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North Carolina Real Estate Salesperson — Requirements & Free Practice

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Broker License (For Individuals)

Individual license, covering provisional and non-provisional broker status; current successor to the discontinued salesperson license.

Licensing authority: North Carolina Real Estate Commission · Application information

Broker in charge eligible status
No examination is required for this applicant pathway.
Application
Submit BIC Eligible status form; a pending Commission investigation bars eligibility or designation.
Qualification
Active non-provisional broker and North Carolina attorney whose practice primarily consisted of North Carolina real estate closings and related matters for the preceding three years.
Training
Complete the 12-hour Broker-in-Charge Course within one year before or 120 days after application.

Official no-examination sources

Effective from 2026-09-22.

Broker in charge designation
No examination is required for this applicant pathway.
Application
Submit BIC designation form with broker and firm information and required disclosures.
Education
Meet the Broker-in-Charge Update requirement under .0110(h).
Eligibility
Already hold BIC Eligible status.

Official no-examination sources

Effective from 2026-09-22.

Broker in charge eligible status
No examination is required for this applicant pathway.
Application
Submit BIC Eligible status form; a pending Commission investigation bars eligibility or designation.
Qualification
Active non-provisional broker with brokerage experience equivalent to 40 hours per week for two of the preceding five years.
Training
Complete the 12-hour Broker-in-Charge Course within one year before or 120 days after application.

Official no-examination sources

Effective from 2026-09-22.

Regaining terminated broker in charge eligible status
No examination is required for this applicant pathway.
Eligibility
Meet .0110(e) requirements.
Training
Complete the 12-hour Broker-in-Charge Course before a new BIC Eligible status application.

Official no-examination sources

Effective from 2026-09-22.

Reinstatement after more than two years
Cancelled License
Voluntary permanent cancellation under .0513 is ineligible for reinstatement.
Education
Satisfy G.S. 93A-4 original licensure and .0301/.0302, including prelicensing education or qualifying waiver.
Existing License
Does not qualify for .0511 license recognition.
Period
Expired, revoked or surrendered for more than two years.
Status
Reinstatement after three years is provisional under .0505(f), read with qualifying license-recognition status provisions in .0511.
Reinstatement after more than two years
State Section of the North Carolina Real Estate Broker License Examination
Application
Complete online application, $105 application fee, and criminal record report issued within six months by a Commission-designated service.
Cancelled License
Voluntary permanent cancellation under .0513 is ineligible for reinstatement.
Certification
Official certification issued within six months, showing status, license history, discipline and pending complaints.
Character
Satisfy Commission competency, honesty, truthfulness, integrity, moral character and fitness requirements.
Existing License
Current salesperson or broker license in another United States or Canadian jurisdiction, active in good standing at some time within the preceding three years.
National Waiver
Prelicensing education and the National section are waived by .0511(b).
Period
Expired, revoked or surrendered for more than two years.
State Waiver
Applicant may elect .0511(b)(2), bypass the State section and receive only provisional status, followed by mandatory postlicensing with no .1905 waiver; otherwise passing the State section permits status comparable to the qualifying license.
Status
Reinstatement after three years is provisional under .0505(f), read with qualifying license-recognition status provisions in .0511.
Reinstatement within two years
Application
Complete reinstatement application with criminal report issued within six months and $100 reinstatement fee.
Character
Meet Commission character requisites; any statutory surrender exclusion period must have ended.
Course Alternative
One postlicensing course passed within six months before application may replace the licensing examination under .0505(d)(3)(A); it is an education condition.
Exam Timing
When using the examination alternative, pass required sections within 180 days after application.
Existing License
No active broker license in another state supporting the State-only option.
Period
Expired for six months but no more than two years, or revoked or surrendered for no more than two years.
Status
Reinstatement takes effect on the reinstatement date; applicable activation and provisional-status requirements remain.
Reinstatement within two years
State Section of the North Carolina Real Estate Broker License Examination
Application
Complete reinstatement application with criminal report issued within six months and $100 reinstatement fee.
Character
Meet Commission character requisites; any statutory surrender exclusion period must have ended.
Course Alternative
One postlicensing course passed within six months before application may replace the licensing examination under .0505(d)(3)(A); it is an education condition.
Exam Timing
When using the examination alternative, pass required sections within 180 days after application.
Existing License
Active broker license in another state supports .0505(d)(3)(C), the State-only examination option.
Period
Expired for six months but no more than two years, or revoked or surrendered for no more than two years.
Status
Reinstatement takes effect on the reinstatement date; applicable activation and provisional-status requirements remain.
Annual license renewal
No examination is required for this applicant pathway.
Active Status
Continuing education governs active status; inactive licenses must also be renewed.
Broker In Charge
Designated brokers-in-charge provide required trust-depository and criminal or disciplinary disclosures.
Renewal
Renew online during the 45 days preceding June 30; pay $50 and provide an email address.

