NATIONAL REAL ESTATE EXAM 100 QUESTIONS &
CORRECT ANSWERS LATEST 2026
For which of the following purposes is the North Carolina Standard Form 340-T,
Response to Buyer's Offer, used? Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
To accept the buyer's offer
To formally counter the buyer's offer
To informally counter the buyer's offer
To reject the buyer's offer - ANSWER-Standard Form 340-T, Response to Buyer's
Offer, expressly states that it is a rejection of the offer, so brokers should NOT use
this form when making a simple inquiry about the buyer's willingness to accept a
possible counter.
Sherry is selling her North Carolina home to Abigail. Which of the following will
be triggered by the transfer?
Topic: General Real Estate Topics
Subtopic: Transfer of title
A conveyance processing fee
A deed production tax
An excise tax
A possession fee - ANSWER-In North Carolina, an excise fee is triggered when
property is transferred from one party to another in a non-exempt transaction.
,Stewart, a North Carolina real estate agent, is selling a piece of commercial
property in which he has a 15% interest. Which of the following is true about this
situation?
Topic: Other North Carolina Laws and Practices
Subtopic: Disclosure of agency relationships
Stewart can only represent buyers if he explains his role as a sub-agent to them and
they agree, in writing, to accept his sub-agency.
Stewart can only represent potential buyers if he discloses his ownership interest in
writing, and the buyers agree.
Stewart can represent potential buyers, but only if he gets them to sign consent to
dual agency.
Stewart must find someone else to represent any potential buyers. - ANSWER-
Because his ownership interest is less than 25%, Stewart can represent buyers if he
discloses his ownership interest, and they agree to this in writing.
In North Carolina, when disputed trust funds have been handed over to a clerk of
the superior court in the county where the property is located, how long does a
disputing party have to file a court proceeding to attempt to recover the funds?
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
30 days
90 days
Five years
One year - ANSWER-D. When disputed funds have been turned over to a clerk of
the superior court, the disputing parties may attempt to recover the funds from the
clerk by filing a special proceeding with the court. It will be up to the clerk to
determine rightful ownership. If neither party files a special proceeding within one
year, the disputed funds are considered unclaimed and go to the state treasurer.
,North Carolina broker Farhad helped his seller client, Kent, understand the Offer to
Purchase and Contract, Standard Form 2-T, he received from buyer Irene. On the
morning of settlement, Kent's oven exploded and caused $35,000 in damages.
Which of the following is true of this situation under the contract?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
The buyer and seller must split the costs equally.
The buyer is responsible for paying for the damages.
The contract must be terminated. After the seller repairs the damages, the buyer
and seller have six months to form a new contract with the all of the original
contract's terms.
The seller is responsible for paying for the damages. - ANSWER-The seller is
responsible for the damages. Under the contract, the seller is advised to keep
insurance on the property until receiving confirmation that the deed has been
recorded in the buyer's name.
A sale in which the purchase price may not be enough for the seller to pay the costs
of the sale, the seller may not have sufficient liquid assets to pay the costs of the
sale, and the lienholders agree to release or discharge their liens upon paying an
amount less than the amount secured by their liens, with or without the seller being
released from any further liability, is known as ______.
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
A bankruptcy sale
A fire sale
A foreclosure
A short sale - ANSWER-D
Who is responsible for verifying the accuracy of a North Carolina settlement
statement that's been prepared by an attorney?
, Topic: Other North Carolina Laws and Practices
Subtopic: Broker responsibilities related to closing
A lawful settlement agent
One or both of the representing brokers-in-charge
The broker
The opposing party's attorney - ANSWER-A broker may adopt a settlement
statement that was prepared by an attorney or lawful settlement agent for this
purpose, but the broker must verify its accuracy and notify all parties to the closing
of any errors within the statement.
In North Carolina, where are laws that provide subdivision development
regulations found?
Topic: Other North Carolina Laws and Practices
Subtopic: Other laws governing the disclosure of information
National Builder's Code
North Carolina City Planning Act
North Carolina Planned Community Act
Planning Act of 1998 - ANSWER-North Carolina Planned Community Act
establishes parameters and guidance for communities to develop their own
subdivision regulations.
Under the terms of the North Carolina Vacation Rental Act, certain provisions
apply to the voluntary transfer of property if it's used as a vacation rental. One such
provision says that if a planned vacation rental agreement ends more than ______
days after closing, the tenants have no rights to enforce the agreements unless the
buyer agrees in writing to honor them.
