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301- NC POST LICENSING-COMPREHENSIVE
Q&A FOR CERTIFICATION SUCCESS
Can an inactive agent be paid a referral commission if they were active at the time
they made the referral? - correct-answer -Yes. If and only if they were active at
time of referral
Must Dual Agency be in writing? - correct-answer -Before an offer is made, Yes.
Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing
and what? - correct-answer -Advertising
May a BIC and their Provisional Broker enter into dual agency together? - correct-
answer -No. Because the BIC oversees the PBs transactions, this would be a
conflict of interest
When measuring the square footage of stairs always remember to? - correct-
answer -Include the square footage on the first floor, and include the square
footage on the 2nd floor as well
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A CMA is not a representation of Value but is a? - correct-answer -Representation
of a range of suggested selling price
May an agent do a CMA/BPO for a bank? - correct-answer -No. Agents cannot
perform either for the purposes of a loan or mortgage. This must be done by
appraisers
Typically if a Seller is not that motivated to sell the price would tend to be... -
correct-answer -At the higher range of the CMA
In Qualifying Ratios what is included in the Front End? - correct-answer -Principle
payment, Interest, Taxes Insurance, PMI & HOA
In Qualifying Ratios what is included in the Back End? - correct-answer -
Everything from the front end + Recurring Debt Payments
What are the Qualifying Ratios for a conventional loan? - correct-answer -28% /
36%
To figure out if a buyer is eligible for a loan based on Front End criteria, the
formula is what? - correct-answer -PITII + HOA Divided by Gross Monthly Income
301- NC POST LICENSING-COMPREHENSIVE
Q&A FOR CERTIFICATION SUCCESS
Can an inactive agent be paid a referral commission if they were active at the time
they made the referral? - correct-answer -Yes. If and only if they were active at
time of referral
Must Dual Agency be in writing? - correct-answer -Before an offer is made, Yes.
Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing
and what? - correct-answer -Advertising
May a BIC and their Provisional Broker enter into dual agency together? - correct-
answer -No. Because the BIC oversees the PBs transactions, this would be a
conflict of interest
When measuring the square footage of stairs always remember to? - correct-
answer -Include the square footage on the first floor, and include the square
footage on the 2nd floor as well
, 2|Page
A CMA is not a representation of Value but is a? - correct-answer -Representation
of a range of suggested selling price
May an agent do a CMA/BPO for a bank? - correct-answer -No. Agents cannot
perform either for the purposes of a loan or mortgage. This must be done by
appraisers
Typically if a Seller is not that motivated to sell the price would tend to be... -
correct-answer -At the higher range of the CMA
In Qualifying Ratios what is included in the Front End? - correct-answer -Principle
payment, Interest, Taxes Insurance, PMI & HOA
In Qualifying Ratios what is included in the Back End? - correct-answer -
Everything from the front end + Recurring Debt Payments
What are the Qualifying Ratios for a conventional loan? - correct-answer -28% /
36%
To figure out if a buyer is eligible for a loan based on Front End criteria, the
formula is what? - correct-answer -PITII + HOA Divided by Gross Monthly Income
