Real Estate Practice Exam for North Carolina

This is a practice exam that I wrote to help you pass the North Carolina Real Estate Exam.  Please take this like a real exam.  Print it out if you like.  Allow yourself a couple of hours.  Take this like a real test.  Grade yourself.  THEN look at the answers.  You can find the answers by sending me a email at ronclimer@yahoo.com   Take this test.  I assume you have watched my ten math videos on You Tube.  If you have trouble with the math, there is the answer.  https://www.youtube.com/watch?v=zoF740ggw9E  Here is a link to one of three videos that I created "for my classmates".  These ten math problems are the problems that were on the exam in Asheville, North Carolina. Also, when you finish this practice exam, I have another one at www.ncreexam.com .  Take it too. Let's get started.

1.   A mortgage lien has priority based on:

A.   The amount of the loan
B.   Always the date of recording
C.   Usually the date of recording
D.   All mortgage liens have equal priority

2.   In a deed , the seller is the

A.   Grantee
B.   Grantor
C.   Vendee
D.   Mortgagor

3.   Which of the following liens is a general lien?

A.   Property Taxes
B.   Mechanic lien
C.   First Mortgage
D.   I.R.S. lien

4.   The rate of commission that a real estate broker charges is governed by:

A.   No one
B.   The local association of Realtors
C.   The NCREC
D.   The local Multiple Listing Service

5.   One house is built behind another house.  The owner in the back house has the right to cross over the front house's side yard.  What is the name of this right?

A.   An easement in gross
B.   An easement appurtenant
C.   A trespass
D.   An  encroachment

6.   The Board of Zoning Adjustment is a committee to consider:

A.   Granting a variance
B.   Changing the city ordinances
C.   Creating a Extra Territorial Jurisdiction
D.   All of the above

7.   A real estate contract is executory

A.   After the real estate closing
B.   Before the real estate contract is signed by the seller
C.   After both buyer and seller have signed until closing
D.   While the buyer is considering a counter offer

8.   Which of the following contracts is voidable

A.   A real estate contract with no escrow deposit
B.   A contract between an adult and a child.
C.   A contract created in another state
D.   A bilateral contract

9.   To determine "before tax cash flow"

A.   Subtract tax liability from NOI
B.   Subtract expenses from EGI 
C.   Subtract vacancy and collection from PGI
D.   Subtract debt service from NOI

10.   Which of the following is an tenancy at will

A.   A department store lease in a shopping mall for twenty years
B.   A couple rents a house for $800 per month for an indefinite term.
C.   A weekend visit to a bed and breakfast
D.   A single person rents an apartment with a one year lease.

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11.   The Residential Lead Based Paint Hazard Act requires:

A.    Sellers to reveal the possible existence of lead based paint on any house built before 1978
B.    Real estate brokers are required to reveal the possible existence of lead based paint on any house built prior to 1978.
C.    No inspection is required for lead based paint on houses built before 1978.
D.    All of the above is true.

12.    The Housing Expense Ratio is important to:

A.    A bank that is loaning money to a buyer to buy a house
B.    The seller that will remain in possession after closing
C.    The closing attorney
D.    A buyer that is paying cash.

13.    Mr. Seller enters into a written agreement to pay Mr. Realtor a fee if he finds a buyer for Mr. Seller's property.  This is a

A.    Open listing
B.    Exclusive agency listing
C.    Exclusive right of sale listing.
D.    Net listing

14.    A listing is not terminated by

A.    Closing
B.    Expiration
C.    Mutual agreement between broker and seller.
D.    Anger

15.    Equity is

A.    Difference between value and debt
B.    Difference between principal and interest
C.    Difference between seller's opinion of value and buyer's opinion of value
D.    Difference between the time mortgage payment is due and the time mortgage payment is paid

16.    In a deed of trust, the borrower is the

A.    Mortgagee
B.    Grantor
C.    Payee
D.    Creditor

17.    In a deed of trust, the bank is the

A.    Trustee
B.    Beneficiary
C.    Borrower
D.    Grantor


18.    The Federal Housing Administration  also known as the FHA

A.    Loans money to worthy borrowers
B.    Insures loans made by banks
C.    Guarantees loans made by private lenders
D.    Builds Homes

19.    Which of the following relationships is NOT fiduciary ?

A.    buyer and seller
B.    Realtor and client
C.    husband and wife
D.    parent and child

20.    Which method of legal description will likely not be used in North Carolina?

A.    metes and bounds
B.    rectangular government survey system
C.    reference to a previously recorded deed
D.    lot and block method

21.    How many square feet in an acre?

A.     711
B.    43560
C.    34650
D.    640

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22.    A unilateral contract is :

A.    where only one party is bound to perform such as a option on a lot
B.    where both parties are bound to perform such as a real estate purchase and sell agreement
C.    illegal in North Carolina
D.    where one party has already done what they agreed to do such as a mortgage.  