Official no-examination sources

Effective from 2026-09-22.

Reinstatement after expiration of less than six months
No examination is required for this applicant pathway.
Activation
Satisfy .1703 activation requirements if applicable.
Disclosure
Disclose required convictions, courts-martial, notarial sanctions and occupational discipline, including events during expiration.
Fee
Twice the current renewal fee, $100.
Period
License expired for less than six months.

Official no-examination sources

Effective from 2026-09-22.

Activation or reactivation of a non provisional broker license
No examination is required for this applicant pathway.
Acknowledgment
Stop brokerage if no acknowledgment is received within 30 days or eligibility is denied.
Activation
File activation request identifying broker and any broker-in-charge and certifying .1703 compliance.
Education
Correct applicable continuing education deficiencies; inactivity exceeding two years with a deficiency requires current-year continuing education and two postlicensing courses within six months before activation.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure by qualifying degree
Application
Complete online application, $105 application fee, and criminal record report issued within six months by a Commission-designated service.
Character
Satisfy Commission competency, honesty, truthfulness, integrity, moral character and fitness requirements.
Education
Request a waiver with transcript and baccalaureate or higher degree in real estate, brokerage, finance or development, or a law degree, from an institution with United States Department of Education-recognized accreditation.
Exam Timing
Required sections must be passed within the same 180-day eligibility period; completed passing results remain valid for one year for remaining licensure requirements, subject to .0402(e) character-review tolling.
Initial Status
Normally an inactive provisional broker license; broker-in-charge affiliation is necessary for active brokerage.
Minimum Age
At least 18.
Postlicensing
Complete the three prescribed 30-hour postlicensing courses within 18 months; applicable equivalent education or experience waivers are under .1905.
Social Security Number
Required.
Work Eligibility
United States citizen, non-citizen national, qualified alien, or lawfully present and authorized to work in United States real estate brokerage.
Initial licensure by equivalent out of state prelicensing education
Application
Complete online application, $105 application fee, and criminal record report issued within six months by a Commission-designated service.
Character
Satisfy Commission competency, honesty, truthfulness, integrity, moral character and fitness requirements.
Education
Request a waiver with transcript or completion certificate for a parallel course of at least 75 hours, completed while resident in that jurisdiction within one year before application.
Exam Timing
Required sections must be passed within the same 180-day eligibility period; completed passing results remain valid for one year for remaining licensure requirements, subject to .0402(e) character-review tolling.
Initial Status
Normally an inactive provisional broker license; broker-in-charge affiliation is necessary for active brokerage.
Minimum Age
At least 18.
Postlicensing
Complete the three prescribed 30-hour postlicensing courses within 18 months; applicable equivalent education or experience waivers are under .1905.
Social Security Number
Required.
Work Eligibility
United States citizen, non-citizen national, qualified alien, or lawfully present and authorized to work in United States real estate brokerage.
Initial licensure by North Carolina prelicensing education
Application
Complete online application, $105 application fee, and criminal record report issued within six months by a Commission-designated service.
Character
Satisfy Commission competency, honesty, truthfulness, integrity, moral character and fitness requirements.
Education
Complete the 75-hour Commission-approved Broker Prelicensing Course within three years before applying; its course assessment is an education condition.
Exam Timing
Required sections must be passed within the same 180-day eligibility period; completed passing results remain valid for one year for remaining licensure requirements, subject to .0402(e) character-review tolling.
Initial Status
Normally an inactive provisional broker license; broker-in-charge affiliation is necessary for active brokerage.
Minimum Age
At least 18.
Postlicensing
Complete the three prescribed 30-hour postlicensing courses within 18 months; applicable equivalent education or experience waivers are under .1905.
Social Security Number
Required.
Work Eligibility
United States citizen, non-citizen national, qualified alien, or lawfully present and authorized to work in United States real estate brokerage.
Initial licensure based on another jurisdiction’s license
State Section of the North Carolina Real Estate Broker License Examination
Application
Complete online application, $105 application fee, and criminal record report issued within six months by a Commission-designated service.
Certification
Official certification issued within six months, showing status, license history, discipline and pending complaints.
Character
Satisfy Commission competency, honesty, truthfulness, integrity, moral character and fitness requirements.
Existing License
Current salesperson or broker license in another United States or Canadian jurisdiction, active in good standing at some time within the preceding three years.
National Waiver
Prelicensing education and the National section are waived by .0511(b).
State Waiver
Applicant may elect .0511(b)(2), bypass the State section and receive only provisional status, followed by mandatory postlicensing with no .1905 waiver; otherwise passing the State section permits status comparable to the qualifying license.
Initial licensure under G.S. 93B 15.1(b)
No examination is required for this applicant pathway.
Board Examination Statement
The Board comparison page states: "Pass the real estate license examination". G.S. 93B-15.1(a) or (b) controls direct statutory issuance notwithstanding other law when the applicable enumerated conditions are met.
Board Fee Statement
The Board comparison page states: "File a complete application and $105.00 fee; and". G.S. 93B-15.1(k) prohibits the initial application fee for statutory military licenses and permits; third-party background costs remain payable.
Competency
Demonstrate competency by Board-determined methods, such as continuing education or practice for two of the preceding five years.
Discipline
Good standing, no issuing-authority discipline, no disqualifying act, and no pending complaints.
Existing License
Current license from a jurisdiction with substantially equivalent or higher requirements.
Fee
No initial application fee under G.S. 93B-15.1(k).
Spouse Status
Military spouse.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure under G.S. 93B 15.1(a)
No examination is required for this applicant pathway.
Board Examination Statement
The Board comparison page states: "Pass the real estate license examination". G.S. 93B-15.1(a) or (b) controls direct statutory issuance notwithstanding other law when the applicable enumerated conditions are met.
Board Fee Statement
The Board comparison page states: "File a complete application and $105.00 fee; and". G.S. 93B-15.1(k) prohibits the initial application fee for statutory military licenses and permits; third-party background costs remain payable.
Discipline
No disqualifying act and no pending complaint.
Experience
Active practice for at least two of the preceding five years; relevant official military duties are credited.
Fee
No initial application fee under G.S. 93B-15.1(k).
Military Training
Military occupational specialty, equivalent or higher military training, testing or equivalent experience, and performance in the specialty.

Official no-examination sources

Effective from 2026-09-22.

Activation or reactivation of a provisional broker license
No examination is required for this applicant pathway.
Acknowledgment
Stop brokerage if written acknowledgment is not received within 30 days.
Education
Meet .1703 continuing education requirements. If inactive for postlicensing deficiency, complete all three postlicensing courses within the previous two years under .1902(d).
Supervision
Broker-in-charge affiliation and License Activation and Broker Affiliation form.

Official no-examination sources

Effective from 2026-09-22.

Removal of provisional broker status
No examination is required for this applicant pathway.
Education
Complete Courses 301, 302 and 303, 30 hours each, within 18 months; .1905 permits specified equivalent education or experience waivers.
Waiver Exclusion
Licensure under .0511(b)(2) excludes postlicensing waivers.

Official no-examination sources

Effective from 2026-09-22.

Limited Nonresident Commercial Real Estate Broker License

Restricted commercial brokerage license for an out-of-state individual broker or salesperson.

Licensing authority: North Carolina Real Estate Commission

Initial limited nonresident commercial licensure
No examination is required for this applicant pathway.
Affiliation
Before North Carolina brokerage, enter a written cooperation agreement and affiliation declaration with an active resident non-provisional North Carolina broker.
Application
Application, $105 fee, license certification and designated criminal report issued within six months.
Board Fee Statement
The Board page states a "$100.00 application fee"; current .1803(c), amended April 1, 2026, fixes $105 and controls.
Character
Required honesty, truthfulness, integrity and moral character.
Existing License
Active broker or salesperson license in good standing in the qualifying United States state or territory of primary brokerage business; salespersons remain supervised there.
Nonresidency
No home, business or delivery address in North Carolina.
Scope
Commercial real estate only; qualifying license must remain active; may not be a North Carolina broker-in-charge.

