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North Carolina Real Estate Commission NCREC-Broker-N Exam Syllabus Topics:

Topic
Details

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

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.

Topic 3

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 4

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.

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q33-Q38):

NEW QUESTION # 33
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?

A. It does not provide the brokerage firm's name as licensed.
B. It does not also include the loan's annual percentage rate and other financing terms.
C. Nothing, so long as it is the real estate licensee's own property.
D. It does not also include the original balance on the loan.

Answer: B

Explanation:
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.

NEW QUESTION # 34
A North Carolina broker must maintain copies of all transaction files for at least _____ after the conclusion of a transaction?

A. 3 years
B. 4 years
C. 1 year
D. 2 years

Answer: A

Explanation:
According to the North Carolina Real Estate Commission, brokers must retain records related to a real estate transaction for a minimum of three years from the date of closing or termination of the transaction. These records include contracts, agency agreements, disclosures, and correspondence. Therefore, C is the correct answer.
-

NEW QUESTION # 35
When a property is being sold "as is," what responsibility does the listing broker have related to disclosures?

A. The broker must still disclose all known material facts.
B. The broker needs to disclose only major structural issues.
C. The broker has no disclosure responsibilities.
D. The broker should not disclose any information to avoid liability.

Answer: A

Explanation:
In North Carolina, a property sold "as is" means the seller is not agreeing to make repairs, but it does not relieve the broker of their duty to disclose. The broker must disclose all material facts they know or reasonably should know, regardless of the "as is" status. This includes physical defects, zoning issues, or legal encumbrances. Therefore, option B is the correct and legally required practice for brokers.

NEW QUESTION # 36
What duty does a North Carolina real estate broker have related to material facts?

A. A duty to disclose known material facts to their clients only but no affirmative duty to discover material facts
B. An affirmative duty to discover and disclose material facts to all parties
C. An affirmative duty to discover and disclose material facts to their clients only
D. A duty to disclose known material facts to all parties but no affirmative duty to discover material facts

Answer: B

Explanation:
NC brokers are bound by an affirmative duty to both discover and disclose material facts to all parties in a transaction, not just their clients. This includes facts they know or should reasonably know, such as structural defects, zoning violations, or environmental issues. This duty exists regardless of whom the broker represents.
Therefore, option A is correct.
-

NEW QUESTION # 37
After taking a listing on a property, a broker learns of major highway changes in the area. The broker should disclose this information:

A. as a material fact to all transactional parties.
B. as a material fact to all transactional parties but only if the changes will be completed within a year.
C. to the buyer but only if the seller agrees to the disclosure.
D. to the buyer but only if the buyer asks about it.

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.
-

NEW QUESTION # 38
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