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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions:

1. In the context of antitrust laws, which action would be considered an example of a group boycott?

A) Two brokers from different firms agree to focus on different neighborhoods.
B) Two brokers from different firms agree to use the same marketing materials.
C) Two brokers from different firms agree not to cooperate with a new discount brokerage.
D) Two brokers from different firms agree to charge the same commission rate.

2. A homeowner has been trying to sell their house for some time, but buyers seem to be turned off by the odor from a nearby chicken farm. This is an example of:

A) external obsolescence
B) physical deterioration
C) economic depreciation
D) functional obsolescence

3. A North Carolina non-provisional broker at ABC Realty has been working with a buyer client to help them purchase a house listed by XYZ Realty. After the transaction closes, who will pay the non-provisional broker the commission they earned?

A) The buyer client
B) The supervising broker-in-charge at ABC Realty
C) The seller
D) The qualifying broker of XYZ Realty

4. 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 and Mei would be designated agents of their respective clients.
C) Bernie would be the designated agent for both buyer and seller.
D) Bernie and Mei could act as dual agents to both clients.

5. The owners of a house that was built in 1950 are planning to sell it. What must they do prior to a sale of the property to comply with federal lead-based paint disclosure requirements?

A) Provide buyers with copies of any reports available from prior lead tests
B) Purchase a home warranty policy that covers the removal of lead-based paint
C) Remove all lead-based paint
D) Conduct a test for lead-based paint

Solutions: