must present the offer:

Options :

A : within 24 hours.

B : before the end of the next business day.

C : within 2 days.

D : within 3 days.

Answer: B

Question 3

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?

Options :

A : Fully amortizing

B : Negatively amortizing

C : Partially amortizing

D : Straight amortizing

Answer: A

Question 4

The property manager of an apartment building would be in violation of the federal Fair Housing Act if they discriminated against a prospective tenant on the basis of:

Options :

A : age.

B : familial status.

C : marital status.

D : military status.

Answer: B

Question 5

A seller sold their house for $600,000. They are responsible for paying a 6% commission to the listing broker, closing costs of $8,500, and the remaining balance on their prior mortgage loan of $60,000. How much will they net on the sale?

Options :

A : $499,610

B : $495,500

C : $531,500

D : $564,000

Answer: B

Smartly Prepare Exam with Free Online NCREC-Broker-N Practice Test

Buying Options: