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North Carolina Real Estate Commission NC Real Estate Broker National Sample Questions (Q94-Q99):

NEW QUESTION # 94
The buyer of a long-vacant lot plans to build a home. The zoning ordinance for the town in which the property is located indicates that every lot with a structure must be at least 80 feet wide. When the buyer applies for a building permit, they are surprised to learn that the lot is only 76 feet wide. The property is worthless if they cannot build a home. To build a home on the lot legally, what must the buyer obtain from the local zoning board?

A. Conditional exception
B. Variance
C. Nonconforming use permit
D. Buffer exemption

Answer: B

Explanation:
A variance is an exception to a zoning ordinance granted by the local zoning board when strict enforcement would cause undue hardship due to unique property conditions. In this case, the lot is too narrow for the minimum width requirement, but the buyer can seek a variance to proceed legally. A nonconforming use applies to existing properties that no longer comply after zoning changes. Therefore, the correct answer is D.
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NEW QUESTION # 95
A buyer's stable monthly income is $6,800. Every month they pay a $485 car payment, $200 in a revolving credit payment, and $1,500 in alimony. Using ratios of 31% and 43%, what is the maximum monthly mortgage payment they would qualify for on an FHA-insured mortgage loan?

A. $1,763
B. $739
C. $1,972
D. $2,108

Answer: A

Explanation:
FHA mortgage qualification uses two ratios:
Housing ratio (Front-end): 31% of monthly gross income
Total debt ratio (Back-end): 43% of monthly gross income
Step 1: Calculate max housing (front-end)
31% × $6,800 = $2,108
Step 2: Calculate max total debts (back-end)
43% × $6,800 = $2,924
Subtract monthly debts: $485 + $200 + $1,500 = $2,185
Max mortgage payment allowed = $2,924 # $2,185 = $739
The borrower is limited by the back-end ratio, so the maximum housing expense is $739.
Note: The initial selected answer choice "B. $1,763" would exceed the debt ratio when combined with existing monthly obligations. The correct final answer is A.

NEW QUESTION # 96
What are the four elements of value that must exist in harmony to maximize the value of real property?

A. Immobility, scarcity, transferability, and demand
B. Right of use, enjoyment, exclusivity, and disposal
C. Uniqueness, immobility, indestructibility, and demand
D. Demand, utility, scarcity, and transferability

Answer: D

Explanation:
The four economic characteristics necessary for real property to have value are:
Demand: There must be a desire or need for the property.
Utility: The property must serve a purpose or satisfy a need.
Scarcity: There must be a limited supply of similar properties.
Transferability: The ownership rights must be transferable from one party to another.
These four components form the acronym DUST and are foundational in property valuation. The correct answer is A.
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NEW QUESTION # 97
When a borrower obtains an FHA-insured loan, the source of the funds is MOST likely to be:

A. the Federal Housing Administration (FHA)
B. an approved lender
C. the Department of Housing and Urban Development (HUD)
D. Fannie Mae

Answer: B

Explanation:
The FHA (Federal Housing Administration) does not lend money directly to borrowers. Instead, FHA-insured loans are funded by approved private lenders such as banks, mortgage companies, or credit unions. The FHA insures the loan to protect the lender from default risk. HUD oversees the FHA but does not provide the funds. Fannie Mae is part of the secondary market. Therefore, the correct answer is A.
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NEW QUESTION # 98
If a seller whose property is currently listed with another company initiates a conversation with a broker about the possibility of the broker becoming their new listing agent, the broker:

A. may not discuss the terms of any possible future listing agreement.
B. may discuss the terms of a possible listing agreement that would begin after the current listing ends.
C. must advise the seller to contact an attorney.
D. may suggest that the seller terminate the current listing agreement early.

Answer: B

Explanation:
Under the NCREC Rules and Code of Ethics, a broker may not interfere with another firm's existing exclusive listing agreement. However, if a seller independently initiates a conversation, a broker is allowed to discuss the terms of a future agreement - but that agreement must begin only after the current listing expires.
The broker must not suggest early termination or breach of contract. Therefore, option A accurately reflects what is legally and ethically permissible.

NEW QUESTION # 99
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