23.    Mr. Buyer and Mrs. Seller enter into a oral agreement for Mr. Buyer to buy Mrs. Seller's house for $100,000.  Mr Buyer shows up at the closing with the money.  Mr and Mrs. Seller gives the deed to Mr. Buyer.  Everyone leaves the closing with a smile on their face.  This is an example of

A.    an executed contract
B.    a valid contract
C.    an unenforceable contract
D.    all of the above

24.    The "Working with Real Estate Agents" brochure should be reviewed with the seller or buyer

A.  within 30 minutes of their introducing themselves
B.   at first substantial contact with the broker
C.   before signing a contract
D.   before the listing expires

25.    Which of the following is a material fact?

A.    Square footage of a house
B.    The racial make up of the neighborhood
C.    The carpet is ugly
D.    The foundation is cracked

26.    An easement can be terminated by

A.    abandonment
B.     intentional abandonment
C.     by agreement between the property owner and the dominant tenant.
D.    all of above

27.    Mr. Unscrupulous Seller sold his vacant lot to Mr. First Buyer.  Mr First Buyer did not record his deed.  Mr. Second Buyer learns about Mr. First Buyer's foolish mistake.  Mr. Second Buyer contacts Mr. Unscrupulous Seller and offers to buy the lot from Mr. Unscrupulous Seller.  Mr. Unscrupulous Seller gives a deed to Mr. Second Buyer.  Mr. Second Buyer records his deed.  Which of  the following is true?

A.    Mr Second Buyer has wasted his money
B.    Mr. Second Buyer owns the lot
C.    Mr Second Buyer is scrupulous
D.    Mr. First Buyer owns the lot

28.    In North Carolina, deeds and mortgages are recorded  at the:

A.    Clerk of the Circuit Court
B.    Registrar's office in the county where the grantee resides
C.    Register of Deeds in the county where the property is located
D.    State Capital

29.    A quit claim deed has:

A.    the signature of the grantee
B.    the warrant of seizen
C.    the covenant of further assurance
D.    the signature of the grantor

30.    North Carolina's Conner Act

A.    requires documents that affect title to real estate to be recorded
B.    prohibits a mortgagee from suing a mortgagor for a deficiency judgement
C.    prohibits conspiracy to fix prices of real estate commissions
D.    relieves the buyer of real estate from the responsibility to search the title back more than thirty years.

31.   Which of the following is a voluntary alienation ?

A.    Escheat
B.    Deed
C.    Eminent Domain
D.    Foreclosure

32.    At the weekly sales meeting, the sales manager announces that a new firm in town, Discount Realty, has a practice of listing houses at a unusually low commission rate.  He asks the sales force to please not show their listings.

A.  This is a perfectly OK business practice
B.   This is a violation of the Sherman Clayton Anti- Trust Act
C.    This is a violation of the Conner Act
D.    This is a violation of North Carolina's Anti-Boycott Act

33.    Mr. Seller has listed his house with Mr. Realtor for $100,000.  Broker A has an offer from his client for $90,000.  Broker B has an offer from his client for $95,000.  Can Mr. Seller tell Broker B how much Broker A's offer is ?

A.    Mr. Seller can but Mr. Realtor can't
B.    Mr. Seller can not reveal this information.
C.    Mr. Seller or Mr. Realtor can reveal this information to anyone
D.    Mr. Realtor can but Mr. Seller can not.

