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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q66-Q71):

NEW QUESTION # 66
Which of the following BEST describes a seller's market?

A. There are more sellers than buyers.
B. Home prices are generally falling.
C. Sellers often receive multiple offers on their property.
D. Buyers have more negotiating power.

Answer: C

Explanation:
A "seller's market" occurs whendemand exceeds supply, resulting in strong buyer competition. The most common real-world effect ismultiple offers on listed properties, intensifying competition and giving sellers leverage. This matches optionB. The definitions in NCREC study guides, textbooks, and appraisal resources all align with this scenario.

NEW QUESTION # 67
A contract in which one or both parties have not yet completed performance of their contractual obligations is referred to as:

A. unenforceable
B. voidable
C. executed
D. executory

Answer: D

Explanation:
An executory contract is one in which terms have been agreed upon, but some or all of the obligations have yet to be performed. For example, a purchase contract where the closing has not yet occurred is executory. An executed contract is one where all parties have completed their obligations. A voidable contract is valid unless canceled by one party due to a legal defect. An unenforceable contract cannot be upheld in court. Therefore, the correct answer is B.
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NEW QUESTION # 68
A North Carolina broker just received an offer to purchase a home they have listed. According to the North Carolina Real Estate License Law and the Real Estate Commission Rules, the broker must present the offer to the seller immediately but no later than:

A. 3 calendar days of receipt.
B. 1 business day of receipt.
C. 24 hours of receipt.
D. 3 business days of receipt.

Answer: A

Explanation:
According to the North Carolina Real Estate Commission Rules, a broker must present all offers
"immediately, but in no event later than three calendar days from the date of receipt." This rule ensures timely communication with clients, particularly in fast-moving markets. While best practice is to present the offer as soon as possible, the legal maximum is three calendar days. Therefore, the correct answer is D.
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NEW QUESTION # 69
In residential construction, building a concrete foundation directly on the ground is called:

A. post and beam construction
B. slab-on-grade construction
C. pier and beam construction
D. platform construction

Answer: B

Explanation:
A slab-on-grade foundation is a flat concrete slab poured directly on the ground, often used in warmer climates where ground freezing is not an issue. It supports the building structure directly and does not include a crawl space or basement. Pier and beam and post and beam refer to elevated structures, while platform construction refers to framing, not the foundation. Therefore, the correct answer is D.
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NEW QUESTION # 70
Which statement about postlicensing education requirements for North Carolina provisional brokers is TRUE?

A. If a provisional broker does not complete the required postlicensing education, their license is revoked.
B. The required postlicensing education program consists of three 30-hour courses.
C. The required postlicensing education must be completed before a provisional broker license can be activated.
D. A new provisional broker has two years to complete the required postlicensing education.

Answer: B

Explanation:
North Carolina provisional brokers are required to complete three postlicensing courses, each 30 hours in length, for a total of 90 hours. These must be completed within 18 months of licensure. Failure to complete these results in the license status being changed to inactive-not revoked. Additionally, postlicensing is not required to activate a license initially, but must be completed to remove the "provisional" status. Therefore, the correct answer is C.

NEW QUESTION # 71
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