[Listing Price and Terms Market Valuation]The primary purpose of a comparative market analysis of real property is to provide a(n):
Answer(s): C
A Comparative Market Analysis (CMA) is a tool used by real estate brokers to estimate the probable selling price of a property based on recently sold, active, and expired listings of similar properties. The primary purpose is to assist a seller in determining a reasonable and competitive listing price. Unlike a formal appraisal, a CMA is not intended for use by appraisers, insurers, or lenders.Therefore, the correct answer is C.
[Marketing and Advertising Authorization]Josh is a new North Carolina broker at Atlantic Realty. He just got his first listing and wrote the following ad: "Charming seaside cottage. Call Broker Josh at 555-9876 for an appointment." Which statement about this ad copy is TRUE?
Answer(s): D
According to NCREC advertising rules, any advertisement by a broker must clearly identify the firm with which the broker is affiliated. Failing to do so results in what is considered a "blind ad," which is prohibited. Josh's ad does not include his brokerage firm's name--Atlantic Realty--so it is a blind ad.Therefore, the correct answer is D.
[Parties and Property Description Legal Instruments] Which statement about acknowledging a deed is TRUE?
In North Carolina, a deed must be in writing, signed by the grantor, and delivered to the grantee to be valid. However, acknowledgment (notarization) is not required for validity--but it is required for the deed to be recorded at the county Register of Deeds. Recording provides constructive notice of ownership. Therefore, the correct answer is C.
[Broker's Authority and Duties Transaction Documentation] According to the North Carolina Real Estate Commission Rules, a broker must deliver a copy of any signed purchase agreement to their client or customer within ____ of receipt.
Answer(s): A
NCREC rules require that brokers deliver a copy of any executed (signed) document to all parties within 3 calendar days. However, a stricter rule applies to offers and contracts: any signed agency agreement or sales contract must be delivered within 3 days, and any executed offer must be delivered "immediately, but in no case later than 3 days." Best practice--and NCREC recommendation--is within 24 hours. Therefore, the most accurate and safe answer is A.
[Compliance with Laws and Regulations Environmental Hazards] What is the EPA's recommended action level for radon in the air, measured in picocuries per liter(pCi/L)?
The U.S. Environmental Protection Agency (EPA) has established a recommended action level of 4.0 picocuries per liter (pCi/L) for radon gas in indoor air. If a home's radon level is at or above this threshold, mitigation is recommended to reduce exposure. Radon is a naturally occurring radioactive gas that can pose serious health risks, particularly lung cancer. Therefore, the correct answer is C.
Post your Comments and Discuss Real Estate Licensing NCREC-Broker-N exam prep with other Community members:
Our website is free, but we have to fight against AI bots and content theft. We're sorry for the inconvenience caused by these security measures. You can access the rest of the NCREC-Broker-N content, but please register or login to continue.