Official no-examination sources

Effective from 2026-09-22.

Limited nonresident commercial reinstatement after more than two years
State Section of the North Carolina Real Estate Broker License Examination
Application
Under .0505(e), submit original license application pursuant to G.S. 93A-4 and .0301, .0302 and .0511; qualifying active out-of-state license supports .0511(b).
Limited Eligibility
For issuance in limited form, meet .1803 and .1804 conditions of nonresidency, active qualifying license, character, and commercial-only practice.
Period
Expired, revoked or surrendered for more than two years.
State Waiver
The .0511(b)(2) option permits provisional issuance without the State section, followed by required postlicensing.
Limited nonresident commercial reinstatement within two years
State Section of the North Carolina Real Estate Broker License Examination
Application
Complete reinstatement application with criminal report issued within six months and $100 reinstatement fee.
Character
Meet Commission character requisites; any statutory surrender exclusion period must have ended.
Course Alternative
One postlicensing course passed within six months before application may replace the licensing examination under .0505(d)(3)(A); it is an education condition.
Exam Timing
When using the examination alternative, pass required sections within 180 days after application.
Existing License
Active qualifying broker license supports the State-only option in .0505(d)(3)(C).
Limited Eligibility
Meet .1803 and .1804 limited-license requirements.
Period
Expired for six months but no more than two years, or revoked or surrendered for no more than two years.
Status
Reinstatement takes effect on the reinstatement date; applicable activation and provisional-status requirements remain.
Limited nonresident commercial reinstatement within two years
Application
Complete reinstatement application with criminal report issued within six months and $100 reinstatement fee.
Character
Meet Commission character requisites; any statutory surrender exclusion period must have ended.
Course Alternative
One postlicensing course passed within six months before application may replace the licensing examination under .0505(d)(3)(A); it is an education condition.
Exam Timing
When using the examination alternative, pass required sections within 180 days after application.
Existing License
Active qualifying salesperson license without an active broker license supporting .0505(d)(3)(C).
Limited Eligibility
Meet .1803 and .1804 limited-license requirements.
Period
Expired for six months but no more than two years, or revoked or surrendered for no more than two years.
Status
Reinstatement takes effect on the reinstatement date; applicable activation and provisional-status requirements remain.
Annual limited nonresident commercial license renewal
No examination is required for this applicant pathway.
Education
Meet applicable continuing education requirements under .1711.
Existing License
Qualifying license remains active, in good standing and not lapsed, suspended, revoked or in abeyance.
Renewal
Renew before June 30 under .0503 and .1711; $50 fee.

Official no-examination sources

Effective from 2026-09-22.

Limited nonresident commercial reinstatement after expiration of less than six months
No examination is required for this applicant pathway.
Activation
Satisfy .1703 activation requirements if applicable.
Disclosure
Disclose required convictions, courts-martial, notarial sanctions and occupational discipline, including events during expiration.
Fee
Twice the current renewal fee, $100.
Limited Eligibility
Active broker or salesperson license in good standing in the qualifying United States state or territory of primary brokerage business; salespersons remain supervised there.
Period
License expired for less than six months.

Official no-examination sources

Effective from 2026-09-22.

State Section of the North Carolina Real Estate Broker License Examination

Provider
Pearson VUE
Format
Computer-administered multiple-choice examination
Exam questions
60 scored items plus 5 unscored pretest items
Time limit
2 hours
Passing score
75, computed separately for the State section
Examination outline
  • Licensure
  • Agency
  • Supervision/Compensation
  • Brokerage Practice
  • Taxes/Insurance
  • Contracts/Closing
  • Landlord/Tenant
  • Other NC Laws
Examination sources

