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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 Sep. 04, 2025 (see below)
[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
To equalize each comparable property to the subject property when performing the sales comparison approach, the appraiser should make adjustments to:
In the sales comparison approach, appraisers always make adjustments to the comparable properties --- never to the subject property --- to reflect how they differ from the subject. This ensures that all comparables are on an equal footing with the subject being appraised. Thus, answer B is correct.
[Broker's Authority and Duties -- Trust Account Requirements]
In North Carolina, an earnest money deposit that is paid by check must be deposited into a trust account no later than:
According to North Carolina Real Estate Commission rules, if an earnest money deposit is received with an offer and held by the broker, it must be deposited in the trust account no later than 3 banking days after the broker has received notice of contract acceptance (i.e., when the offer becomes a binding contract). Therefore, the correct answer is B.
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[Compliance with Laws and Regulations -- Lien Priority]
In North Carolina, which lien has the highest priority when property is sold to recover a debt?
In North Carolina, and in most states, ad valorem (real estate) property tax liens have ''superior lien'' status. They take precedence over all other liens, regardless of recording date. This includes mortgage liens and judgment liens. Therefore, even if a mortgage was recorded first, a property tax lien takes priority. Correct answer: A.
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[Parties and Property Description -- Ownership Types]
The owner of a cooperative unit has which of the following rights in the property?
In a cooperative (co-op) ownership arrangement, the real estate is owned by a corporation. Individual residents do not own their units as real property. Instead, they own shares of stock in the corporation and receive a proprietary lease, which gives them the right to occupy a specific unit. This contrasts with condominium ownership, where unit owners hold fee simple title. Therefore, the correct answer is D.
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