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Valid NCREC-Broker-N Test Answers & New NCREC-Broker-N Test Question

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q111-Q116):

NEW QUESTION # 111
Which statement about an option contract is TRUE?

A. An option contract does not require consideration to be enforceable.
B. The seller is obligated to sell the property if the buyer chooses to exercise the option.
C. The buyer is obligated to purchase the property within the indicated time frame.
D. Any money paid with an option must be refunded if the option is not exercised.

Answer: B

Explanation:
An option contract gives the buyer (optionee) the exclusive right, but not the obligation, to purchase a property at a predetermined price within a specified time. The seller (optionor), however, is bound by the terms of the contract and must sell if the buyer exercises the option. Consideration (often a non-refundable option fee) is required to make the option enforceable. Therefore, the seller is obligated to sell if the buyer chooses to exercise the option, making statement B true.
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NEW QUESTION # 112
The listing agent for Guy's ranch home is also Ginny's buyer agent. After a long day of showing the requested two-story homes to Ginny, they drive past Guy's home, and she excitedly asks to see it. Guy is out of town and has given the agent permission to show the property in his absence, so the agent sees no harm in letting her in. Which statement is TRUE?

A. The agent violated the duty of obedience to Ginny by showing her a ranch home instead of the requested two-story.
B. The agent did nothing wrong, as they were simply looking out for the buyer client's best interests.
C. The agent violated the duty of loyalty to Guy by letting them into his property when he wasn't there.
D. The agent may have created an undisclosed and illegal dual agency.

Answer: D

Explanation:
When a broker represents both the buyer and the seller in the same transaction, dual agency arises. In North Carolina, dual agency must be disclosed and agreed to in writing by both parties before it can occur. If the agent is acting for both parties (listing and buyer agency) and this relationship has not been formally disclosed and agreed upon, it creates an undisclosed and therefore illegal dual agency. Correct answer: D.
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NEW QUESTION # 113
A prospective buyer offers to buy a house for $415,000, with an earnest money deposit of $1,000. The seller crosses out the earnest money amount, changes it to $4,000, initials and dates the change, signs the offer, and returns it to the buyer. Which of the following statements is TRUE?

A. The seller has rejected the original offer and made a counteroffer.
B. Because the seller changed only the earnest money amount and not the price, the offer was accepted as soon as the seller signed it.
C. Because the seller changed only the earnest money amount and not the price, the offer was accepted when the seller notified the buyer.
D. If the buyer rejects the change, the seller can accept the buyer's original offer.

Answer: A

Explanation:
Any change to the terms of an offer-regardless of how small-constitutes a rejection of the original offer and the creation of a counteroffer. In this case, the seller changed the earnest money amount, which is a material term of the offer. Therefore, the original offer is void and the seller has made a counteroffer that the buyer can now accept or reject. Correct answer: D.
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NEW QUESTION # 114
When submitting an offer, a buyer handed their broker an earnest money deposit in cash. To comply with the North Carolina Real Estate Commission Rules, what must the broker do?

A. Not accept the cash and ask the buyer to write a check instead
B. Turn the money over to the listing broker within 24 hours of receipt
C. Ensure the cash is locked in a safe place until the offer is accepted
D. Deposit the cash into the brokerage trust account within three banking days of receipt

Answer: D

Explanation:
Under NCREC rules, a broker must deposit any earnest money received (including cash) into the firm's trust account within three banking days of receipt if the offer has been accepted. If the offer has not yet been accepted, the funds must be safeguarded and then deposited within three banking days following acceptance.
Cash must be treated with particular care, and a detailed receipt should be provided. Therefore, the correct answer is C.
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NEW QUESTION # 115
Friends Jack, Jill, and Harold bought a warehouse property in North Carolina, and the deed simply stated, "as joint tenants." Assuming Harold had a will when he died, who got his share of the warehouse?

A. Harold's spouse
B. Jack and Jill
C. It's up to the court to decide
D. Harold's heirs

Answer: B

Explanation:
In North Carolina, joint tenancy includes the right of survivorship unless otherwise stated. If a deed says "as joint tenants," and right of survivorship is implied or established, then Harold's share automatically passes to the surviving joint tenants (Jack and Jill), regardless of Harold's will. Since nothing indicates the tenancy was anything other than traditional joint tenancy with survivorship, Jack and Jill receive Harold's share.
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NEW QUESTION # 116
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