Post 301 - Broker Relationships and
Responsibilities Study Questions
with Verified Answers Already
Graded A+
1. Which of the following is always a material fact in North Carolina?
A. A known history of haunting
B. Square footage
C. The potential presence of radon
D. History of cooking meth on property - ANSWER D. History of
cooking meth on property
2. What does it mean when something is described as having a disparate
impact? - ANSWER Disparate impact is when a rule or doctrine seems
neutral at the surface, but disproportionately affects a protected class.
3. A seller checks "No Representation" for all the questions on the Residential
Property and Owners' Association Disclosure Statement. However, the
listing broker is aware of a significant hidden defect in the property. The
listing broker does not describe the defect in the listing data or tell a broker
who is working with a prospective buyer for the property. The buyer's agent
does not discover the defect and therefore does not disclose the defect to the
, prospective buyer. Under the N.C. Real Estate License Law, who would
most likely be held accountable for the non-disclosure to the buyer? -
ANSWER The listing broker only.
Under the doctrine of Caveat Emptor the seller does not have to disclose.
However, brokers always have a responsibility to discover and disclose material
facts.
4. How does a real estate agent prove that they have disclosed agency at first
substantial contact? - ANSWER Having the consumer sign the WWREA
disclosure serves as evidence that you reviewed it with them. However, they
are not required to sign it, and it is not a contract.
5. When you work with buyers and sellers you are typically acting as a.... -
ANSWER Special Agent
6. A listing agent can reject offers for the seller if they don't think they are
good enough: - ANSWER False
7. Which of the following is the best example of a universal agent?
A. Buyer's Agent
B. Unlimited Power of Attorney
C. Property Manager
D. Listing Agent - ANSWER B. Unlimited Power of Attorney
8. What is an example of General Agency?
A. Property Manager
B. A licensee on behalf of their firm
C. Both A and B
, D. Neither A or B - ANSWER C. Both A and B
9. Who sets the listing price? - ANSWER The seller
10.Which of the following best defines obedience within our fiduciary duties?
A. Following a client’s lawful, willful, instructions.
B. Withholding material facts from buyers.
C. Keeping their information confidential.
D. Properly handling money and retaining records. - ANSWER A.
Following a client's lawful, willful, instructions.
11.If a buyer client wants to see 3 homes that are offering different
commissions in the MLS, 1%, 2%, 3%, which listing should you take your
client to see? - ANSWER All of them
12.An agent is expected to know everything good/bad about a property all the
time? - ANSWER No
13.Joyce listed a property for sale on behalf of her firm. She indicated that the
property was 10 years old and had two full baths. The data entry
administrator input the data incorrectly into MLS and noted that there were
four full baths. Joyce did not review the data prior to the firm advertising the
property. Under the standards for listing agents, which of the following
statements is TRUE?
A)
Joyce does not have any responsibility for the accuracy of the advertising.
B)
Joyce does not have any responsibility because the data entry administrator has
all the liability.
, C)
Joyce does have responsibility because she is probably guilty of negligent
misrepresentation.
14.D)
Joyce does have responsibility because she should not have allowed the data
entry administrator to enter information into MLS. - ANSWER C)
Joyce does have responsibility because she is probably guilty of negligent
misrepresentation.
A firm/broker can employee a data entry administrator but the firm/broker is
still liable for the accuracy of all advertisements. Joyce should have reviewed
the MLS data prior to the listing being advertised.
15.Hector interviewed several real estate firms to possibly list his home for sale.
After much deliberation, Hector decided to list his home For Sale by Owner
because he did not want to disclose that the roof leaked. Which of the
following statements is TRUE regarding Hector's duty to disclose?
A)
Hector is not required to disclose the roof leak to potential buyers whether he is
selling For Sale by Owner or if he hires a firm to represent him.
B)
Hector only has to disclose if he hires a firm to represent him.
C)
Hector is required to disclose the roof leak regardless if he is selling For Sale by
Owner or hiring a firm to represent him.
