Absolute Free NCREC-Broker-N Exam Practice for Comprehensive Preparation 

The monthly rent for each unit in a six-unit office building is $2,500. The annual vacancy rate averages 4%. The owner collects $3,000 per year in advertising fees. Annual operating expenses are $40,000. The annual debt service is $25,000. What is the net operating income of this property?

A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this? 

A listing broker receives a signed offer from a buyer. Although the broker must present the offer to the seller as soon as possible, under the North Carolina Real Estate Commission Rules, the broker must present the offer:

A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value. What is the adjusted value of the comparable property? 

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?