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Real Estate Licensing NCREC-Broker-N Exam Questions
- Topic 1: National Portion: Core Concepts: This section of the exam measures the skills of broker candidates and focuses on the basic principles of real estate. It covers property ownership, forms of estates, property rights, and how interests are transferred. It also evaluates contracts, agency duties, and the role of brokers in maintaining lawful and ethical agreements. These core concepts ensure candidates understand the foundational rules of practice across the United States.
- Topic 2: National Portion: Applied Knowledge: This part of the exam measures the applied knowledge of broker candidates and emphasizes practical skills. It includes financing and valuation methods, market analysis, and understanding mortgage processes. Candidates are also tested on land use controls, zoning, environmental regulations, required disclosures, and common real estate calculations. This applied knowledge ensures brokers can handle real-world scenarios effectively.
- Topic 3: State Portion: Legal Framework: This section of the exam evaluates provisional brokers on the rules and statutes that apply specifically in North Carolina. It includes license law, the Real Estate Commission’s authority, and disciplinary procedures. It also covers how agency relationships must be created and disclosed under state law. These legal frameworks define the responsibilities and compliance requirements for practicing in the state.
- Topic 4: State Portion: Practice and Procedures: This part of the exam measures the skills of provisional brokers in practical, day-to-day operations within North Carolina. It covers contracts and closing processes, use of state-specific forms, and procedures for managing transactions. It also includes state statutes on property transfers, landlord-tenant law, and fair housing requirements. This focus ensures provisional brokers can carry out transactions correctly within state guidelines.
Free Real Estate Licensing NCREC-Broker-N Exam Actual Questions
Note: Premium Questions for NCREC-Broker-N were last updated On Apr. 11, 2026 (see below)
Which of the following is a key characteristic of an exclusive right to sell listing agreement?
An exclusive right to sell listing gives one broker the sole authority to market and sell a property. The broker is entitled to a commission no matter who procures the buyer, even if the seller finds the buyer independently during the listing period commission payment upon sale within the term---matching option A. Option B is false (that applies to exclusive agency); C applies to open or exclusive-agency; and D conflicts with the exclusivity provision.
[Marketing and Advertising Authorization]
A real estate licensee's advertisement for a house includes only the following phrase about financing: "Assume the owner's original loan with only a $1,000 down payment!" What is wrong with this advertisement?
According to the Truth in Lending Act (TILA) and advertising guidelines in North Carolina, if a licensee advertises specific financing terms---such as the amount of down payment---this triggers the requirement to disclose additional terms, including the annual percentage rate (APR), amount of payments, and term of the loan. The failure to include these terms makes the advertisement misleading and non-compliant.
Under the provisions of the federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), a lender must provide a borrower with the Closing Disclosure at least _________ prior to loan consummation.
TILA-RESPA Integrated Disclosure rules (TRID) require that the Closing Disclosure be delivered to the consumer no later than 3 business days before consummation of the loan. This mandates a three-business-day review period for borrowers before finalizing the loan---making option B correct.
A buyer signs a contract to purchase a 10-year-old unit in a condominium community. Under the provisions of the North Carolina Condominium Act, how many days does the buyer have to rescind the contract?
Under the North Carolina Condominium Act (N.C.G.S. Chapter 47C), the buyer of a condominium unit has a 7-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 contract once signed. Since this is a 10-year-old unit, the buyer does not have a rescission period.
[Broker's Authority and Duties]
Under the provisions of a property management agreement, a property manager has a legal obligation to promote and protect whose interests?
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.
NCREC Property Management Guidelines
North Carolina License Law and Rule Comments -- Section on Agency Duties
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