NC REC 301 QUESTIONS WITH 100%
ACCURATE ANSWERS
Which of the following properties requires a lead disclosure?
Commercial building built in 1960
Duplex built in 1959
Duplex built in 1979
Single-family home built in 1999 - Accurate answers Duplex built in 1959
Guy and his wife Clara were reading through the North Carolina Buyer Agency Agreement. As they read
down the form, their broker explained what each section meant. In which section can information be
found regarding seeking expert advice regarding taxes, finance, legal matters, and other specialty areas
of the homebuying process?
Duration of Agency
Effect of Agreement
Entire Agreement
Other Professional Advice - Accurate answers Other Professional Advice
James, a seller, signed a listing agreement that allowed him to contract with multiple agents but only
pay a commission to the agent who located a buyer. This type of listing agreement is called ______.
An exclusive agency agreement
An exclusive right-to-sell agreement
An open listing agreement
The seller's choice - Accurate answers An open listing agreement
Which of the following describes sub-agency?
A listing agent accepts an offer from a buyer written by Cali, who does not represent the buyer. Cali and
the listing agent work for the same firm.
Chico is a listing agent and is helping Tuti write an offer on her listing, but Tuti does not want
representation.
Lance listed Max's house. Brenda, who is under a buyer agency agreement with Tim, helps Tim buy
Max's house.
Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an
unrepresented buyer. - Accurate answers Norm is a listing agent. He allows Stu, an agent from
another firm, to present an offer from an unrepresented buyer.
Which of the following statements is true about those who sell property as-is in North Carolina?
Just like other sales, those who sell as-is properties aren't required to disclose anything.
The seller must disclose material defects about the property in accordance with any requests from the
buyer's lender, but not otherwise.
, The seller must obey federal disclosure laws but is exempt from state disclosure requirements.
They must disclose defects that could damage the buyer's health. - Accurate answers Just like
other sales, those who sell as-is properties aren't required to disclose anything.
Regarding comparables, what does the Rule of Three say?
At least three comparables should be used.
Comparables should always be located no more than three miles apart.
Comparables should be no more than three blocks away.
No more than three comparables should be selected. - Accurate answers At least three
comparables should be used.
Julia listed a home two months ago for the Jordan family but before it sold Mrs. Jordan found out she
was pregnant and they decided to stay and build an addition rather than move. They want to use the
CMA Julia prepared to prove value for a new home equity loan. Which of the following is a true
statement?
Julia can do the appraisal, as long as she includes a disclaimer that she isn't a licensed appraiser.
Julia can't use the CMA she prepared for the Jordans to provide to their lender.
Julia will need to complete a new CMA because the one she completed six months ago expired.
The Jordans can use Julia's CMA as long as Julia's license status is prominently displayed on the CMA. -
Accurate answers Julia can't use the CMA she prepared for the Jordans to provide to their lender.
Which of the following statements is true regarding septic systems in North Carolina?
Septic system inspections are not required in North Carolina.
Septic systems are common in North Carolina.
Septic systems are prohibited in North Carolina.
Septic systems are rare in North Carolina. - Accurate answers Septic systems are common in North
Carolina.
Peeta, a listing agent, wants to post an ad for his new listing. Which of the following phrases is
acceptable under fair housing guidelines?
African-American neighborhood
Asian grocery nearby
Italian marble countertops
White family home - Accurate answers Italian marble countertops
To legally become a dual agent in North Carolina, you need something called informed consent. What is
informed consent as it relates to dual agency?
Both buyers and sellers agree to allow the firm's licensee(s) to represent both parties.
The agent must tell the buyers and sellers that he represents both parties.
The agent represents the buyers and must inform the sellers that he's a buyer's agent.
The agent represents the sellers and must inform all buyers that he's a seller's agent. - Accurate
answers Both buyers and sellers agree to allow the firm's licensee(s) to represent both parties.
ACCURATE ANSWERS
Which of the following properties requires a lead disclosure?
Commercial building built in 1960
Duplex built in 1959
Duplex built in 1979
Single-family home built in 1999 - Accurate answers Duplex built in 1959
Guy and his wife Clara were reading through the North Carolina Buyer Agency Agreement. As they read
down the form, their broker explained what each section meant. In which section can information be
found regarding seeking expert advice regarding taxes, finance, legal matters, and other specialty areas
of the homebuying process?
Duration of Agency
Effect of Agreement
Entire Agreement
Other Professional Advice - Accurate answers Other Professional Advice
James, a seller, signed a listing agreement that allowed him to contract with multiple agents but only
pay a commission to the agent who located a buyer. This type of listing agreement is called ______.
An exclusive agency agreement
An exclusive right-to-sell agreement
An open listing agreement
The seller's choice - Accurate answers An open listing agreement
Which of the following describes sub-agency?
A listing agent accepts an offer from a buyer written by Cali, who does not represent the buyer. Cali and
the listing agent work for the same firm.
Chico is a listing agent and is helping Tuti write an offer on her listing, but Tuti does not want
representation.
Lance listed Max's house. Brenda, who is under a buyer agency agreement with Tim, helps Tim buy
Max's house.
Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an
unrepresented buyer. - Accurate answers Norm is a listing agent. He allows Stu, an agent from
another firm, to present an offer from an unrepresented buyer.
Which of the following statements is true about those who sell property as-is in North Carolina?
Just like other sales, those who sell as-is properties aren't required to disclose anything.
The seller must disclose material defects about the property in accordance with any requests from the
buyer's lender, but not otherwise.
, The seller must obey federal disclosure laws but is exempt from state disclosure requirements.
They must disclose defects that could damage the buyer's health. - Accurate answers Just like
other sales, those who sell as-is properties aren't required to disclose anything.
Regarding comparables, what does the Rule of Three say?
At least three comparables should be used.
Comparables should always be located no more than three miles apart.
Comparables should be no more than three blocks away.
No more than three comparables should be selected. - Accurate answers At least three
comparables should be used.
Julia listed a home two months ago for the Jordan family but before it sold Mrs. Jordan found out she
was pregnant and they decided to stay and build an addition rather than move. They want to use the
CMA Julia prepared to prove value for a new home equity loan. Which of the following is a true
statement?
Julia can do the appraisal, as long as she includes a disclaimer that she isn't a licensed appraiser.
Julia can't use the CMA she prepared for the Jordans to provide to their lender.
Julia will need to complete a new CMA because the one she completed six months ago expired.
The Jordans can use Julia's CMA as long as Julia's license status is prominently displayed on the CMA. -
Accurate answers Julia can't use the CMA she prepared for the Jordans to provide to their lender.
Which of the following statements is true regarding septic systems in North Carolina?
Septic system inspections are not required in North Carolina.
Septic systems are common in North Carolina.
Septic systems are prohibited in North Carolina.
Septic systems are rare in North Carolina. - Accurate answers Septic systems are common in North
Carolina.
Peeta, a listing agent, wants to post an ad for his new listing. Which of the following phrases is
acceptable under fair housing guidelines?
African-American neighborhood
Asian grocery nearby
Italian marble countertops
White family home - Accurate answers Italian marble countertops
To legally become a dual agent in North Carolina, you need something called informed consent. What is
informed consent as it relates to dual agency?
Both buyers and sellers agree to allow the firm's licensee(s) to represent both parties.
The agent must tell the buyers and sellers that he represents both parties.
The agent represents the buyers and must inform the sellers that he's a buyer's agent.
The agent represents the sellers and must inform all buyers that he's a seller's agent. - Accurate
answers Both buyers and sellers agree to allow the firm's licensee(s) to represent both parties.
