ACEABLE AGENT: REVIEW TEST QUESTIONS
AND ANSWERS
Question 1
A builder offered a $3,000 bonus to a buyer’s agent for a successful transaction,
closing by the end of the month. This bonus was on top of the commission that
the buyer agent had previously disclosed to the buyer. Which of these
statements is true?
Correct Answer
The buyer agent would be entitled to the bonus if the bonus was disclosed in a
timely manner and reduced to writing no later than the offer to purchase.
Question 2
Which of the following would be an acceptable practice for real estate agents to
be compliant with Do Not Call laws?
Correct Answer
An agent may call a seller on the Do Not Call list if they have listed the house
as a For Sale by Owner and the agent who has a buyer who is interested in the
property.
Question 3
Andi, a BIC at a North Carolina real estate firm, is selling her own property. She
drafts a contract for the sale. Is this legal? Why or why not?
Correct Answer
Yes, it is legal for licensees to draft contracts for transactions they are a party
to (though it is still not recommended by NCREC).
Page 1 of 26
,Question 4
Lien In Lenders is foreclosing on borrower Tricia's home. The proceeds from the
sale will cover all but one of the liens on the property. Which of these debts
won't be paid in full after all of the money is distributed?
Correct Answer
a junior mortgage
Question 5
Johnna Wilson of ABC Realty presented an offer on behalf of her buyer client on a
property listed by Janice DeBerg of XYZ Realty. The offer was $250,000 and the seller
had until Wednesday at 4 pm to accept the offer. After reviewing the offer, the seller
counteroffered $260,000 on Monday evening. By Wednesday afternoon, the seller had
received no response to the counteroffer, and she was getting anxious to have a
binding contract, so the seller instructed her agent to communicate, prior to 4 pm on
Wednesday, that she had accepted the original offer of $250,000. Which of the
following statements is most accurate?
Correct Answer
No binding contract exists as the counteroffer terminated the original offer.
Question 6
As part of an appraisal, real estate appraiser Jolene needs to consider the
property's highest and best use. Which of the following does NOT need to be
considered?
Correct Answer
property sales history
Page 2 of 26
, Question 7
A buyer’s agent is assisting the buyer in making an offer on a unique property.
Because the property’s unusual characteristics, the most commonly used offer to
purchase (NCAR form 2-T) does not address many of the issues of the
contemplated purchase. What strategy would the buyer’s agent suggest to best
serve the client in making an offer?
Correct Answer
advise the buyer to seek legal counsel to draft an offer that would fit the
buyer’s needs
Question 8
Government ownership of land is the role of government to own and maintain:
Correct Answer
public land such as streets, highways, parks, schools, government buildings,
roads, and military bases
Question 9
All are the following are true regarding drafting a contract, except what?
Correct Answer
Parties to the contract may give agents the required permission to draft
provisions into the offer and contract.
Question 10
A seller of a home built prior to 1978 would be required to comply with all of the
following, EXCEPT?
Correct Answer
remediate any lead-based paint that is discovered by virtue of the buyer’s
diligence
Page 3 of 26
AND ANSWERS
Question 1
A builder offered a $3,000 bonus to a buyer’s agent for a successful transaction,
closing by the end of the month. This bonus was on top of the commission that
the buyer agent had previously disclosed to the buyer. Which of these
statements is true?
Correct Answer
The buyer agent would be entitled to the bonus if the bonus was disclosed in a
timely manner and reduced to writing no later than the offer to purchase.
Question 2
Which of the following would be an acceptable practice for real estate agents to
be compliant with Do Not Call laws?
Correct Answer
An agent may call a seller on the Do Not Call list if they have listed the house
as a For Sale by Owner and the agent who has a buyer who is interested in the
property.
Question 3
Andi, a BIC at a North Carolina real estate firm, is selling her own property. She
drafts a contract for the sale. Is this legal? Why or why not?
Correct Answer
Yes, it is legal for licensees to draft contracts for transactions they are a party
to (though it is still not recommended by NCREC).
Page 1 of 26
,Question 4
Lien In Lenders is foreclosing on borrower Tricia's home. The proceeds from the
sale will cover all but one of the liens on the property. Which of these debts
won't be paid in full after all of the money is distributed?
Correct Answer
a junior mortgage
Question 5
Johnna Wilson of ABC Realty presented an offer on behalf of her buyer client on a
property listed by Janice DeBerg of XYZ Realty. The offer was $250,000 and the seller
had until Wednesday at 4 pm to accept the offer. After reviewing the offer, the seller
counteroffered $260,000 on Monday evening. By Wednesday afternoon, the seller had
received no response to the counteroffer, and she was getting anxious to have a
binding contract, so the seller instructed her agent to communicate, prior to 4 pm on
Wednesday, that she had accepted the original offer of $250,000. Which of the
following statements is most accurate?
Correct Answer
No binding contract exists as the counteroffer terminated the original offer.
Question 6
As part of an appraisal, real estate appraiser Jolene needs to consider the
property's highest and best use. Which of the following does NOT need to be
considered?
Correct Answer
property sales history
Page 2 of 26
, Question 7
A buyer’s agent is assisting the buyer in making an offer on a unique property.
Because the property’s unusual characteristics, the most commonly used offer to
purchase (NCAR form 2-T) does not address many of the issues of the
contemplated purchase. What strategy would the buyer’s agent suggest to best
serve the client in making an offer?
Correct Answer
advise the buyer to seek legal counsel to draft an offer that would fit the
buyer’s needs
Question 8
Government ownership of land is the role of government to own and maintain:
Correct Answer
public land such as streets, highways, parks, schools, government buildings,
roads, and military bases
Question 9
All are the following are true regarding drafting a contract, except what?
Correct Answer
Parties to the contract may give agents the required permission to draft
provisions into the offer and contract.
Question 10
A seller of a home built prior to 1978 would be required to comply with all of the
following, EXCEPT?
Correct Answer
remediate any lead-based paint that is discovered by virtue of the buyer’s
diligence
Page 3 of 26
