301- NC Post Licensing NEWEST ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
An agent's duties to third parties include all the following EXCEPT
A) fairness.
B) obedience.
C) disclosure of material fact.
D) honesty. - CORRECT ANSWER B) obedience.
Derrin hires Austin with Best Homes Realty to list his home for sale. As
Austin is completing the listing agreement, Derrin mentions that the
hot water heater has not worked for a couple of weeks and is not
planning on repairing it since he is selling the home. Derrin tells Austin
that he cannot share that information with anyone as it might affect
the sale of the home. What is the BEST course of action for Austin at
this time?
A) If Austin shares the information regarding the hot water heater, he
will be in violation of his fiduciary duties, and Derrin can sue him for
disclosing confidential information.
B) Austin can share the information with people at Best Homes Realty
but cannot share it with any firm representing a buyer.
C) Austin must disclose that the hot water heater is not working
because it is a material fact.
D) Austin must obey the seller. Austin and Best Homes Realty owe
fiduciary duties to their clien - CORRECT ANSWER C) Austin must
disclose that the hot water heater is not working because it is a
material fact.
Armin, a broker affiliated with Best Homes Realty, listed a property for
sale and conducted an open house. Courtney visited the open house
and decided to make an offer. The seller had completed the
Residential Property and Owners' Association Disclosure Statement
,(RPOADS) indicating all defects the seller knows that exist about the
property. In this situation, which of the following statements is TRUE?
A) Courtney needs to be advised to still conduct a full home
inspection.
B) Since the seller disclosed all known material facts, they have
complied with the Doctrine of Caveat Emptor and Courtney does not
need to complete a full home inspection.
C) Since the seller disclosed all known material facts that they were
aware of, Courtney does not need to complete a full home inspection.
D) Armin can assure Courtney that the seller has disclosed all material
facts and she does not need to get her own home inspection. -
CORRECT ANSWER A) Courtney needs to be advised to still
conduct a full home inspection.
A buyer and a seller are negotiating the terms of a possible contract.
The seller counteroffers to the buyer, and the buyer wants to think
about it overnight. The next day the buyer calls the selling agent and
says they would like to accept the seller's counteroffer. Before
verifying that the buyer had actually signed the counteroffer, the
selling agent calls the listing agent to say the buyer had accepted the
seller's counteroffer. The seller then goes on to purchase another
house based on the buyer's "acceptance" of their counteroffer. When
the selling agent goes to pick up the signed paperwork from the buyer,
the buyer states they never signed the counteroffer and do not want to
buy the seller's home. Which of the following statements is correct?
A) The selling agent is not responsible for the misrepresentation.
B) Both the buyer and the selling agent are responsible for the
misrepresentation.
C) Neither the buyer - CORRECT ANSWER D) The selling agent is
responsible for the misrepresentation.
The real estate broker's fiduciary responsibility to keep the principal
informed of all facts, including property condition and issues that
affect a seller's willingness to sell and a buyer's willingness to buy, is
the duty of
A) reasonable skill, care, and diligence.
B) disclosure.
,C) obedience.
D) accounting. - CORRECT ANSWER B) disclosure.
The duties owed from the "agent" to the "principal" are BEST
described by which of the following?
A) Obedience, loyalty, accounting, and reasonable care
B) Fairness and honesty
C) Fairness, honest, obedience, loyalty, accounting, reasonable skill,
and care
D) Obedience, loyalty, disclosure, confidentiality, accounting,
reasonable skill, care, and diligence - CORRECT ANSWER D)
Obedience, loyalty, disclosure, confidentiality, accounting, reasonable
skill, care, and diligence
Which of the following BEST describes subagent?
A) Literally the agent of an agent, a person designated or employed by
an agent to perform all or part of the agent's assigned tasks or
services on behalf of the agent's principal
B) The person who authorizes another to act on the principal's behalf
within specified parameters and to whom the agent owes certain legal
duties
C) The person acting for and on behalf of the principal within the
bounds of the authority granted and who owes fiduciary duties to the
principal
D) The relationship that exists when one person is authorized to act
for and on behalf of another - CORRECT ANSWER A) Literally the
agent of an agent, a person designated or employed by an agent to
perform all or part of the agent's assigned tasks or services on behalf
of the agent's principal
Which of the following statements is TRUE regarding agency
agreements?
