NCREL POST LICENSING 301 BROKER
RELATIONSHIPS AND RESPONSIBILITIES
QUESTIONS & CORRECT ANSWERS LATEST UPDATE 2024/2025
100% CORRECT
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when?
Ans>>Before buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals?
Ans>>Obey, Loyalty, Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller under what
agency?
Ans>>Dual Agency - agent cannot advise or council
Material facts which must be disclosed
1
, Ans>>Pending foreclosure, adverse conditions, neighborhood changes, anything that will affect
a decision to buy or sell
A runway is planned in the next 20 years near a property that I purchase. I later sell the
property. To which party must I disclose the plan for a runway?
Ans>>All parties
A listing broker is aware of a hidden defect in the home. The seller marks no representation on
the disclosure statement, so the listing agent does not disclose the defect in marketing or on MLS.
The buyer's agent does not uncover the defect. After closing who is responsible for the lack of
disclosure to the purchaser?
Ans>>The listing broker only - this is willful omission. If the buyer's agent had discovered the
defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the grid and plans
to install solar panels. The buyer's agent finds a home with a south facing roof and tells the listing
agent how excited her buyer is to install the solar panels on this home. After closing the solar
2
RELATIONSHIPS AND RESPONSIBILITIES
QUESTIONS & CORRECT ANSWERS LATEST UPDATE 2024/2025
100% CORRECT
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when?
Ans>>Before buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals?
Ans>>Obey, Loyalty, Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller under what
agency?
Ans>>Dual Agency - agent cannot advise or council
Material facts which must be disclosed
1
, Ans>>Pending foreclosure, adverse conditions, neighborhood changes, anything that will affect
a decision to buy or sell
A runway is planned in the next 20 years near a property that I purchase. I later sell the
property. To which party must I disclose the plan for a runway?
Ans>>All parties
A listing broker is aware of a hidden defect in the home. The seller marks no representation on
the disclosure statement, so the listing agent does not disclose the defect in marketing or on MLS.
The buyer's agent does not uncover the defect. After closing who is responsible for the lack of
disclosure to the purchaser?
Ans>>The listing broker only - this is willful omission. If the buyer's agent had discovered the
defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the grid and plans
to install solar panels. The buyer's agent finds a home with a south facing roof and tells the listing
agent how excited her buyer is to install the solar panels on this home. After closing the solar
2
