301 NC POST LICENSING EXAM VERSION 1 & 2 -
EXAMINATION COMPLETE QUESTIONS AND DETAILED
SOLUTIONS LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: Pauline is preparing a comparative market analysis for
a property owner. During her research, Pauline does not find any
homes that have recently sold in the neighborhood where the
subject property is located, and there are not any homes that have
recently sold that are comparable to the subject property in the
past 18 months. What is BEST step that Pauline can take at this
time?
A. Pauline could ask the seller to split the fee and hire a licensed real
estate appraiser to prepare a current appraisal of the property.
B. Pauline must hire an appraiser according to North Carolina Real
Estate Commission rules.
C. Pauline could tell the seller that she will make her best guess as to
a probable selling price.
D. Pauline could ask the seller to determine a listing price based on
what the seller would like to net from the sale.
Answer:
A) Pauline could ask the seller to split the fee and hire a licensed real estate
appraiser to prepare a current appraisal of the property.
Question 2: The listing broker has all of the following duties when
advising the seller about list price EXCEPT
A. the broker should counsel the seller on the legal consequences of
a short sale.
B. if a "short sale" is likely, the broker should explain the brokerage
aspects of a short sale.
C. alert the seller to the possible consequences of a "short sale."
, D. the broker has a responsibility to the seller-client to identify any
potential "short sale" situation prior to completing a listing contract
and setting a listing price.
Answer:
A) the broker should counsel the seller on the legal consequences of a short
sale.
Question 3: Emmett is in a meeting with a real estate agent
discussing a listing price. The agent is presenting the comparative
market analysis, and it shows that there are no good comparables
that have recently sold. What is the BEST advice for the agent to
give Emmett at this time?
A. To have the agent reach out to an attorney to help them
understand their liability in this situation
B. To have Emmett decide on a listing price without adequate
information to assist them.
C. To have the agent call the North Carolina Real Estate Commission
for guidance
D. To have Emmett hire an appraiser to perform a current appraisal
on the property
Answer:
D) To have Emmett hire an appraiser to perform a current appraisal on the
property
Question 4: Antonio, a broker affiliated with Best Homes Realty, is
assisting a buyer-client with the purchase of a home. What is
Antonio's duty to discover if a listed property will involve a short
sale?
A. Antonio needs to ask the listing agent if the property is a short sale.
, B. Antonio needs to reach out to the lender directly to determine if the
property is a short sale.
C. Antonio has no duty to discover if the property is a short sale
because the information will not affect the buyer.
D. Antonio has no duty to the buyer to confirm if a property is a short
sale.
Answer:
A) Antonio needs to ask the listing agent if the property is a short sale.
Question 5: Lucy has completed the comparative market analysis
for the sellers at 3091 Sunny Lane and is meeting with them tonight
to discuss listing price. What would be the BEST strategy for Lucy
during this meeting?
A. Lucy should determine the listing price herself since she is the
professional.
B. Lucy should suggest listing at the bottom of the comparative
market analysis price range if they are in no hurry to sell.
C. Lucy should make recommendations based on the needs and
desires of the sellers.
D. Lucy should suggest listing at the top of the comparative market
analysis price range if they are in a hurry to sell.
Answer:
C) Lucy should make recommendations based on the needs and desires of
the sellers.
Question 6: Declan is a real estate broker affiliated with Best
Homes Realty. He is in process of listing a property for sale and is
having trouble determining a probable sales price of a property.
The property is very unique and there are no other properties like it
in the area either recently sold or currently on the market. What is
, the BEST course of action for Declan at this time?
A. Declan can make a guess based on how much he likes the
property.
B. Declan can ask the owner to hire a licensed residential real estate
appraiser to prepare a current appraisal on the property.
C. Declan can ask the owner to determine their own listing price
based on their financial needs.
D. Declan cannot help the seller any further because he is not
confident in his own abilities.
Answer:
B) Declan can ask the owner to hire a licensed residential real estate
appraiser to prepare a current appraisal on the property.
Question 7: A broker, Wyatt, is meeting with the sellers to discuss
listing price. The sellers are wondering how long Wyatt thinks it
may take for their home to sell. They need to move quickly because
of a job transfer. What would be the BEST advice for Wyatt to give
to the sellers regarding pricing?
A. Wyatt should suggest listing at the bottom of the comparative
market analysis price range.
B. Wyatt should not make any recommendations.
C. Wyatt should be the one to decide the listing price himself since he
is the professional.
D. Wyatt should suggest listing at the top of the comparative market
analysis price range.
Answer:
A) Wyatt should suggest listing at the bottom of the comparative market
analysis price range.
