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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q114-Q119):

NEW QUESTION # 114
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?

A. $132,680
B. $110,800
C. $150,800
D. $135,800

Answer: D

Explanation:
Step 1: Calculate Gross Scheduled Income
6 units × $2,500/month × 12 months = $180,000
Step 2: Deduct Vacancy Loss (4%)
$180,000 × 0.04 = $7,200
Effective Gross Income = $180,000 # $7,200 = $172,800
Step 3: Add Other Income
$172,800 + $3,000 (advertising fees) = $175,800
Step 4: Subtract Operating Expenses (ignore debt service)
$175,800 # $40,000 = $135,800
Note: Net Operating Income (NOI) excludes debt service.
Correct answer: C

NEW QUESTION # 115
Which of the following entities would participate in the primary market for mortgage lending?

A. Federal Housing Administration
B. Federal National Mortgage Association
C. Commercial bank
D. Federal Home Loan Mortgage Corporation

Answer: C

Explanation:
The primary mortgage market is where loans are originated. Lenders such as commercial banks, credit unions, mortgage bankers, and savings institutions interact directly with borrowers. The Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal National Mortgage Association (Fannie Mae) operate in the secondary market, purchasing existing loans. The Federal Housing Administration (FHA) insures loans but does not lend directly. Therefore, the correct answer is A.
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NEW QUESTION # 116
An appraiser estimates that it would cost $598,720 to rebuild the subject house. Now what must the appraiser do to arrive at an opinion of value for the property using the cost approach?

A. Subtract land value and depreciation
B. Subtract depreciation and add land value
C. Add land value and labor costs
D. Subtract depreciation and add labor costs

Answer: B

Explanation:
The cost approach to value involves three primary steps: (1) estimate the replacement or reproduction cost of the improvements, (2) subtract accrued depreciation, and (3) add the market value of the land. In this case, the appraiser has already estimated the cost to rebuild the structure. The next steps are to subtract any depreciation from the improvements and then add the land value to derive the final opinion of value. Labor costs are already factored into the reconstruction estimate and are not added again.
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NEW QUESTION # 117
When a borrower obtains an FHA-insured loan, the source of the funds is MOST likely to be:

A. the Department of Housing and Urban Development (HUD)
B. the Federal Housing Administration (FHA)
C. an approved lender
D. Fannie Mae

Answer: C

Explanation:
The FHA (Federal Housing Administration) does not lend money directly to borrowers. Instead, FHA-insured loans are funded by approved private lenders such as banks, mortgage companies, or credit unions. The FHA insures the loan to protect the lender from default risk. HUD oversees the FHA but does not provide the funds. Fannie Mae is part of the secondary market. Therefore, the correct answer is A.
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NEW QUESTION # 118
According to the North Carolina Tenant Security Deposit Act, if a tenant signs a one-year lease to rent a single-family home for $1,500 a month, what is the most the property owner can charge the tenant as a security deposit?

A. $3,000
B. $1,500
C. $2,250
D. $750

Answer: C

Explanation:
Under the NC Tenant Security Deposit Act, for leases longer than month-to-month, landlords may charge a maximum security deposit equal to two months' rent. In this case:
$1,500 × 2 = $3,000 maximum allowed.
However, the correct answer option closest to this is C: $2,250. Let's re-check.
Upon review:
If the lease is longer than month-to-month (e.g., annual lease), the maximum deposit is 2 months' rent:
$1,500 × 2 = $3,000 # Correct answer is D.

NEW QUESTION # 119
......

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Alan Black Alan Black

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New NCREC-Broker-N Test Fee | Valid NCREC-Broker-N Test Questions

New NCREC-Broker-N Test Fee | Valid Valid NCREC-Broker-N Test Questions: NC Real Estate Broker National 100% Pass

North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q114-Q119):

New NCREC-Broker-N Test Fee | Efficient Valid NCREC-Broker-N Test Questions: NC Real Estate Broker National

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