Real Estate Licensing NCREC-Broker-N Exam Dumps

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

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Let X = sale price.

Seller nets $200,000 and owes $288,800 in fees and costs. A 6% commission will be taken from the sale price.

Net = 0.94X -- 288,800 = 200,000

Solving:

0.94X = 488,800

X = $520,000

Therefore, the required sale price is $520,000 --- answer C.

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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.

According to the NCREC Broker National (Broker-N) guidelines and the Federal Telephone Consumer Protection Act (TCPA), a real estate business may continue to contact a former client for up to 18 months after the conclusion of a transaction under the established business relationship exception, even if the client is on the National Do Not Call Registry. The NCREC's official materials affirm this 18-month contact window.

NCREC Broker National (Broker-N) Compliance Guide, Section on Telemarketing and Client Communications

Federal TCPA Rules, 47 C.F.R. 64.1200(f)(5)

NCREC Legal Update Bulletin, ''Do Not Call and Client Relationships,'' 2023

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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