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
180
CORRECT ANSWERS LATEST 2026
For which of the following purposes is the North Carolina Standard Form 340-T,
Response to Buyer's Offer, used? Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
To accept the buyer's offer
To formally counter the buyer's offer
To informally counter the buyer's offer
To reject the buyer's offer - ANSWER-Standard Form 340-T, Response to Buyer's
Offer, expressly states that it is a rejection of the offer, so brokers should NOT use
this form when making a simple inquiry about the buyer's willingness to accept a
possible counter.
Sherry is selling her North Carolina home to Abigail. Which of the following will
be triggered by the transfer?
Topic: General Real Estate Topics
Subtopic: Transfer of title
A conveyance processing fee
A deed production tax
An excise tax
A possession fee - ANSWER-In North Carolina, an excise fee is triggered when
property is transferred from one party to another in a non-exempt transaction.
,Stewart, a North Carolina real estate agent, is selling a piece of commercial
property in which he has a 15% interest. Which of the following is true about this
situation?
Topic: Other North Carolina Laws and Practices
Subtopic: Disclosure of agency relationships
Stewart can only represent buyers if he explains his role as a sub-agent to them and
they agree, in writing, to accept his sub-agency.
Stewart can only represent potential buyers if he discloses his ownership interest in
writing, and the buyers agree.
Stewart can represent potential buyers, but only if he gets them to sign consent to
dual agency.
Stewart must find someone else to represent any potential buyers. - ANSWER-
Because his ownership interest is less than 25%, Stewart can represent buyers if he
discloses his ownership interest, and they agree to this in writing.
In North Carolina, when disputed trust funds have been handed over to a clerk of
the superior court in the county where the property is located, how long does a
disputing party have to file a court proceeding to attempt to recover the funds?
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
30 days
90 days
Five years
One year - ANSWER-D. When disputed funds have been turned over to a clerk of
the superior court, the disputing parties may attempt to recover the funds from the
clerk by filing a special proceeding with the court. It will be up to the clerk to
determine rightful ownership. If neither party files a special proceeding within one
year, the disputed funds are considered unclaimed and go to the state treasurer.
,North Carolina broker Farhad helped his seller client, Kent, understand the Offer to
Purchase and Contract, Standard Form 2-T, he received from buyer Irene. On the
morning of settlement, Kent's oven exploded and caused $35,000 in damages.
Which of the following is true of this situation under the contract?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
The buyer and seller must split the costs equally.
The buyer is responsible for paying for the damages.
The contract must be terminated. After the seller repairs the damages, the buyer
and seller have six months to form a new contract with the all of the original
contract's terms.
The seller is responsible for paying for the damages. - ANSWER-The seller is
responsible for the damages. Under the contract, the seller is advised to keep
insurance on the property until receiving confirmation that the deed has been
recorded in the buyer's name.
A sale in which the purchase price may not be enough for the seller to pay the costs
of the sale, the seller may not have sufficient liquid assets to pay the costs of the
sale, and the lienholders agree to release or discharge their liens upon paying an
amount less than the amount secured by their liens, with or without the seller being
released from any further liability, is known as ______.
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
A bankruptcy sale
A fire sale
A foreclosure
A short sale - ANSWER-D
Who is responsible for verifying the accuracy of a North Carolina settlement
statement that's been prepared by an attorney?
, Topic: Other North Carolina Laws and Practices
Subtopic: Broker responsibilities related to closing
A lawful settlement agent
One or both of the representing brokers-in-charge
The broker
The opposing party's attorney - ANSWER-A broker may adopt a settlement
statement that was prepared by an attorney or lawful settlement agent for this
purpose, but the broker must verify its accuracy and notify all parties to the closing
of any errors within the statement.
In North Carolina, where are laws that provide subdivision development
regulations found?
Topic: Other North Carolina Laws and Practices
Subtopic: Other laws governing the disclosure of information
National Builder's Code
North Carolina City Planning Act
North Carolina Planned Community Act
Planning Act of 1998 - ANSWER-North Carolina Planned Community Act
establishes parameters and guidance for communities to develop their own
subdivision regulations.
Under the terms of the North Carolina Vacation Rental Act, certain provisions
apply to the voluntary transfer of property if it's used as a vacation rental. One such
provision says that if a planned vacation rental agreement ends more than ______
days after closing, the tenants have no rights to enforce the agreements unless the
buyer agrees in writing to honor them.
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
180