Real Estate Salesperson Examination — National/General Portion

Provider
Pearson VUE
Format
General (national) portion of a state real estate salesperson examination delivered by Pearson VUE; scored separately from the state portion with a pass/fail result, and a candidate who passes one part and fails the other retakes only the failed part
Exam questions
85 items: 80 scored items and 5 pretest items that are not counted toward the score
Examination outline
  • I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Real property vs. personal property (3 items): 1. Fixtures, trade fixtures, emblements; 2. Attachment, severance, and bill of sale
    • B. Characteristics of real property (2 items): 1. Economic characteristics (a. Scarcity; b. Modification / Improvement; c. Permanence of Investment / Fixity; d. Area Preference / Situs); 2. Physical characteristics (a. Immobility; b. Indestructibility; c. Non-homogeneity / Uniqueness)
    • C. Legal descriptions (3 items): 1. Methods used to describe real property; 2. Survey
    • D. Public and private land use controls – encumbrances (3 items): 1. Public controls – governmental powers (a. Police power, eminent domain, taxation, escheat; b. Zoning ordinances); 2. Private controls, restrictions, and encroachments (a. Covenants, conditions, and restrictions (CC&Rs), HOAs; b. Easements; c. Licenses and encroachments)
  • II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 9; 5 KNOWLEDGE, 2 APPLICATION, 2 ANALYSIS)
    • A. Ownership, estates, rights, and interests (5 items): 1. Forms of ownership; 2. Freehold estate (a. Fee simple absolute; b. Fee simple defeasible, determinable, and condition subsequent; c. Life estate; d. Bundle of rights); 3. Leasehold estates and types of leases (a. Estate for years and from period to period (periodic estate); b. Estate at will and estate at sufferance; c. Gross, net, percentage leases, etc.); 4. Liens and lien priority; 5. Air, surface and sub-surface rights
    • B. Deed, title, transfer of title, and recording of title (4 items): 1. Elements of a valid deed; 2. Types of deeds; 3. Title transfer (a. Voluntary alienation; b. Involuntary alienation); 4. Recording the title (a. Constructive and actual notice; b. Title abstract and chain of title; c. Marketable title and cloud on title; d. Attorney title opinion, quiet title lawsuit, and title insurance)
  • III. PROPERTY VALUE AND APPRAISAL (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Concept of value (4 items): 1. Market value vs. market price; 2. Characteristics of value; 3. Principles of value
    • B. Appraisal process (2 items): 1. Purpose and steps to an appraisal; 2. Federal oversight of the appraisal process
    • C. Methods of estimating value and Broker Price Opinions (BPO) (5 items): 1. Sales comparison approach (market data); 2. Cost approach (a. Improvements and depreciation; b. Physical deterioration, functional, and economic obsolescence; c. Reproduction or replacement costs); 3. Income approach; 4. Gross rent and gross income multipliers; 5. Comparative Market Analysis (CMA); 6. Broker Price Opinion (BPO); 7. Assessed value and tax implications
  • IV. REAL ESTATE CONTRACTS AND AGENCY (SALES 16; 7 KNOWLEDGE, 6 APPLICATION, 3 ANALYSIS)
    • A. Types of contracts (1 item): 1. Express vs. implied; 2. Unilateral vs. bilateral
    • B. Required elements of a valid contract (3 items): 1. Voluntary; 2. Agreement / Promise; 3. Legally competent parties; 4. Lawful consideration; 5. Legal act / Purpose
    • C. Contract performance (3 items): 1. Executed vs. executory; 2. Valid vs. void; 3. Voidable vs. unenforceable; 4. Breach of contract, rescission, and termination; 5. Liquidated, punitive, or compensatory damages; 6. Statute of Frauds; 7. Electronic contracts and digital signatures; 8. Time is of the essence
    • D. Sales contract (2 items): 1. Offer and counteroffer; 2. Earnest money and liquidated damages; 3. Equitable title; 4. Contingencies; 5. Disputes and breach of contract; 6. Option contract and installment sales contract
    • E. Types of agency and licensee-client relationships (2 items)
    • F. Creation and termination of agency (2 items)
    • G. Licensee obligations to parties of a transaction (3 items)
  • V. REAL ESTATE PRACTICE (SALES 10; 5 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Responsibilities of broker (2 items): 1. Practicing within scope of expertise; 2. Unauthorized practice of law