EXAMINATION COMPLETE QUESTIONS AND DETAILED
SOLUTIONS LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: Pauline is preparing a comparative market analysis for
a property owner. During her research, Pauline does not find any
homes that have recently sold in the neighborhood where the
subject property is located, and there are not any homes that have
recently sold that are comparable to the subject property in the
past 18 months. What is BEST step that Pauline can take at this
time?
A. Pauline could ask the seller to split the fee and hire a licensed real
estate appraiser to prepare a current appraisal of the property.
B. Pauline must hire an appraiser according to North Carolina Real
Estate Commission rules.
C. Pauline could tell the seller that she will make her best guess as to
a probable selling price.
D. Pauline could ask the seller to determine a listing price based on
what the seller would like to net from the sale.
Answer:
A) Pauline could ask the seller to split the fee and hire a licensed real estate
appraiser to prepare a current appraisal of the property.
Question 2: The listing broker has all of the following duties when
advising the seller about list price EXCEPT
A. the broker should counsel the seller on the legal consequences of
a short sale.
B. if a "short sale" is likely, the broker should explain the brokerage
aspects of a short sale.
C. alert the seller to the possible consequences of a "short sale."
, D. the broker has a responsibility to the seller-client to identify any
potential "short sale" situation prior to completing a listing contract
and setting a listing price.
Answer:
A) the broker should counsel the seller on the legal consequences of a short
sale.
Question 3: Emmett is in a meeting with a real estate agent
discussing a listing price. The agent is presenting the comparative
market analysis, and it shows that there are no good comparables
that have recently sold. What is the BEST advice for the agent to
give Emmett at this time?
A. To have the agent reach out to an attorney to help them
understand their liability in this situation
B. To have Emmett decide on a listing price without adequate
information to assist them.
C. To have the agent call the North Carolina Real Estate Commission
for guidance
D. To have Emmett hire an appraiser to perform a current appraisal
on the property
Answer:
D) To have Emmett hire an appraiser to perform a current appraisal on the
property
Question 4: Antonio, a broker affiliated with Best Homes Realty, is
assisting a buyer-client with the purchase of a home. What is
Antonio's duty to discover if a listed property will involve a short
sale?
A. Antonio needs to ask the listing agent if the property is a short sale.
, B. Antonio needs to reach out to the lender directly to determine if the
property is a short sale.
C. Antonio has no duty to discover if the property is a short sale
because the information will not affect the buyer.
D. Antonio has no duty to the buyer to confirm if a property is a short
sale.
Answer:
A) Antonio needs to ask the listing agent if the property is a short sale.
Question 5: Lucy has completed the comparative market analysis
for the sellers at 3091 Sunny Lane and is meeting with them tonight
to discuss listing price. What would be the BEST strategy for Lucy
during this meeting?
A. Lucy should determine the listing price herself since she is the
professional.
B. Lucy should suggest listing at the bottom of the comparative
market analysis price range if they are in no hurry to sell.
C. Lucy should make recommendations based on the needs and
desires of the sellers.
D. Lucy should suggest listing at the top of the comparative market
analysis price range if they are in a hurry to sell.
Answer:
C) Lucy should make recommendations based on the needs and desires of
the sellers.
Question 6: Declan is a real estate broker affiliated with Best
Homes Realty. He is in process of listing a property for sale and is
having trouble determining a probable sales price of a property.
The property is very unique and there are no other properties like it
in the area either recently sold or currently on the market. What is
, the BEST course of action for Declan at this time?
A. Declan can make a guess based on how much he likes the
property.
B. Declan can ask the owner to hire a licensed residential real estate
appraiser to prepare a current appraisal on the property.
C. Declan can ask the owner to determine their own listing price
based on their financial needs.
D. Declan cannot help the seller any further because he is not
confident in his own abilities.
Answer:
B) Declan can ask the owner to hire a licensed residential real estate
appraiser to prepare a current appraisal on the property.
Question 7: A broker, Wyatt, is meeting with the sellers to discuss
listing price. The sellers are wondering how long Wyatt thinks it
may take for their home to sell. They need to move quickly because
of a job transfer. What would be the BEST advice for Wyatt to give
to the sellers regarding pricing?
A. Wyatt should suggest listing at the bottom of the comparative
market analysis price range.
B. Wyatt should not make any recommendations.
C. Wyatt should be the one to decide the listing price himself since he
is the professional.
D. Wyatt should suggest listing at the top of the comparative market
analysis price range.
Answer:
A) Wyatt should suggest listing at the bottom of the comparative market
analysis price range.
