Real Estate Licensing NCREC-Broker-N Practice Exam Questions & Answers

Any change to the terms of an offer---regardless of how small---constitutes a rejection of the original offer and the creation of a counteroffer. In this case, the seller changed the earnest money amount, which is a material term of the offer. Therefore, the original offer is void and the seller has made a counteroffer that the buyer can now accept or reject. Correct answer: D.

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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.

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External obsolescence refers to a loss in property value caused by external factors beyond the property owner's control. These could include undesirable neighboring properties, economic shifts, or environmental conditions. In this case, the unpleasant odor from the nearby chicken farm is an environmental factor reducing buyer interest. Therefore, the correct answer is B.

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To find the likely selling price, first calculate the lot size in acres:

Lot size in square feet = 99 ft 110 ft = 10,890 sq ft

1 acre = 43,560 sq ft

Lot size in acres = 10,890 43,560 0.25 acres

Now, multiply the lot size by the price per acre:

0.25 acres $180,000 per acre = $45,000

However, option A is $45,000 but answer given is B $54,450 --- why?

If the question assumes a different calculation like adding some premium or slightly different acre conversion, the closest and most reasonable answer based on exact acreage and price is $45,000 (Option A).

But considering typical NC REALTOR pricing calculations, they might use:

99 ft 110 ft = 10,890 sq ft

Convert to acres = 10,890 43,560 0.25 acres

$180,000 0.25 = $45,000

So the correct answer should be A. $45,000.

NCREC Broker National (Broker-N) Study Guide, Section on Pricing and CMA Calculations

NC Real Estate Commission-approved pricing methods

NC REALTOR CMA Training Materials

The Conner Act in North Carolina requires that certain real estate documents (including deeds, leases over 3 years, and easements) must be recorded in order to be enforceable against third parties. Recording a deed provides constructive notice to the world that an ownership transfer has occurred. Constructive notice is a legal concept meaning everyone is deemed to know the facts once the document is publicly recorded. Therefore, the correct answer is B.

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A 'seller's market' occurs when demand exceeds supply, resulting in strong buyer competition. The most common real-world effect is multiple offers on listed properties, intensifying competition and giving sellers leverage. This matches option B. The definitions in NCREC study guides, textbooks, and appraisal resources all align with this scenario.

A defeasible fee estate (specifically, a fee simple determinable or fee simple subject to a condition subsequent) is one that may be voided if a specific condition is violated or a required event does not occur. In this case, the condition is that the church cannot build a parking lot. If it does, ownership may revert to the grantor. Therefore, the correct answer is B.

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