Post-licensing 301
Three sources of Agency obligations - CORRECT ANSWER-1. Common Law
2. General Statutes
3. Commission Rules
Potential consequences when a licensee breaches agency obligations -
CORRECT ANSWER-1. Civil liability
2. Criminal liability
3. Ethical liability
4. NCREC disciplinary actions
The commission may never ____________ a licensee as part of a disciplinary
action - CORRECT ANSWER-fine
Fiduciary duties are important because they impact ________ that consumers
have in working with real estate professionals - CORRECT ANSWER-trust
Fiduciary duties owed to principals - CORRECT ANSWER-O: Obedience
L:Loyalty
D: Disclosure
C: Confidentiality
A: Accounting
R: Reasonable care
Licensees are required to follow the directions of the ________ unless those
instructions are ___________ - CORRECT ANSWER-client
unlawful
If a client gives a licensee illegal instruction, then the licensee should
_______________________________________ - CORRECT ANSWER-explain
the illegality of the instructions; may terminate relationship
Typical agency relationships in real estate DO NOT permit he agent to -
CORRECT ANSWER-1. Make decisions for the client
2. Sign for the client
, 3. Make/accept offers on clients behalf
The obligation of loyalty requires a licensee to put the _________ interest above
all others, including ____________ - CORRECT ANSWER-clients
your own
Obligations of Disclosure include: - CORRECT ANSWER-1. Agency explanation
2. Material Facts
3. Interests in the transaction
4. Status as a licensee
Obligations of Confidentiality include: - CORRECT ANSWER-1. Motivations
2. Finances
3. Amount willing to pay/accept
4. Personal Information
A licensee has an obligation to _____________ and ___________ handled in a
real estate transaction - CORRECT ANSWER-safeguard
document
Licensee is required to not be _____________ and possess reasonable
________________ - CORRECT ANSWER-negligent
knowledge and skill
Material facts must be disclosed to ____________ - CORRECT ANSWER-all
parties in the transaction
A licensee must disclose ____________________ and
______________________ - CORRECT ANSWER-everything you know
everything you should know
Four categories of Material Facts - CORRECT ANSWER-1. Facts about property
itself
2. Facts that affect the property
3. Inability of any party to perform
4. Facts known to be of interest to a party
Three sources of Agency obligations - CORRECT ANSWER-1. Common Law
2. General Statutes
3. Commission Rules
Potential consequences when a licensee breaches agency obligations -
CORRECT ANSWER-1. Civil liability
2. Criminal liability
3. Ethical liability
4. NCREC disciplinary actions
The commission may never ____________ a licensee as part of a disciplinary
action - CORRECT ANSWER-fine
Fiduciary duties are important because they impact ________ that consumers
have in working with real estate professionals - CORRECT ANSWER-trust
Fiduciary duties owed to principals - CORRECT ANSWER-O: Obedience
L:Loyalty
D: Disclosure
C: Confidentiality
A: Accounting
R: Reasonable care
Licensees are required to follow the directions of the ________ unless those
instructions are ___________ - CORRECT ANSWER-client
unlawful
If a client gives a licensee illegal instruction, then the licensee should
_______________________________________ - CORRECT ANSWER-explain
the illegality of the instructions; may terminate relationship
Typical agency relationships in real estate DO NOT permit he agent to -
CORRECT ANSWER-1. Make decisions for the client
2. Sign for the client
, 3. Make/accept offers on clients behalf
The obligation of loyalty requires a licensee to put the _________ interest above
all others, including ____________ - CORRECT ANSWER-clients
your own
Obligations of Disclosure include: - CORRECT ANSWER-1. Agency explanation
2. Material Facts
3. Interests in the transaction
4. Status as a licensee
Obligations of Confidentiality include: - CORRECT ANSWER-1. Motivations
2. Finances
3. Amount willing to pay/accept
4. Personal Information
A licensee has an obligation to _____________ and ___________ handled in a
real estate transaction - CORRECT ANSWER-safeguard
document
Licensee is required to not be _____________ and possess reasonable
________________ - CORRECT ANSWER-negligent
knowledge and skill
Material facts must be disclosed to ____________ - CORRECT ANSWER-all
parties in the transaction
A licensee must disclose ____________________ and
______________________ - CORRECT ANSWER-everything you know
everything you should know
Four categories of Material Facts - CORRECT ANSWER-1. Facts about property
itself
2. Facts that affect the property
3. Inability of any party to perform
4. Facts known to be of interest to a party