    • B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) (3 items): 1. Seller representation – Types of listing agreements (a. Exclusive right-to-sell and exclusive agency listing; b. Non-exclusive or open listing; c. Net listing (conflict of interest); d. Multiple listing service (MLS)); 2. Buyer representation; 3. Property management agreement (a. Accounting for funds; b. Property maintenance; c. Leasing property; d. Collecting rents and security deposits); 4. Termination of agreements; 5. Services, fees, and compensation
    • C. Fair Housing (3 items): 1. Equal opportunity in housing; 2. Protected classes; 3. Fair housing laws; 4. Illegal practices, enforcement, and penalties; 5. Prohibited advertising; 6. Housing and Urban Development (HUD); 7. Americans with Disabilities Act (ADA)
    • D. Risk management (2 items): 1. Supervision; 2. Compliance with federal regulations; including Privacy and Do Not Contact; 3. Vicarious liability; 4. Antitrust laws; 5. Fraud and misrepresentation; 6. Types of insurance (a. Errors and Omissions; b. General Liability)
  • VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 9; 5 KNOWLEDGE, 3 APPLICATION, 1 ANALYSIS)
    • A. Property conditions and environmental issues (5 items): 1. Hazardous substances (a. Lead-based paint; b. Asbestos, radon, and mold; c. Groundwater contamination and underground storage tanks; d. Waste disposal sites and brownfields; e. Flood plains, flood zones, and flood insurance); 2. Clean Air and Water Acts; 3. Environmental Protection Agency (EPA) (a. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); b. Superfund Amendment and Reauthorization Act (SARA); c. Environmental site assessments (including Phase I and II studies) and impact statements; d. Wetlands protection)
    • B. Environmental and property disclosure obligations and liability (4 items)
  • VII. FINANCING AND SETTLEMENT (SALES 7; 4 KNOWLEDGE, 2 APPLICATION, 1 ANALYSIS)
    • A. Financing concepts and components (2 items): 1. Methods of financing (a. Mortgage financing – conventional and non-conventional loans; b. Seller financing – land contract/contract for deed); 2. Lien theory vs. title theory and deed of trust; 3. Sources of financing (primary and secondary mortgage markets, and seller financing); 4. Types of loans and loan programs; 5. Mortgage clauses
    • B. Lender Requirements (1 item): 1. FHA requirements; 2. VA requirements; 3. USDA Loan requirements and rural development financing; 4. Conventional requirements; 5. Buyer qualification and Loan to Value (LTV); 6. Hazard and flood insurance; 7. Private mortgage insurance (PMI) and mortgage insurance premium (MIP)
    • C. Federal Financing Regulations and Regulatory Bodies (2 items): 1. Truth-in-Lending and Regulation Z; 2. TILA-RESPA Integrated Disclosures (TRID) (a. Consumer Financial Protection Bureau (CFPB); b. Loan Estimate (LE); c. Closing Disclosure (CD)); 3. Real Estate Settlement Procedures Act (RESPA) (a. Referrals; b. Rebates); 4. Equal Credit Opportunity Act (ECOA); 5. Mortgage fraud and predatory lending
    • D. Settlement and closing the transaction (2 items)
  • VIII. REAL ESTATE MATH CALCULATIONS (SALES 7; 4 APPLICATION, 3 ANALYSIS)
    • A. Property area calculations (1 item): 1. Square footage; 2. Acreage total
    • B. Property valuation (1 item): 1. Comparative Market Analysis (CMA); 2. Net Operating Income (NOI); 3. Capitalization rate; 4. Equity in property; 5. Establishing a listing price; 6. Assessed value and property taxes
    • C. Commission/compensation (1 item)
    • D. Loan financing costs (1 item): 1. Interest; 2. Loan to Value (LTV); 3. Fees; 4. Amortization, discount points, and prepayment penalties
    • E. Settlement and closing costs (1 item): 1. Purchase price and down payment; 2. Monthly mortgage calculations- principal, interest, taxes, and insurance (PITI); 3. Net to the seller; 4. Cost to the buyer; 5. Prorated items; 6. Debits and credits; 7. Transfer tax and recording fee
    • F. Investment (1 item): 1. Return on investment; 2. Appreciation; 3. Depreciation; 4. Tax implications on investment
    • G. Property management calculations (1 item): 1. Property management and budget calculations; 2. Tenancy and rental calculations
Examination sources