NC POST LICENSING 301 QUESTIONS AND
ANSWERS
Can an inactive agent be paid a referral commission if they were active at the time they
made the referral? - ( CORRECT ANSWER ) Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - ( CORRECT ANSWER ) Before an offer is made, Yes.
Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and
what? - ( CORRECT ANSWER ) Advertising
May a BIC and their Provisional Broker enter into dual agency together? - ( CORRECT
ANSWER ) No. Because the BIC oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" - ( CORRECT ANSWER ) Prior to first offer
Are all in-house transactions Dual Agency? - ( CORRECT ANSWER ) No. The exceptions
would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - ( CORRECT ANSWER ) No. They can
only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - ( CORRECT ANSWER )
Principles of a transaction
If Dual Agency is not disclosed is a commission due? - ( CORRECT ANSWER ) No.
Therefore it is imperative to disclose dual agency before any offers are written
As a dual agent, the agent's duties are reduced to what? - ( CORRECT ANSWER )
Contractual Obligations
, What must all agency agreements have? - ( CORRECT ANSWER ) A beginning and
ending date
Oral to Oral & Written to Written describe what? - ( CORRECT ANSWER ) The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - ( CORRECT ANSWER ) Deed,
Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - ( CORRECT ANSWER )
The listing agent, regardless of who brings a buyer, and likely the buyer agent
Who gets paid in an exclusive listing agreement? - ( CORRECT ANSWER ) Whomever
brings a buyer
Who can sell a property in an Open listing? - ( CORRECT ANSWER ) Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - ( CORRECT ANSWER )
Listing Agent
Who is the actual agent to the principle in a transaction? - ( CORRECT ANSWER ) The
Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - ( CORRECT ANSWER ) Lease to purchase, 1st
Dwelling, and Foreclosure
When should WWREA be explained / signed? - ( CORRECT ANSWER ) At first
substantial contact
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? - (
CORRECT ANSWER ) Complete latest General Update (4 Hours), and 3 CE Classes (4
hours each) Total of 16 hours
ANSWERS
Can an inactive agent be paid a referral commission if they were active at the time they
made the referral? - ( CORRECT ANSWER ) Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - ( CORRECT ANSWER ) Before an offer is made, Yes.
Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and
what? - ( CORRECT ANSWER ) Advertising
May a BIC and their Provisional Broker enter into dual agency together? - ( CORRECT
ANSWER ) No. Because the BIC oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" - ( CORRECT ANSWER ) Prior to first offer
Are all in-house transactions Dual Agency? - ( CORRECT ANSWER ) No. The exceptions
would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - ( CORRECT ANSWER ) No. They can
only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - ( CORRECT ANSWER )
Principles of a transaction
If Dual Agency is not disclosed is a commission due? - ( CORRECT ANSWER ) No.
Therefore it is imperative to disclose dual agency before any offers are written
As a dual agent, the agent's duties are reduced to what? - ( CORRECT ANSWER )
Contractual Obligations
, What must all agency agreements have? - ( CORRECT ANSWER ) A beginning and
ending date
Oral to Oral & Written to Written describe what? - ( CORRECT ANSWER ) The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - ( CORRECT ANSWER ) Deed,
Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - ( CORRECT ANSWER )
The listing agent, regardless of who brings a buyer, and likely the buyer agent
Who gets paid in an exclusive listing agreement? - ( CORRECT ANSWER ) Whomever
brings a buyer
Who can sell a property in an Open listing? - ( CORRECT ANSWER ) Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - ( CORRECT ANSWER )
Listing Agent
Who is the actual agent to the principle in a transaction? - ( CORRECT ANSWER ) The
Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - ( CORRECT ANSWER ) Lease to purchase, 1st
Dwelling, and Foreclosure
When should WWREA be explained / signed? - ( CORRECT ANSWER ) At first
substantial contact
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? - (
CORRECT ANSWER ) Complete latest General Update (4 Hours), and 3 CE Classes (4
hours each) Total of 16 hours
