301- NC Post Licensing EXAM VERIFIED
SOLUTIONS, SCORED A+
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
Under .NC .License .Law .who .can .be .held .responsible .for .reporting .Material
.Facts? .- .CORRECT .ANSWER-Only .Agents... .(License .Law)
Under .Civil ./Criminal .law .who .can .be .held .responsible .for .reporting .Material
.Facts? .- .CORRECT .ANSWER-Principles
Name .the .4 .types .of .Material .Facts .- .CORRECT .ANSWER-Facts .about .the
.property, .facts .that .relate .to .the .property, .facts .relating .to .the .ability .to .close
.the .transaction, .and .facts .of .special .importance
Who .must .Material .Facts .be .disclosed .to? .- .CORRECT .ANSWER-All .parties,
.including .3rd .Parties .regardless .of .who .you .represent
Who .can .The .Real .Estate .Commission .fine? .- .CORRECT .ANSWER-Time .Share
.Developers
Willfull .Omission .means .- .CORRECT .ANSWER-You .knew .but .you .didn't
.disclose
Willfull .Misrepresentation .means .- .CORRECT .ANSWER-You .lied, .by .speaking
.wrong .information
SOLUTIONS, SCORED A+
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
Under .NC .License .Law .who .can .be .held .responsible .for .reporting .Material
.Facts? .- .CORRECT .ANSWER-Only .Agents... .(License .Law)
Under .Civil ./Criminal .law .who .can .be .held .responsible .for .reporting .Material
.Facts? .- .CORRECT .ANSWER-Principles
Name .the .4 .types .of .Material .Facts .- .CORRECT .ANSWER-Facts .about .the
.property, .facts .that .relate .to .the .property, .facts .relating .to .the .ability .to .close
.the .transaction, .and .facts .of .special .importance
Who .must .Material .Facts .be .disclosed .to? .- .CORRECT .ANSWER-All .parties,
.including .3rd .Parties .regardless .of .who .you .represent
Who .can .The .Real .Estate .Commission .fine? .- .CORRECT .ANSWER-Time .Share
.Developers
Willfull .Omission .means .- .CORRECT .ANSWER-You .knew .but .you .didn't
.disclose
Willfull .Misrepresentation .means .- .CORRECT .ANSWER-You .lied, .by .speaking
.wrong .information
