NC Real Estate study guide
NC Real Estate · Work through your exam, one topic at a time.
A North Carolina real estate broker license is issued by the North Carolina Real Estate Commission (NCREC), the state agency that regulates brokerage in North Carolina. The Commission frames its mission around protecting the public interest in real estate brokerage transactions and around assuring that applicants are competent and possess the requisite character and fitness to act as brokers. The credential is for people entering residential or commercial brokerage, property management, and related transactional work; North Carolina issues licenses at the broker level rather than at a separate salesperson tier, and firms are licensed separately from individual brokers. The license examination is structured in two parts: a national portion covering general real estate principles and practices, and a state portion covering the North Carolina Real Estate License Law and Commission rules. Topics on this exam: National portion (general real estate principles and practices) and State portion (North Carolina Real Estate License Law and Commission rules). The NC Real Estate study guide has 2 sections and about 749 words.
01National Portion: General Real Estate Principles and Practices
Most national items are built from six frameworks: agency (who represents whom, plus the fiduciary duties of care, obedience, loyalty, disclosure, accounting, and confidentiality); contract law (offer, acceptance, consideration, legality, capacity, statute of frauds, contingencies, earnest money); ownership and encumbrances (severalty, tenancy in common, joint tenancy, tenancy by the entirety; easements appurtenant versus in gross; liens and priority); transfer of title and recording ; valuation (sales comparison, cost, income); and finance and consumer protection (LTV, PITI, amortization, discount points, RESPA/TRID, TILA, ECOA, Fair Housing). Land use controls and property management round out the pool.
359 words, about 2 min02State Portion: North Carolina License Law and Commission Rules
The North Carolina Real Estate Commission administers the Real Estate License Law (G.S. Chapter 93A) and its rules (21 NCAC 58).
390 words, about 2 min