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Question 1

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 2

What principle states that the value of the best home in a neighborhood will be lowered by the existence of inferior homes?

Options :

A : Anticipation

B : Contribution

C : Progression

D : Regression

Answer: D

Question 3

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 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?

Options :

A : Bernie and Mei could act as dual agents to both clients.

B : Bernie and Mei each have a single agency relationship with their respective clients.

C : Bernie and Mei would be designated agents of their respective clients.

D : Bernie would be the designated agent for both buyer and seller.

Answer: C

Question 5

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