Post licensing 301 NC study questions COMPLETE
QUESTIONS AND ANSWERS | ALREADY PASSED |
2025 LATEST!!
When must a seller's agent or subagent initially disclose agency status to a
buyer? - (ANSWER)before buyer and buyer's agent discuss motivation and
financial information
seller's subagent - (ANSWER)no written or oral buyer agency
OLDCAR - (ANSWER)obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator -
(ANSWER)reduced
What statement would require full disclosure of all financing terms in compliance
with TILA, Reg Z and RESPA - (ANSWER)any number amount triggers full
disclosure:
4.5% APR or $2000 down
, A _____foreclosure is material fact and it must be______. - (ANSWER)filed
foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - (ANSWER)material fact
T/F AS-IS relieves seller from disclosing material fact - (ANSWER)F, AS-IS does not
relieve requirement to disclose material fact
name 10 material fact required disclosures - (ANSWER)stucco, radon, lead-based
paint, filed foreclosure, zoning, flood plains, meth houses, gravesites, pending
highways, asbestos siding
names issues that are not material fact - (ANSWER)pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? -
(ANSWER)Listing agent
Does filed foreclosure need to be disclosed? - (ANSWER)Yes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
(ANSWER)divided equally
QUESTIONS AND ANSWERS | ALREADY PASSED |
2025 LATEST!!
When must a seller's agent or subagent initially disclose agency status to a
buyer? - (ANSWER)before buyer and buyer's agent discuss motivation and
financial information
seller's subagent - (ANSWER)no written or oral buyer agency
OLDCAR - (ANSWER)obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator -
(ANSWER)reduced
What statement would require full disclosure of all financing terms in compliance
with TILA, Reg Z and RESPA - (ANSWER)any number amount triggers full
disclosure:
4.5% APR or $2000 down
, A _____foreclosure is material fact and it must be______. - (ANSWER)filed
foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - (ANSWER)material fact
T/F AS-IS relieves seller from disclosing material fact - (ANSWER)F, AS-IS does not
relieve requirement to disclose material fact
name 10 material fact required disclosures - (ANSWER)stucco, radon, lead-based
paint, filed foreclosure, zoning, flood plains, meth houses, gravesites, pending
highways, asbestos siding
names issues that are not material fact - (ANSWER)pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? -
(ANSWER)Listing agent
Does filed foreclosure need to be disclosed? - (ANSWER)Yes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
(ANSWER)divided equally