D)
Hector is not required to disclose the roof leak to any potential buyers since he
is selling For Sale by Owner. - ANSWER A)
Responsibilities Study Questions
with Verified Answers Already
Graded A+
1. Which of the following is always a material fact in North Carolina?
A. A known history of haunting
B. Square footage
C. The potential presence of radon
D. History of cooking meth on property - ANSWER D. History of
cooking meth on property
2. What does it mean when something is described as having a disparate
impact? - ANSWER Disparate impact is when a rule or doctrine seems
neutral at the surface, but disproportionately affects a protected class.
3. A seller checks "No Representation" for all the questions on the Residential
Property and Owners' Association Disclosure Statement. However, the
listing broker is aware of a significant hidden defect in the property. The
listing broker does not describe the defect in the listing data or tell a broker
who is working with a prospective buyer for the property. The buyer's agent
does not discover the defect and therefore does not disclose the defect to the
, prospective buyer. Under the N.C. Real Estate License Law, who would
most likely be held accountable for the non-disclosure to the buyer? -
ANSWER The listing broker only.
Under the doctrine of Caveat Emptor the seller does not have to disclose.
However, brokers always have a responsibility to discover and disclose material
facts.
4. How does a real estate agent prove that they have disclosed agency at first
substantial contact? - ANSWER Having the consumer sign the WWREA
disclosure serves as evidence that you reviewed it with them. However, they
are not required to sign it, and it is not a contract.
5. When you work with buyers and sellers you are typically acting as a.... -
ANSWER Special Agent
6. A listing agent can reject offers for the seller if they don't think they are
good enough: - ANSWER False
7. Which of the following is the best example of a universal agent?
A. Buyer's Agent
B. Unlimited Power of Attorney
C. Property Manager
D. Listing Agent - ANSWER B. Unlimited Power of Attorney
8. What is an example of General Agency?
A. Property Manager
B. A licensee on behalf of their firm
C. Both A and B
, D. Neither A or B - ANSWER C. Both A and B
9. Who sets the listing price? - ANSWER The seller
10.Which of the following best defines obedience within our fiduciary duties?
A. Following a client’s lawful, willful, instructions.
B. Withholding material facts from buyers.
C. Keeping their information confidential.
D. Properly handling money and retaining records. - ANSWER A.
Following a client's lawful, willful, instructions.
11.If a buyer client wants to see 3 homes that are offering different
commissions in the MLS, 1%, 2%, 3%, which listing should you take your
client to see? - ANSWER All of them
12.An agent is expected to know everything good/bad about a property all the
time? - ANSWER No
13.Joyce listed a property for sale on behalf of her firm. She indicated that the
property was 10 years old and had two full baths. The data entry
administrator input the data incorrectly into MLS and noted that there were
four full baths. Joyce did not review the data prior to the firm advertising the
property. Under the standards for listing agents, which of the following
statements is TRUE?
A)
Joyce does not have any responsibility for the accuracy of the advertising.
B)
Joyce does not have any responsibility because the data entry administrator has
all the liability.
, C)
Joyce does have responsibility because she is probably guilty of negligent
misrepresentation.
14.D)
Joyce does have responsibility because she should not have allowed the data
entry administrator to enter information into MLS. - ANSWER C)
Joyce does have responsibility because she is probably guilty of negligent
misrepresentation.
A firm/broker can employee a data entry administrator but the firm/broker is
still liable for the accuracy of all advertisements. Joyce should have reviewed
the MLS data prior to the listing being advertised.
15.Hector interviewed several real estate firms to possibly list his home for sale.
After much deliberation, Hector decided to list his home For Sale by Owner
because he did not want to disclose that the roof leaked. Which of the
following statements is TRUE regarding Hector's duty to disclose?
A)
Hector is not required to disclose the roof leak to potential buyers whether he is
selling For Sale by Owner or if he hires a firm to represent him.
B)
Hector only has to disclose if he hires a firm to represent him.
C)
Hector is required to disclose the roof leak regardless if he is selling For Sale by
Owner or hiring a firm to represent him.
D)
Hector is not required to disclose the roof leak to any potential buyers since he
is selling For Sale by Owner. - ANSWER A)
