Question 1

A listing broker receives a signed offer from a buyer. Although the broker must present the offer to the seller as soon as possible, under the North Carolina Real Estate Commission Rules, the broker must present the offer:

Options :

A : within 24 hours.

B : before the end of the next business day.

C : within 2 days.

D : within 3 days.

Answer: B

Question 2

A seller sold their house for $600,000. They are responsible for paying a 6% commission to the listing broker, closing costs of $8,500, and the remaining balance on their prior mortgage loan of $60,000. How much will they net on the sale?

Options :

A : $499,610

B : $495,500

C : $531,500

D : $564,000

Answer: B

Question 3

The monthly rent for each unit in a six-unit office building is $2,500. The annual vacancy rate averages 4%. The owner collects $3,000 per year in advertising fees. Annual operating expenses are $40,000. The annual debt service is $25,000. What is the net operating income of this property?

Options :

A : $110,800

B : $132,680

C : $135,800

D : $150,800

Answer: C

Question 4

When selling a house that was built before 1978, the seller is required to:

Options :

A : conduct an inspection for lead-based paint hazards.

B : give the buyer the opportunity to conduct their own lead paint inspection.

C : mitigate any lead-based paint hazards on the property.

D : pay for a lead-based paint risk assessment.

Answer: B

Question 5

A buyer's stable monthly income is $6,800. Every month they pay a $485 car payment, $200 in a revolving credit payment, and $1,500 in alimony. Using ratios of 31% and 43%, what is the maximum monthly mortgage payment they would qualify for on an FHA-insured mortgage loan?

Options :

A : $739

B : $1,763

C : $1,972

D : $2,108

Answer: B

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