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