POST 301 BROKER RELATIONSHIPS AND
RESPONSIBILITIES STUDY GUIDE 2026
VERIFIED Q&A MASTER SOLUTION PACK
◉ NCREC rules regarding BPOs require all of the following:.
Answer: A broker must provide at least three comparables.
A broker may perform a BPO for either residential or commercial
properties for sale or lease if they have the necessary market
knowledge and experience to be competent.
A broker is expected to personally inspect the interior and exterior
of the subject property unless waived in writing by the person
requesting the BPO.
◉ Which of the following statements is FALSE regarding Paragraph
11, "Earnest Money"?.
Answer: The listing company should hold any earnest money paid in
the transaction.
If the earnest money is forfeited to the seller under the Offer to
Purchase and Contract, then the listing company is entitled to
,receive 50% of the earnest money or the amount of their listing fee,
whichever is less.
XX If there is a dispute between the listing company and the seller
over the earnest money, the escrow agent may pay the earnest
money to the Clerk of Court under License Law.
The Clerk of Court procedure applies to earnest money disputes
between the buyer and seller.
◉ Which of the following is true when acting as a limited listing
agent?.
Answer: The Commission's agency rule doesn't apply because the
broker is not offering full service.
XX The broker must provide and explain the Working with Real
Estate Agents brochure prior to first substantial contact.
The broker and seller may have an oral agreement regarding the few
services the broker will provide.
The broker may disclaim any liability for relying on information
from the seller.
,◉ Under which type of listing agreement does the seller retain a
right to compete for the commission?.
Answer: Exclusive agency listing agreement.
◉ When representing a seller, the agency agreement with the seller
must be in writing:.
Answer: At the outset of the relationship before providing any
brokerage services.
◉ A valid listing agreement with a real estate company may be
terminated for any of the following reasons:.
Answer: Sale of the property.
Agreement of the parties.
Destruction of the property.
◉ The listing company is the escrow agent holding the earnest
money deposit. The buyer fails to close and all agree that the seller is
entitled to the earnest money under the Offer to Purchase and
Contract. The company notifies their seller that they intend to
release 50% of the earnest money to the seller and keep the other
50% for the company pursuant to the listing agreement. The seller
objects and insists on receiving the entire amount of the earnest
money. The listing company should.
, Answer: XX Obey the lawful directives of its principal and refund the
entire earnest money to the seller.
Hold the earnest money in its trust account as disputed funds until
the company and principal-client agree how to divide.
Use the disputed funds procedure under License Law and pay the
earnest money to the Clerk of Court.
Deduct the company's 50% under the listing agreement and pay the
other 50% to the seller-client.
◉ All of the following are true about NCAR Form 203, Non-Exclusive
Buyer Agency Agreement:.
Answer: It creates a non-exclusive agency relationship with the
company so the buyer may still work with multiple agents.
The buyer is not obligated to pay the selling company if the listing
company won't share, but the selling company may terminate the
agency agreement if their buyer-client refuses to compensate them.
The agency agreement must have a definite termination date and the
non-discrimination language because it is in writing.
RESPONSIBILITIES STUDY GUIDE 2026
VERIFIED Q&A MASTER SOLUTION PACK
◉ NCREC rules regarding BPOs require all of the following:.
Answer: A broker must provide at least three comparables.
A broker may perform a BPO for either residential or commercial
properties for sale or lease if they have the necessary market
knowledge and experience to be competent.
A broker is expected to personally inspect the interior and exterior
of the subject property unless waived in writing by the person
requesting the BPO.
◉ Which of the following statements is FALSE regarding Paragraph
11, "Earnest Money"?.
Answer: The listing company should hold any earnest money paid in
the transaction.
If the earnest money is forfeited to the seller under the Offer to
Purchase and Contract, then the listing company is entitled to
,receive 50% of the earnest money or the amount of their listing fee,
whichever is less.
XX If there is a dispute between the listing company and the seller
over the earnest money, the escrow agent may pay the earnest
money to the Clerk of Court under License Law.
The Clerk of Court procedure applies to earnest money disputes
between the buyer and seller.
◉ Which of the following is true when acting as a limited listing
agent?.
Answer: The Commission's agency rule doesn't apply because the
broker is not offering full service.
XX The broker must provide and explain the Working with Real
Estate Agents brochure prior to first substantial contact.
The broker and seller may have an oral agreement regarding the few
services the broker will provide.
The broker may disclaim any liability for relying on information
from the seller.
,◉ Under which type of listing agreement does the seller retain a
right to compete for the commission?.
Answer: Exclusive agency listing agreement.
◉ When representing a seller, the agency agreement with the seller
must be in writing:.
Answer: At the outset of the relationship before providing any
brokerage services.
◉ A valid listing agreement with a real estate company may be
terminated for any of the following reasons:.
Answer: Sale of the property.
Agreement of the parties.
Destruction of the property.
◉ The listing company is the escrow agent holding the earnest
money deposit. The buyer fails to close and all agree that the seller is
entitled to the earnest money under the Offer to Purchase and
Contract. The company notifies their seller that they intend to
release 50% of the earnest money to the seller and keep the other
50% for the company pursuant to the listing agreement. The seller
objects and insists on receiving the entire amount of the earnest
money. The listing company should.
, Answer: XX Obey the lawful directives of its principal and refund the
entire earnest money to the seller.
Hold the earnest money in its trust account as disputed funds until
the company and principal-client agree how to divide.
Use the disputed funds procedure under License Law and pay the
earnest money to the Clerk of Court.
Deduct the company's 50% under the listing agreement and pay the
other 50% to the seller-client.
◉ All of the following are true about NCAR Form 203, Non-Exclusive
Buyer Agency Agreement:.
Answer: It creates a non-exclusive agency relationship with the
company so the buyer may still work with multiple agents.
The buyer is not obligated to pay the selling company if the listing
company won't share, but the selling company may terminate the
agency agreement if their buyer-client refuses to compensate them.
The agency agreement must have a definite termination date and the
non-discrimination language because it is in writing.
