NCREC-Broker-N Exam Preparation Material | NC Real Estate Broker National

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Prepare for the NCREC-Broker-N NC Real Estate Broker National exam with CertQueen's independently developed study resources. Review important concepts, practice scenario-based questions, and use clear explanations to identify areas that require further study.

Question#1

A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term.
Which type of loan is this?

A. Fully amortizing

B. Negatively amortizing

C. Partially amortizing

D. Straight amortizing

Explanation:
A fully amortizing loan is one in which the borrower makes equal monthly payments over the loan term, with a portion of each payment applied to interest and the remainder to principal. By the end of the loan term, the entire balance is paid off. Therefore, the correct answer is A ― fully amortizing.

Question#2

A lease with a simple exchange of rent for occupancy, under which the tenant pays none of the costs of ownership, is known as a(n):

A. graduated lease

B. gross lease

C. net lease

D. percentage lease

Explanation:
In a gross lease, the tenant pays a fixed rent amount, and the landlord is responsible for property taxes, insurance, and maintenance costs. This type of lease is common in residential rentals and contrasts with a net lease, where the tenant pays some or all ownership costs. A graduated lease involves rent increases at intervals, and a percentage lease involves paying rent based on the tenant’s gross business income. Therefore, the correct answer is B, gross lease.

Question#3

The owner of a cooperative unit has which of the following rights in the property?

A. A fee simple interest in the unit and an undivided common interest in common areas

B. A fee simple interest in the unit and a proportional interest in common areas based on unit size

C. A fee simple interest in the unit combined with occupancy rights for a specified recurring period annually

D. A proprietary lease for the exclusive use of the unit and shares of stock in the corporation that owns the property

Explanation:
In a cooperative (co-op) ownership arrangement, the real estate is owned by a corporation.
Individual residents do not own their units as real property. Instead, they own shares of stock in the corporation and receive a proprietary lease, which gives them the right to occupy a specific unit. This contrasts with condominium ownership, where unit owners hold fee simple title. Therefore, the correct answer is D.

Question#4

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. $110,800

B. $132,680

C. $135,800

D. $150,800

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

Question#5

A North Carolina real estate broker may:

A. delay the use of the Working with Real Estate Agents Disclosure when there is an oral seller agency.

B. practice oral seller agency but must have a listing agreement in writing no later than the time at which a buyer submits an offer.

C. practice oral buyer agency but must have a written agency agreement with the buyer prior to presenting an offer.

D. practice oral buyer agency so long as it is exclusive and sets a specific time frame for the oral agency agreement.

Explanation:
Under North Carolina Real Estate Commission (NCREC) rules, a broker may begin working with a buyer under oral buyer agency but must have a signed, written buyer agency agreement in place before presenting any offer on behalf of that buyer. Oral agency cannot be exclusive or have a defined time frame. Additionally, the broker must provide the Working with Real Estate Agents Disclosure at first substantial contact. Therefore, oral buyer agency is permissible temporarily but must convert to a written agreement before drafting or presenting an offer, making option C correct.

Exam Code: NCREC-Broker-N
Q & A: 123 Q&As Updated: Nov 03,2026

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Review Key Concepts

Review the technologies, products, processes, and practical skills covered by the current NCREC-Broker-N exam objectives.

Practice Scenario-Based Questions

Work through independently developed questions designed to strengthen your understanding of technical scenarios and decision-making.

Identify Knowledge Gaps

Use your results and the provided explanations to find weaker areas and focus your study more effectively.

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Review the Exam Scope

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Complete a focused set of practice questions for each topic. On your first attempt, avoid referring to notes, answers, or other study resources so that you can evaluate your current understanding more accurately.

Study the Explanations

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Exam Code: NCREC-Broker-N
Q & A: 123 Q&As
Updated: Nov 03,2026