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Reliable NCREC-Broker-N Test Dumps | Exam NCREC-Broker-N PDF

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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q15-Q20):

NEW QUESTION # 15
A Baptist charity runs a not-for-profit senior housing community for members of its faith. A 75-year-old Hindu woman applies to lease an apartment, and her application is denied. Does she have a case for illegal discrimination under the federal Fair Housing Act?

A. No, this is legal because the Fair Housing Act does not address religious discrimination.
B. Yes, this is illegal because there are no exemptions for protected classes.
C. No, this is legal because religious organizations can restrict tenancy based on religion only.
D. Yes, this is illegal because it involves religious discrimination.

Answer: C

Explanation:
Under the federal Fair Housing Act, religious organizations may limit occupancy of their non-profit housing to persons of the same religion, provided the property is not operated commercially and there is no discrimination based on race, color, or national origin. Thus, option D is correct - the charity may lawfully restrict tenancy to members of its own faith.

NEW QUESTION # 16
A provision in a contract that makes the parties' rights and obligations dependent on the occurrence or nonoccurrence of a specified event is a(n):

A. amendment
B. option
C. contingency
D. stipulation

Answer: C

Explanation:
A contingency is a clause in a contract that makes the agreement dependent upon a certain event or action occurring before the contract becomes fully binding. Common examples include financing, appraisal, or home inspection contingencies. An amendment modifies an existing contract, an option gives a party the right but not the obligation to act, and a stipulation may refer to a general condition but not necessarily a legal contingency. Therefore, the correct answer is B.

NEW QUESTION # 17
An appraiser who is appraising a duplex gathers the following information: rent, vacancy rate, mortgage loan payments, property taxes, the owner's income tax obligations, and various expenses. The appraiser also examines the same information from other similar properties in the area as well as their sales prices. To find the net operating income of the subject property, what does the appraiser need to consider?

A. Owner's income tax obligations
B. None of the operating expenses
C. Mortgage payments of principal and interest
D. Vacancy losses

Answer: D

Explanation:
In the income approach, Net Operating Income (NOI) = Effective Gross Income # Operating Expenses.
Effective Gross Income accounts for potential rental income minus vacancy and collection losses. Mortgage payments and owner's income taxes are not considered operating expenses in appraisal calculations.
Therefore, vacancy losses are essential in determining NOI. Correct answer: C.
-

NEW QUESTION # 18
When a borrower obtains an FHA-insured loan, the source of the funds is MOST likely to be:

A. the Department of Housing and Urban Development (HUD)
B. the Federal Housing Administration (FHA)
C. an approved lender
D. Fannie Mae

Answer: C

Explanation:
The FHA (Federal Housing Administration) does not lend money directly to borrowers. Instead, FHA-insured loans are funded by approved private lenders such as banks, mortgage companies, or credit unions. The FHA insures the loan to protect the lender from default risk. HUD oversees the FHA but does not provide the funds. Fannie Mae is part of the secondary market. Therefore, the correct answer is A.
-

NEW QUESTION # 19
Bernie is the broker-in-charge at a brokerage firm located in North Carolina. He is actively involved in listing and selling properties. Mei is a provisional broker at the same brokerage firm. She has a buyer client who has expressed interest in one of Bernie's listings. In this transaction, what would be a permissible agency arrangement?

A. Bernie and Mei each have a single agency relationship with their respective clients.
B. Bernie would be the designated agent for both buyer and seller.
C. Bernie and Mei would be designated agents of their respective clients.
D. Bernie and Mei could act as dual agents to both clients.

Answer: C

Explanation:
Under North Carolina agency rules,dual agencyis permissible only ifwritten informed consentis secured from both parties, and typically involvesdesignated agencyto avoid conflict of interest. Bernie could serve as thedesignated agentfor the seller (listing), and Mei could serve as thedesignated agentfor the buyer, each separately representing their client while the brokerage acts as dual agent at the firm level Option C accurately reflects this legal structure. Option A (non-designated dual agency) is rarely allowed, B leaves Bernie unrepresented for seller, and D improperly places one agent on both sides.

NEW QUESTION # 20
......

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