Post licensing 301 NC study questions & Answers 100% Correct!

When must a seller's agent or subagent initially disclose agency status to a buyer? - ANSWERSbefore buyer and buyer's agent discuss motivation and financial information seller's subagent - ANSWERSno written or oral buyer agency OLDCAR - ANSWERSobedience loyalty disclosure confidentiality accounting reasonable care In dual agency, the agent's duties are _____ to being a facilitator - ANSWERSreduced What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and RESPA - ANSWERSany number amount triggers full disclosure: 4.5% APR or $2000 down A _____foreclosure is material fact and it must be______. - ANSWERSfiled foreclosure; must be disclosed If it is not_______, you shouldn't be talking about it. - ANSWERSmaterial fact T/F AS-IS relieves seller from disclosing material fact - ANSWERSF, AS-IS does not relieve requirement to disclose material fact name 10 material fact required disclosures - ANSWERSstucco, radon, lead-based paint, filed foreclosure, zoning, flood plains, meth houses, gravesites, pending highways, asbestos siding names issues that are not material fact - ANSWERSpending foreclosure, death or illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring Who is responsible if known hidden defect is found AFTER closing? - ANSWERSListing agent Does filed foreclosure need to be disclosed? - ANSWERSYes, it is a material fact