A) Listing agreements, property management agreements, buyer
agency agreements, and tenant representation agreements can all be
express oral agreements for a period of time.
B) Listing agreements and property management agreements must be
express written agreements from the beginning of the relationship and
, buyer agency agreements and tenant representation agreements can
be in express oral agreements for a period of time.
C) Listing agreements and buyer agency agreements must be express
written agreements from the beginning of the relationship and
property management agreements and tenant representation
agreements can be express oral agreements for a period of time.
D) Listing agreements and property management agreements can
express oral agreements for a period of time and buyer agency
agreements and tenant representation agreements must be in ex -
CORRECT ANSWER B) Listing agreements and property
management agreements must be express written agreements from
the beginning of the relationship and buyer agency agreements and
tenant representation agreements can be in express oral agreements
for a period of time.
Which of the following statements BEST describes North Carolina
Unfair Deceptive Practices Act?
A) This law prohibits disclosure regarding facts about the property
itself or the surrounding area.
B) This law prohibits unfair or deceptive acts or practices in
commerce and applies to the sale or rental of real estate and to real
estate brokers.
C) This law holds that—except in cases involving fraud by the seller or
the seller's agent—the seller has no affirmative obligation to disclose
information about the property being sold to the purchaser and places
the burden on the buyer to investigate the property before contracting
to purchase the property.
D) This law prohibits making generalized expression of a broker's
opinion about a property. - CORRECT ANSWER B) This law
prohibits unfair or deceptive acts or practices in commerce and
applies to the sale or rental of real estate and to real estate brokers.
George knows that the property is about to be rezoned for commercial
use, which will greatly increase the value of the property. George does
not share this information with the seller and offers to buy the property
for himself as an investment. George closes on the property with the
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
An agent's duties to third parties include all the following EXCEPT
A) fairness.
B) obedience.
C) disclosure of material fact.
D) honesty. - CORRECT ANSWER B) obedience.
Derrin hires Austin with Best Homes Realty to list his home for sale. As
Austin is completing the listing agreement, Derrin mentions that the
hot water heater has not worked for a couple of weeks and is not
planning on repairing it since he is selling the home. Derrin tells Austin
that he cannot share that information with anyone as it might affect
the sale of the home. What is the BEST course of action for Austin at
this time?
A) If Austin shares the information regarding the hot water heater, he
will be in violation of his fiduciary duties, and Derrin can sue him for
disclosing confidential information.
B) Austin can share the information with people at Best Homes Realty
but cannot share it with any firm representing a buyer.
C) Austin must disclose that the hot water heater is not working
because it is a material fact.
D) Austin must obey the seller. Austin and Best Homes Realty owe
fiduciary duties to their clien - CORRECT ANSWER C) Austin must
disclose that the hot water heater is not working because it is a
material fact.
Armin, a broker affiliated with Best Homes Realty, listed a property for
sale and conducted an open house. Courtney visited the open house
and decided to make an offer. The seller had completed the
Residential Property and Owners' Association Disclosure Statement
,(RPOADS) indicating all defects the seller knows that exist about the
property. In this situation, which of the following statements is TRUE?
A) Courtney needs to be advised to still conduct a full home
inspection.
B) Since the seller disclosed all known material facts, they have
complied with the Doctrine of Caveat Emptor and Courtney does not
need to complete a full home inspection.
C) Since the seller disclosed all known material facts that they were
aware of, Courtney does not need to complete a full home inspection.
D) Armin can assure Courtney that the seller has disclosed all material
facts and she does not need to get her own home inspection. -
CORRECT ANSWER A) Courtney needs to be advised to still
conduct a full home inspection.
A buyer and a seller are negotiating the terms of a possible contract.