34.    Any pre printed  contract form for purchase and sale of real estate used by a real estate broker in North Carolina can NOT include

A.    any provision concerning the payment of a commission
B.    any provision that attempts to disclaim the liability of a broker for his representation in connection with this transaction.
C.    Any reference to a broker being entitled to part of a forfeited escrow deposit.
D.    All of the above are prohibited by North Carolina Real Estate Commission rule

35.    A purchase and sale agreement for real estate can NOT be drafted by a

A.    seller
B.    buyer
C.    attorney
D.    real estate broker

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36.    When a written offer is submitted from the buyer to the seller, the offer turns into a contract when

A.    both parties sign the contract
B.    both parties sign the contract and that information is communicated to the buyer or the buyer's agent
C.    both parties sign the contract and that information is communicated in writing to the buyer's agent
D.    both parties sign the contract and that information is communicated to the buyer

37.    Which of the following is an essential element of a valid real estate contract?

A.    earnest money deposit
B.     consideration
C.     time is of the essence
D.    buyer's martial status

38.    John signed an offer to buy Tom's house.  Which of the following is true?

A.    John is the offeror .  Tom is the seller.
B.    John is the buyer.  Tom is the offeror
C.    John is the offeree.  Tom is the offeror
D.    John is required to be mentally competent.  Tom does not need to be mentally competent.

39.   Mr. Badluck owns a house.  He owes a first mortgage of $90,000 dated May 1, 2009.  He also has a second mortgage for $40,000 dated June 15, 2011.  Mr. Badluck quits paying his payments on the second  mortgage .  The second mortgagee forecloses.  His house is sold at foreclosure auction.  Mr.  Goodluck is at the auction and bids $50,000.  He is the winning bidder.  Which of following is true ?

A.    Mr. Goodluck will own the property free and clear.
B.    Mr. Goodluck will own the property but he will owe the $90,000 first mortgage.
C.    Mr Goodluck will own the house but owe $80,000 on the first mortgage.
D.    Mr Goodluck will get a general warranty deed at the foreclosure auction.

40.    Mr. A bought a property and got a mortgage loan from the bank.  Two years later, Mr. A sold that property to Mr. B subject to the existing mortgage.  One year later, Mr. B quit making the mortgage payments and defaulted on the mortgage.  At the foreclosure auction, the property sold for less than the balance owed.  Which of the following statements are true?

A.    The bank can sue Mr. A for a deficiency judgement.
B.    The bank can sue Mr. B for a deficiency judgement.
C.    The bank can sue Mr. A and Mr.B for a deficiency judgement.
D.    The bank can sue neither Mr A nor Mr. B for a deficiency judgement

41.    Where would you typically find the mortgage payments?

A.    in the mortgage
B.    in the note
C.    in the deed of trust
D.    Only the lender would have this information. 

42.   Mr. Buyer bought a house with a $100,000 mortgage at 6%.  The constant factor for the mortgage is $6 per $1000.  The taxes are $2400 per year.  The insurance is $600 per year.  What are the PITI payments?

A.    $650
B.    $850
C.    $770
D.    $675

43.    Which of the following documents are usually recorded

A.    Offer to purchase and sale
B.    Promissory note
C.    Satisfaction of mortgage
D.    Listing agreement

44.    Which of the following statements is true

A.    A prepayment penalty is a fee that a lender may charge if a loan is paid off early .
B.    Lenders in North Carolina are not permitted to charge a prepayment penalty on a residential loan with a balance of $150,000 or less if it is a first mortgage on a borrower's primary residence.
C.    When you borrow money from the bank, they charge interest.
D.    All of above are true.

45.    Mr. A owns a property for as long as he lives.  When he dies, the property passes to his brother.  His brother is probably a :

A.    tenant in common
B.     remainderman
C.     ancestor
D.     grantor

46.    A promissory note is signed by

A.    lender and borrower
B.    mortgagee only
C.    mortgagor only
D.    mortgagee and lender

47.    With a life estate pur autre vie

A.    A person owns a property as long as he lives
B.    A person owns a property as long as someone else lives
C.    The remainderman owns the property
D.    The owner can not will their interest in the property

48.    Ad Valorem tax is

A.    Money owed to the I.R.S.
B.    Money owed to the  county
C.    Money owed for North Carolina income tax.
D.    Tax collected at every real estate closing

49.    The North Carolina Machinery Act mandates:

A.    Farm machinery is not taxable
B.    Standards for real estate taxation and assessment
C.    Requires certain documents to be shredded by machine
D.    Prohibits mortgage loans on certain property.

