NC Post Licensing – 303 Exam (Broker Relationships
& Responsibilities)
50 Multiple-Choice Questions with Answers – 2025
Latest Update
1. What is the primary purpose of the NC Post Licensing 303 course?
A) To train brokers on property appraisal methods
B) To provide advanced marketing techniques
C) To teach broker relationships and responsibilities
D) To prepare brokers for national real estate exams
Answer: C) To teach broker relationships and responsibilities
2. Which of the following best defines fiduciary duty?
A) A broker’s personal preference in dealing with clients
B) A broker’s legal obligation to act in the client’s best interest
C) A broker’s ability to charge commission freely
D) A broker’s right to terminate an agency at will
Answer: B) A broker’s legal obligation to act in the client’s best interest
,3. What is the main difference between a provisional broker and a full broker?
A) Provisional brokers can work independently
B) Full brokers must be supervised by a BIC
C) Provisional brokers must work under a BIC’s supervision
D) Full brokers cannot handle trust money
Answer: C) Provisional brokers must work under a BIC’s supervision
4. When must agency disclosure be provided to a prospective buyer or seller?
A) At the time of closing
B) No later than the first substantial contact
C) After signing a listing agreement
D) At the time of earnest money deposit
Answer: B) No later than the first substantial contact
5. What is the key difference between dual agency and designated dual agency?
A) Designated dual agency requires no disclosure
B) Dual agency allows one broker to represent both parties
C) Designated dual agency assigns different brokers within the same firm to each party
D) Dual agency is illegal in North Carolina
Answer: C) Designated dual agency assigns different brokers within the same firm to
each party
, 6. Before representing a buyer, what must a broker obtain?
A) Verbal agreement only
B) Written buyer agency agreement
C) Agency disclosure acknowledgment only
D) Closing attorney’s approval
Answer: B) Written buyer agency agreement
7. Which of the following is NOT a fiduciary duty owed to clients?
A) Loyalty
B) Obedience
C) Confidentiality
D) Self-interest
Answer: D) Self-interest
8. What is the primary function of the North Carolina Real Estate Commission (NCREC)?
A) Enforce antitrust laws
B) Protect the public interest in real estate transactions
C) Set commission rates for brokers
D) Approve all real estate advertising
Answer: B) Protect the public interest in real estate transactions
& Responsibilities)
50 Multiple-Choice Questions with Answers – 2025
Latest Update
1. What is the primary purpose of the NC Post Licensing 303 course?
A) To train brokers on property appraisal methods
B) To provide advanced marketing techniques
C) To teach broker relationships and responsibilities
D) To prepare brokers for national real estate exams
Answer: C) To teach broker relationships and responsibilities
2. Which of the following best defines fiduciary duty?
A) A broker’s personal preference in dealing with clients
B) A broker’s legal obligation to act in the client’s best interest
C) A broker’s ability to charge commission freely
D) A broker’s right to terminate an agency at will
Answer: B) A broker’s legal obligation to act in the client’s best interest
,3. What is the main difference between a provisional broker and a full broker?
A) Provisional brokers can work independently
B) Full brokers must be supervised by a BIC
C) Provisional brokers must work under a BIC’s supervision
D) Full brokers cannot handle trust money
Answer: C) Provisional brokers must work under a BIC’s supervision
4. When must agency disclosure be provided to a prospective buyer or seller?
A) At the time of closing
B) No later than the first substantial contact
C) After signing a listing agreement
D) At the time of earnest money deposit
Answer: B) No later than the first substantial contact
5. What is the key difference between dual agency and designated dual agency?
A) Designated dual agency requires no disclosure
B) Dual agency allows one broker to represent both parties
C) Designated dual agency assigns different brokers within the same firm to each party
D) Dual agency is illegal in North Carolina
Answer: C) Designated dual agency assigns different brokers within the same firm to
each party
, 6. Before representing a buyer, what must a broker obtain?
A) Verbal agreement only
B) Written buyer agency agreement
C) Agency disclosure acknowledgment only
D) Closing attorney’s approval
Answer: B) Written buyer agency agreement
7. Which of the following is NOT a fiduciary duty owed to clients?
A) Loyalty
B) Obedience
C) Confidentiality
D) Self-interest
Answer: D) Self-interest
8. What is the primary function of the North Carolina Real Estate Commission (NCREC)?
A) Enforce antitrust laws
B) Protect the public interest in real estate transactions
C) Set commission rates for brokers
D) Approve all real estate advertising
Answer: B) Protect the public interest in real estate transactions