The seller counteroffers to the buyer, and the buyer wants to think
about it overnight. The next day the buyer calls the selling agent and
says they would like to accept the seller's counteroffer. Before
verifying that the buyer had actually signed the counteroffer, the
selling agent calls the listing agent to say the buyer had accepted the
seller's counteroffer. The seller then goes on to purchase another
house based on the buyer's "acceptance" of their counteroffer. When
the selling agent goes to pick up the signed paperwork from the buyer,
the buyer states they never signed the counteroffer and do not want to
buy the seller's home. Which of the following statements is correct?
A) The selling agent is not responsible for the misrepresentation.
B) Both the buyer and the selling agent are responsible for the
misrepresentation.
C) Neither the buyer - CORRECT ANSWER D) The selling agent is
responsible for the misrepresentation.
The real estate broker's fiduciary responsibility to keep the principal
informed of all facts, including property condition and issues that
affect a seller's willingness to sell and a buyer's willingness to buy, is
the duty of
A) reasonable skill, care, and diligence.
B) disclosure.
,C) obedience.
D) accounting. - CORRECT ANSWER B) disclosure.
The duties owed from the "agent" to the "principal" are BEST
described by which of the following?
A) Obedience, loyalty, accounting, and reasonable care
B) Fairness and honesty
C) Fairness, honest, obedience, loyalty, accounting, reasonable skill,
and care
D) Obedience, loyalty, disclosure, confidentiality, accounting,
reasonable skill, care, and diligence - CORRECT ANSWER D)
Obedience, loyalty, disclosure, confidentiality, accounting, reasonable
skill, care, and diligence
Which of the following BEST describes subagent?
A) Literally the agent of an agent, a person designated or employed by
an agent to perform all or part of the agent's assigned tasks or
services on behalf of the agent's principal
B) The person who authorizes another to act on the principal's behalf
within specified parameters and to whom the agent owes certain legal
duties
C) The person acting for and on behalf of the principal within the
bounds of the authority granted and who owes fiduciary duties to the
principal
D) The relationship that exists when one person is authorized to act
for and on behalf of another - CORRECT ANSWER A) Literally the
agent of an agent, a person designated or employed by an agent to
perform all or part of the agent's assigned tasks or services on behalf
of the agent's principal
Which of the following statements is TRUE regarding agency
agreements?
A) Listing agreements, property management agreements, buyer
agency agreements, and tenant representation agreements can all be
express oral agreements for a period of time.
B) Listing agreements and property management agreements must be
express written agreements from the beginning of the relationship and
, buyer agency agreements and tenant representation agreements can
be in express oral agreements for a period of time.
C) Listing agreements and buyer agency agreements must be express
written agreements from the beginning of the relationship and
property management agreements and tenant representation
agreements can be express oral agreements for a period of time.
D) Listing agreements and property management agreements can
express oral agreements for a period of time and buyer agency
agreements and tenant representation agreements must be in ex -
CORRECT ANSWER B) Listing agreements and property
management agreements must be express written agreements from
the beginning of the relationship and buyer agency agreements and
tenant representation agreements can be in express oral agreements
for a period of time.
Which of the following statements BEST describes North Carolina
Unfair Deceptive Practices Act?
A) This law prohibits disclosure regarding facts about the property
itself or the surrounding area.
B) This law prohibits unfair or deceptive acts or practices in
commerce and applies to the sale or rental of real estate and to real
estate brokers.
C) This law holds that—except in cases involving fraud by the seller or
the seller's agent—the seller has no affirmative obligation to disclose
information about the property being sold to the purchaser and places
the burden on the buyer to investigate the property before contracting
to purchase the property.
D) This law prohibits making generalized expression of a broker's
opinion about a property. - CORRECT ANSWER B) This law
prohibits unfair or deceptive acts or practices in commerce and
applies to the sale or rental of real estate and to real estate brokers.
George knows that the property is about to be rezoned for commercial
use, which will greatly increase the value of the property. George does
not share this information with the seller and offers to buy the property
for himself as an investment. George closes on the property with the
