301- NC Post Licensing NEWEST ACTUAL EXAM 301
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
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 must all agency be "Written" - CORRECT ANSWER Prior to
first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWER
No. The exceptions would be Seller Sub Agency or Unrepresented
Buyers
Can The Real Estate Commission fine brokers? - CORRECT
ANSWER No. They can only reprimand, suspend, and revoke
licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWER Principles of a transaction
,If Dual Agency is not disclosed is a commission due? - CORRECT
ANSWER No. Therefore it is imperative to disclose dual agency
before any offers are written
As a dual agent, the agent's duties are reduced to what? - CORRECT
ANSWER Contractual Obligations
What must all agency agreements have? - CORRECT ANSWER A
beginning and ending date
Oral to Oral & Written to Written describe what? - CORRECT
ANSWER The permissions needed to show a property as a "Dual
Agent"
What should every agent bring to a listing appointment? - CORRECT
ANSWER Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement
(Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? -
CORRECT ANSWER The listing agent, regardless of who brings
a buyer, and likely the buyer agent
Who gets paid in an exclusive listing agreement? - CORRECT
ANSWER Whomever brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWER
Any actively licensed agent
In a net listing money above the asking price is paid to whom? -
CORRECT ANSWER Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT
ANSWER The Firm (Individual agents are sub agents to seller)
,No M.O.G. is needed for what 3 listings? - CORRECT ANSWER
Lease to purchase, 1st Dwelling, and Foreclosure
First Substantial Contact - CORRECT ANSWER WWREA be
explained / signed
Personal Information
Needs, Motivations, and Pre-Approval
If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? - CORRECT ANSWER Complete latest General
Update (4 Hours), and 3 CE Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting
Material Facts? - CORRECT ANSWER Only Agents... (License
Law)
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? - CORRECT ANSWER Principles
Name the 4 types of Material Facts - CORRECT ANSWER Facts
about the property, facts that relate to the property, facts relating to
the ability to close the transaction, and facts of special importance
Who must Material Facts be disclosed to? - CORRECT ANSWER
All parties, including 3rd Parties regardless of who you represent
Who can The Real Estate Commission fine? - CORRECT ANSWER
Time Share Developers
Willfull Omission means - CORRECT ANSWER You knew but you
didn't disclose
Willfull Misrepresentation means - CORRECT ANSWER You lied,
by speaking wrong information
, Negligent Omission means - CORRECT ANSWER You should
have known, but did not
Negligent Misrepresentation means - CORRECT ANSWER You
should have known, but spoke wrong information
May a principle be held responsible for mis-information as it relates to
a material fact? - CORRECT ANSWER Yes. Typically civilly or
criminally
The provision in a listing agreement that may obligate seller to pay a
commission after the agreement has expired is called? - CORRECT
ANSWER Override Clause or Extender Clause
A listing agreement is said to be what, if the principle dies during the
agreement? - CORRECT ANSWER Automatically Terminated
If a Seller refuses to sign an offer for less than list price, is a
commission due? - CORRECT ANSWER No. It is not due, until
Seller agrees upon the price and signs
What are considered Trigger items in Regulation Z? - CORRECT
ANSWER Any Numbers/Numerical characters, except for Seller
Closing Cost
Is a CMA mandatory when listing a property? - CORRECT ANSWER
Yes. It is an agent's duty to perform a CMA for Seller
What would a "Latent" material fact be? - CORRECT ANSWER A
very well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual agent? - CORRECT
ANSWER No, A dual agent represents both principles in a single
transaction
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
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 must all agency be "Written" - CORRECT ANSWER Prior to
first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWER
No. The exceptions would be Seller Sub Agency or Unrepresented
Buyers
Can The Real Estate Commission fine brokers? - CORRECT
ANSWER No. They can only reprimand, suspend, and revoke
licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWER Principles of a transaction
,If Dual Agency is not disclosed is a commission due? - CORRECT
ANSWER No. Therefore it is imperative to disclose dual agency
before any offers are written
As a dual agent, the agent's duties are reduced to what? - CORRECT
ANSWER Contractual Obligations
What must all agency agreements have? - CORRECT ANSWER A
beginning and ending date
Oral to Oral & Written to Written describe what? - CORRECT
ANSWER The permissions needed to show a property as a "Dual
Agent"
What should every agent bring to a listing appointment? - CORRECT
ANSWER Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement
(Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? -
CORRECT ANSWER The listing agent, regardless of who brings
a buyer, and likely the buyer agent
Who gets paid in an exclusive listing agreement? - CORRECT
ANSWER Whomever brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWER
Any actively licensed agent
In a net listing money above the asking price is paid to whom? -
CORRECT ANSWER Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT
ANSWER The Firm (Individual agents are sub agents to seller)
,No M.O.G. is needed for what 3 listings? - CORRECT ANSWER
Lease to purchase, 1st Dwelling, and Foreclosure
First Substantial Contact - CORRECT ANSWER WWREA be
explained / signed
Personal Information
Needs, Motivations, and Pre-Approval
If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? - CORRECT ANSWER Complete latest General
Update (4 Hours), and 3 CE Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting
Material Facts? - CORRECT ANSWER Only Agents... (License
Law)
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? - CORRECT ANSWER Principles
Name the 4 types of Material Facts - CORRECT ANSWER Facts
about the property, facts that relate to the property, facts relating to
the ability to close the transaction, and facts of special importance
Who must Material Facts be disclosed to? - CORRECT ANSWER
All parties, including 3rd Parties regardless of who you represent
Who can The Real Estate Commission fine? - CORRECT ANSWER
Time Share Developers
Willfull Omission means - CORRECT ANSWER You knew but you
didn't disclose
Willfull Misrepresentation means - CORRECT ANSWER You lied,
by speaking wrong information
, Negligent Omission means - CORRECT ANSWER You should
have known, but did not
Negligent Misrepresentation means - CORRECT ANSWER You
should have known, but spoke wrong information
May a principle be held responsible for mis-information as it relates to
a material fact? - CORRECT ANSWER Yes. Typically civilly or
criminally
The provision in a listing agreement that may obligate seller to pay a
commission after the agreement has expired is called? - CORRECT
ANSWER Override Clause or Extender Clause
A listing agreement is said to be what, if the principle dies during the
agreement? - CORRECT ANSWER Automatically Terminated
If a Seller refuses to sign an offer for less than list price, is a
commission due? - CORRECT ANSWER No. It is not due, until
Seller agrees upon the price and signs
What are considered Trigger items in Regulation Z? - CORRECT
ANSWER Any Numbers/Numerical characters, except for Seller
Closing Cost
Is a CMA mandatory when listing a property? - CORRECT ANSWER
Yes. It is an agent's duty to perform a CMA for Seller
What would a "Latent" material fact be? - CORRECT ANSWER A
very well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual agent? - CORRECT
ANSWER No, A dual agent represents both principles in a single
transaction