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50.    It would be important to a buyer of real estate

A.    to buy a mortgagee's title insurance policy when purchasing real estate
B.    to buy a mortgagor's title insurance policy when purchasing real estate
C.    to buy an owner's title insurance policy when buying real estate and paying cash.
D.    to buy a mortgagee's title insurance when buying real estate and paying cash

51.    A suit to quiet title would be necessary when

A.    A real estate agent lied about the condition of the property
B.    A mortgage is being foreclosed.
C.    There is a gap in the chain of title
D.    A house burned down with no insurance

52.    The best guarantee of good title is

A.    opinion of title
B.    color of title
C.    title insurance policy
D.    abstract of title

53.    If a seller is not sure that he owns a property, he would probably give a buyer a

A.    quit claim deed
B.    special warranty deed
C.    patent deed
D.    general warranty deed

54.    The legal doctrine that governs the relationship between buyers and sellers is

A.    fiduciary
B.    cavett emptor
C.    nolo contende
D.    trust but verify

55.    If a Realtor steers a potential buyer into or away from a neighborhood because of race, color,religion,sex, national origin, familial status, or handicap, that Realtor is

A.    violating federal law only
B.    violating federal law and North Carolina law
C.    violating North Carolina law only
D.    redlining 

56.    A deficiency judgement could not be obtained

A    when the property sells at foreclosure auction for less than the mortgage balance owed by the mortgagor
B.    when the mortgage is a purchase money deed of trust held by the seller
C.    when the mortgagor is a bank
D.    all of above are true

57.    The lower the loan to value ratio,

A.    the riskier the loan is for the bank.
B.    the safer the loan is for the bank.
C.    the higher the interest rate charged by the bank.
D.    the longer the amortization period.

58.    Regulation Z requires banks and other institutional lenders

A.    to charge more interest on small loans
B.    to inform the borrower of the A.P.R.
C.    regulation Z only applies to commercial loans
D.    regulation Z is a North Carolina law

59.    Predatory lending

A.    is prohibited by North Carolina law
B.    is restricted by North Carolina law
C.    is the practice of loaning money to predators
D.    all of the above are true.

60.    On a closing statement, which of following  is not pro rated.

A.    ad valorum taxes   
B.    documentary stamps
C.    H.O.A. fees
D.    rental income

61.    Which of the following is an example of functional obsolesce ?

A.    a five bedroom, one bath house
B.    peeling exterior paint.
C.    a high tension electric line running across the house
D.    worn out carpet

62.    Which of following would be incurable

A.    the house needs new carpet
B.    the foundation is cracked
C.    kitchen counter top is old and ugly
D.    the electric garage door does not work.

63.    If two businessmen bought a property together, they would probably buy it

A.    as tenants in common.  If one man died he would want his half to go to his heirs, not to his business     partner.
B.    as joint tenants.  If one man died he would want his half to go to his heirs, not to his business partner.
C.    as tenants at sufferance.  If one man died he would want his half to go to his heirs, not to his business partner.
D.    as tenancy by entirety.  If one man died he would want his half to go to his heirs not to his business partner.

64.    Demand is not affected by:

A.    population
B.    income
C.    availability of credit
D.    exhaustion

65.    Which of following is an appurtenant ?

A.    boat dock
B.    house
C.    vacant lot
D.    fifty acres of land

66.    When land is adjacent to a navigable river,

A.    the owner owns to the water line
B.    the owner owns to the middle of the river
C.    the owner owns the foreshore
D.    the owner can stop people from fishing in front of his house

67.    The Total Circumstances Test is a test to determine,

A.    if the fair housing law has been violated
B.    if fraud has occurred in a real estate transaction
C.    if an item is real or personal property
D.    if a potential buyer can qualify for a mortgage

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68.    The best, most wonderful way to own property is

A.    life estate
B.    fee simple
C.    qualified fee simple
D.    fee simple defeasible

69.    Mr. A and Mr. B and Mr. C  own a property as joint tenants with the right of survivorship .  Mr C sells his third to Mr. D

A.    He can't do that.  The deed would be invalid
B.    Mr. D would own a third but he would be a tenant in common.
C.    If Mr. D died, his third would go to Mr A and Mr B
D.    If Mr. A died, his third would go to Mr. B and Mr. D

