2
Post licensing 301 NC study questions with verified detailed
|| || || || || || || || ||
answers
When must a seller's agent or subagent initially disclose agency status to a buyer? -
|| || || || || || || || || || || || || || ||
✔✔before buyer and buyer's agent discuss motivation and financial information
|| || || || || || || || ||
seller's subagent - ✔✔no written or oral buyer agency
|| || || || || || || ||
OLDCAR - ✔✔obedience || ||
loyalty
disclosure
confidentiality
accounting
reasonable care ||
In dual agency, the agent's duties are _____ to being a facilitator - ✔✔reduced
|| || || || || || || || || || || || ||
What statement would require full disclosure of all financing terms in compliance with
|| || || || || || || || || || || || ||
TILA, Reg Z and RESPA - ✔✔any number amount triggers full disclosure:
|| || || || || || || || || || ||
4.5% APR or $2000 down
|| || || ||
A _____foreclosure is material fact and it must be______. - ✔✔filed foreclosure; must be
|| || || || || || || || || || || || || ||
disclosed
If it is not_______, you shouldn't be talking about it. - ✔✔material fact
|| || || || || || || || || || || ||
, 2
T/F AS-IS relieves seller from disclosing material fact - ✔✔F, AS-IS does not relieve
|| || || || || || || || || || || || || ||
requirement to disclose material fact || || || ||
name 10 material fact required disclosures - ✔✔stucco, radon, lead-based paint, filed
|| || || || || || || || || || || ||
foreclosure, zoning, flood plains, meth houses, gravesites, pending highways, asbestos siding
|| || || || || || || || || ||
names issues that are not material fact - ✔✔pending foreclosure, death or illness, murder or
|| || || || || || || || || || || || || ||
suicide, HIV or AIDS, haunted, aluminum wiring
|| || || || || || ||
Who is responsible if known hidden defect is found AFTER closing? - ✔✔Listing agent
|| || || || || || || || || || || || ||
Does filed foreclosure need to be disclosed? - ✔✔Yes, it is a material fact
|| || || || || || || || || || || || ||
In dual agency, the loyalty of the firm is ______between the buyer and seller? - ✔✔divided
|| || || || || || || || || || || || || || || ||
equally
In dual agency between clients, the agent's role is _______ to the contractual benefits of the
|| || || || || || || || || || || || || || || ||
contract and the agent becomes a _______. - ✔✔reduced; facilitator
|| || || || || || || || ||
BIB and PB are doing a deal together, can BIC and PB work as designated agents? - ✔✔No,
|| || || || || || || || || || || || || || || || || ||
they must work as a dual agent
|| || || || || ||
when must an agent disclose dual agency in a transaction? - ✔✔before presentation of the
|| || || || || || || || || || || || || || ||
1st offer ||
Can a BIC and PB be designated agents in the same transaction? - ✔✔No, they must work
|| || || || || || || || || || || || || || || || ||
as a dual agent
|| || ||
Post licensing 301 NC study questions with verified detailed
|| || || || || || || || ||
answers
When must a seller's agent or subagent initially disclose agency status to a buyer? -
|| || || || || || || || || || || || || || ||
✔✔before buyer and buyer's agent discuss motivation and financial information
|| || || || || || || || ||
seller's subagent - ✔✔no written or oral buyer agency
|| || || || || || || ||
OLDCAR - ✔✔obedience || ||
loyalty
disclosure
confidentiality
accounting
reasonable care ||
In dual agency, the agent's duties are _____ to being a facilitator - ✔✔reduced
|| || || || || || || || || || || || ||
What statement would require full disclosure of all financing terms in compliance with
|| || || || || || || || || || || || ||
TILA, Reg Z and RESPA - ✔✔any number amount triggers full disclosure:
|| || || || || || || || || || ||
4.5% APR or $2000 down
|| || || ||
A _____foreclosure is material fact and it must be______. - ✔✔filed foreclosure; must be
|| || || || || || || || || || || || || ||
disclosed
If it is not_______, you shouldn't be talking about it. - ✔✔material fact
|| || || || || || || || || || || ||
, 2
T/F AS-IS relieves seller from disclosing material fact - ✔✔F, AS-IS does not relieve
|| || || || || || || || || || || || || ||
requirement to disclose material fact || || || ||
name 10 material fact required disclosures - ✔✔stucco, radon, lead-based paint, filed
|| || || || || || || || || || || ||
foreclosure, zoning, flood plains, meth houses, gravesites, pending highways, asbestos siding
|| || || || || || || || || ||
names issues that are not material fact - ✔✔pending foreclosure, death or illness, murder or
|| || || || || || || || || || || || || ||
suicide, HIV or AIDS, haunted, aluminum wiring
|| || || || || || ||
Who is responsible if known hidden defect is found AFTER closing? - ✔✔Listing agent
|| || || || || || || || || || || || ||
Does filed foreclosure need to be disclosed? - ✔✔Yes, it is a material fact
|| || || || || || || || || || || || ||
In dual agency, the loyalty of the firm is ______between the buyer and seller? - ✔✔divided
|| || || || || || || || || || || || || || || ||
equally
In dual agency between clients, the agent's role is _______ to the contractual benefits of the
|| || || || || || || || || || || || || || || ||
contract and the agent becomes a _______. - ✔✔reduced; facilitator
|| || || || || || || || ||
BIB and PB are doing a deal together, can BIC and PB work as designated agents? - ✔✔No,
|| || || || || || || || || || || || || || || || || ||
they must work as a dual agent
|| || || || || ||
when must an agent disclose dual agency in a transaction? - ✔✔before presentation of the
|| || || || || || || || || || || || || || ||
1st offer ||
Can a BIC and PB be designated agents in the same transaction? - ✔✔No, they must work
|| || || || || || || || || || || || || || || || ||
as a dual agent
|| || ||
