North Carolina Real Estate Broker Exam — All Questions
← Back to practice2 questions
North Carolina's Residential Property and Owners' Association Disclosure Statement generally requires a seller of residential real property to:
- a.Guarantee that the property has no defects
- b.Repair all defects before listing
- c.Provide a professional home inspection to the buyer
- d.Disclose known material characteristics and defects or note 'No Representation'✓
North Carolina's disclosure statement asks sellers to reveal known conditions of the property or to answer 'No Representation,' placing the duty on disclosure rather than warranty. The seller need not guarantee the property is defect-free, repair items before listing, or supply an inspection. The form gives buyers information about known conditions while allowing the seller to decline to represent certain items.
North Carolina imposes an excise tax (transfer tax) on deeds at a rate of:
- a.$1 per $500 of value or fraction thereof✓
- b.$5 per $1,000 of value
- c.$2 per $100 of value
- d.A flat $500 per transaction
North Carolina's real estate excise tax is $1 for every $500 of consideration or value, or fraction thereof, and is customarily paid by the seller. The other rates listed overstate the tax; for example, a $200,000 sale produces $400 in excise tax under the $1-per-$500 rule. It is calculated on the sale price, not charged as a flat per-transaction fee.