70.    The most likely way that a husband and wife in North Carolina would own property is

A.    as joint tenants
B.    as tenants in common
C.    as tenancy by entirety
D.    secretly

71.    When a condominium is sold from one owner to another, how long does the buyer have to rescind this contract.

A.    Even though there is a seven day rescission period when buying a condominium from a developer, there is no rescission period when buying a condominium from an individual .
B.    Even though there is a three day right of rescission when buying a condominium  from a developer, there is no right of rescission when buying a condominium  from an individual 
C.    The buyer has a seven day right of rescission when buying a condominium from a developer or an individual.
D.    The buyer has a three day right of rescission when buying a condominium from a developer or an individual  

72.    Can a North Carolina real estate broker file a lien for a commission ?

A.    No
B.    Yes, if the broker has fully performed.
C.    Only in a lease transaction
D.    Yes.  This lien would be superior to any mechanic lien.

73.    Who signs the deed?

A.    grantor, grantee, two witnesses
B.    grantee
C.    grantor, two witnesses
D.    grantor, notary

74.    An encumbrance is,

A.    something that limits your enjoyment of your property such as a mortgage.
B.    something that adds to your enjoyment of your property such as a boat dock.
C.    something that insures that your heirs will get your property after you pass away
D.    an agreement with no consideration

75.    A buyer agency can be oral

A.    if the buyer is mentally incompetent
B.    if it is reduced to writing no later than the time a written offer is made.
C.    under no circumstances
D.    if the broker is selling his own listing.

76.    The relationship between a real estate broker and her client is

A.    arms length
B.    cavett emptor
C.    fiduciary 
D.    customary

77.    Failure, by a real estate broker, to disclose a material fact could result in

A.    discipline by the N.C.R.E.C.
B.    a voidable contract
C.    a lawsuit
D.    any of the above

78.    What is constructive eviction?

A.    when the tenant evicts himself because the landlord will not do necessary repairs.
B.    when the landlord evicts the tenant by claiming certain construction needs to be done.
C.    when the tenants do not pay rent
D.    when the tenant and landlord have a secret agreement

79.    In a residential rental, which of following is NOT ordinary wear and tear when a tenant is moving out.

A.    dirty carpet
B.    broken blind string
C.    peeling paint
D.    crayon marks

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80.    If a property management company has a salaried employee, that unlicensed salaried employee can NOT

A.    collect rent
B.    provide potential tenant with a brochure
C.    negotiate amount of security deposit
D.    accept application for rental

81.    Which of the following are part of the primary mortgage market?

A.    Fannie Mae
B.    Freddy Mac
C.    Local Bank
D.    Ginny Mae

82.    How many members are on the North Carolina Real Estate Commission

A.    nine, three can be laymen
B.    seven, three can be laymen
C.    nine, seven are appointed by the general assembly
D.    eight, four laymen and four real estate brokers

83.    What is the maximum fine imposed by the N.C.R.E.C. ?

A.    A timeshare developer can be fined $500 by the Commission
B.    $1000
C.    N.C.R.E.C. can not impose a fine as punishment
D.    $5000

84.    Concerning trust accounts, which of following is true?

A.    A North Carolina real estate broker is not required to have a trust account.
B.    A trust account can be interest bearing.
C.    Any cash received as earnest money deposit must be deposited within three days of receipt.
D.    All of the above are true  .

85.    Farmer Brown held a purchase money first mortgage on a parcel of land that he sold last year to Mr. Developer.  Mr. Developer went to the bank and borrowed some money and gave the bank a first mortgage.  Now, the bank is first in mortgage priority and Farmer Brown's mortgage is in second position. How can this be?

A.    This is called a substitution of collateral
B.    The farmer's mortgage had a subornation agreement where he had agreed to allow another mortgage to be prior to his mortgage at a later date.
C.    The farmer's mortgage was paid off.
D.    The farmer failed to renew his priority

86.    What method of legal descriptions uses meridians and baselines?

A.    monuments method
B.    metes and bounds
C.    government survey system
D.    lot and block method

87.    Mr. Appraiser is appraising a house.  The subject house is a three bedroom, two bath with a fireplace.  The comparable sold for $100,000.  The comparable house  is a three bedroom, two bath with no fireplace.  If a fireplace is worth $1000, the adjusted price of the comparable would be,

A.    $100,000
B.    $101,000
C.    $99,000
D.    110,000

88.  What is redlining?

A.    using a red marker to circle the area where your prospect wants to live.
B.    the illegal practice where a lending institution refuses to make mortgage loans in a neighborhood due to race, color, religion, national origin, etc.
C.    a bank policy to not make loans to people that are overdrawn
D.    a violation of RESPA

89.    Joe invests $50,000 in a real estate limited partnership with Bill.  Bill is the general partner.  Joe is the limited partner.  If a tenant sues the owner of this property, how much is Joe's liability?
 
