Free North Carolina Real Estate Commission NCREC-Broker-N Exam Questions

Question 1

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?

A : The ad must include an address for the property.

B : The ad must include Josh's email address.

C : The ad is acceptable as written.

D : This is an example of an illegal blind ad.

Answer: D

Question 2

A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this?

A : Fully amortizing

B : Negatively amortizing

C : Partially amortizing

D : Straight amortizing

Answer: A

Question 3

A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this?

A : Fully amortizing

B : Negatively amortizing

C : Partially amortizing

D : Straight amortizing

Answer: A

Question 4

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?

A : $739

B : $1,763

C : $1,972

D : $2,108

Answer: B

Question 5