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North Carolina Real Estate Commission NCREC-Broker-N Dumps Full Questions - Exam Study Guide
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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q54-Q59):
NEW QUESTION # 54
Under the provisions of the federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA), a lender must provide a borrower with the Closing Disclosure at least _________ prior to loan consummation.
- A. 3 business days
- B. 1 business day
- C. 3 calendar days
- D. 7 calendar days
Answer: A
Explanation:
TILA-RESPA Integrated Disclosure rules (TRID) require that theClosing Disclosurebe delivered to the consumerno later than 3 business days before consummationof the loan. This mandates a three-business- day review period for borrowers before finalizing the loan-makingoption Bcorrect.
NEW QUESTION # 55
Which of the following entities would participate in the primary market for mortgage lending?
- A. Commercial bank
- B. Federal Housing Administration
- C. Federal National Mortgage Association
- D. Federal Home Loan Mortgage Corporation
Answer: A
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 # 56
An investor bought a small office building for $500,000. They sold it 10 years later for $480,000. What is their percentage of loss?
- A. 9.6%
- B. 4.2%
- C. 4%
- D. 10.4%
Answer: C
Explanation:
To calculate the percentage of loss:
Loss = Original Price # Sale Price = $500,000 # $480,000 = $20,000
Percentage loss = ($20,000 ÷ $500,000) × 100 = 4%
Correct answer: A
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NEW QUESTION # 57
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. $150,800
- B. $110,800
- C. $135,800
- D. $132,680
Answer: C
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 # 58
Which of these activities is prohibited by federal antitrust laws?
- A. Racial discrimination
- B. Price gouging
- C. Providing legal advice
- D. Price-fixing
Answer: D
Explanation:
Federal antitrust laws, including the Sherman Antitrust Act, prohibit activities that restrict fair competition.
One of the key prohibited practices is price-fixing-an agreement among competitors to set commission rates or pricing, which violates the requirement for competitive, independent business conduct. Price gouging is related to consumer protection during emergencies, and racial discrimination falls under fair housing law, not antitrust. Providing legal advice is a separate licensing concern. Therefore, A is correct.
NEW QUESTION # 59
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