A.    Joe and Bill would be equally liable
B.    Joe could lose his $50,000 investment but he would have no further liability
C.    Bill would re imburse Joe
D.    The limited partnership would be liable but Bill nor Joe would have no liability

90.    A provisional broker got his first listing.  He ran an advertisement in the newspaper as follows: "Three bedroom two bath home in Scenic Heights for $189,900 call Ron at 828 440 1064"   Is this advertisement legal?

A.  No, the broker needs his real estate license number in the ad
B.   No, the ad needs the company name in the ad
C.   No, the ad needs the broker's last name
D.   Yes this ad is OK

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91.    A mortgage has several properties as collateral.  This is a

A.    open end mortgage and should have an exculpatory clause
B.    package mortgage and should have premium clause
C.    blanket mortgage and should have a partial release clause
D.    construction mortgage and should have a subordination clause.

92.    If a mortgage can not be assumed by a buyer, this is because

A.    The mortgage is defaulted
B.     The mortgage has a due on sale clause also known as a alienation clause
C.     The mortgage has a due on sale clause also known as a acceleration clause
D.     This is a reverse mortgage

93.    What is the purpose of P.M.I.

A.    to reduce the bank's risk when making high L.T.V. mortgage loans
B.    to increase the yield to the lender
C.    to encourage borrowers to pay the loan off faster
D.    to decrease the bank's risk when making low L.T.V. mortgage loans

94.    What is the purpose of discount points?

A.    to eliminate the need for a FICO score
B.    to increase the yield to the lender
C.    to reduce the risk to the borrower
D.    to make the mortgage more marketable on the secondary market

95.    In a net lease,

A.    the landlord pays all expenses
B.    there are no expenses
C.    the tenant pays all expenses
D.    the rent is net to the tenant

96.    The Fair Housing Act of 1968 prohibits discrimination based on

A.    race, color, religion, sex, national origin, familial status, creed
B.    race, age, sexual orientation, color, national origin, handicap, familial status
C.    race, color, religion, sex, national origin, handicap, familial status
D.    race, color , religion. sexual orientation, handicap, familial status, national origin

97.    Which of the following is true?

A.    F.H.A. guarantees loans made by banks
B.    V.A. guarantees loans made by banks
C.    F.H.A. loans money to qualified borrowers
D.    V.A.  insures loans made by private lenders

98.    A person that receives property because of a will is called a

A.    Willy
B.     Willer
C.     Devisee
D.     Testator

99.    The cornerstone of the sales comparison approach to appraising is

A.    the principle of conformity
B.    the principle of substitution
C.    the principle of anticipation
D.    the principle of contribution

100    Where can you find the answers to this test ?

A.  Send an email to Ron Climer at ronclimer@yahoo.com I will send them to you free
B.  check out www.northcarolinaexamreview.com
C.  look then up in book
D.   Any of above
  
I hope you have taken this test like a test.  Get the answer sheet.  Let me suggest this.  Don't grade your own paper.  Ask a friend to grade it and tell you how you did.  If you didn't make an 80 % on this, you are not ready for the North Carolina real estate exam.  Go to my website at www.northcarolinaexamreview.com We offer a review class that is everything you need to know to pass the North Carolina real estate exam for $99.   This is a super bargain if you consider that it cost $60 to take the exam again.  If you wonder what the review is like, it is just like the North Carolina real estate math videos that I have posted on the You Tube for free.  https://www.youtube.com/watch?v=NNi0gxu98cg     If you have not watched all of these videos, you should watch them . There are at least ten math videos.  If you encounter a math problem that I don't have on You Tube, send it to me in an email and I will post the solution.  There is a video named Katrina's problems.  That is where that one came from.  Also I have created another practice exam.  It is not free but it is only ten bucks.  That is almost free.  You can find it at http://first-real-estate-school.teachable.com   I not only have the practice test for you, but I also have a video lecture giving you the answers and an explanation.    If I can help you pass your North Carolina real estate exam, contact me     Ron Climer