301 NC POST LICENSING STUDY GUIDE
2026 VERIFIED QUESTION SET AND
SOLUTIONS
◉ Under Civil /Criminal law who can be held responsible for
reporting Material Facts?
Answer: Principles
◉ Name the 4 types of Material Facts
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?
Answer: All parties, including 3rd Parties regardless of who you
represent
◉ Who can The Real Estate Commission fine?
Answer: Time Share Developers
◉ Willfull Omission means
Answer: You knew but you didn't disclose
, ◉ Willfull Misrepresentation means
Answer: You lied, by speaking wrong information
◉ Negligent Omission means
Answer: You should have known, but did not
◉ Negligent Misrepresentation means
Answer: You should have known, but spoke wrong information
◉ May a principle be held responsible for mis-information as it
relates to a material fact?
Answer: Yes. Typically civilly or criminally
◉ The provision in a listing agreement that may obligate seller to
pay a commission after the agreement has expired is called?
Answer: Override Clause or Extender Clause
◉ A listing agreement is said to be what, if the principle dies during
the agreement?
Answer: Automatically Terminated
2026 VERIFIED QUESTION SET AND
SOLUTIONS
◉ Under Civil /Criminal law who can be held responsible for
reporting Material Facts?
Answer: Principles
◉ Name the 4 types of Material Facts
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?
Answer: All parties, including 3rd Parties regardless of who you
represent
◉ Who can The Real Estate Commission fine?
Answer: Time Share Developers
◉ Willfull Omission means
Answer: You knew but you didn't disclose
, ◉ Willfull Misrepresentation means
Answer: You lied, by speaking wrong information
◉ Negligent Omission means
Answer: You should have known, but did not
◉ Negligent Misrepresentation means
Answer: You should have known, but spoke wrong information
◉ May a principle be held responsible for mis-information as it
relates to a material fact?
Answer: Yes. Typically civilly or criminally
◉ The provision in a listing agreement that may obligate seller to
pay a commission after the agreement has expired is called?
Answer: Override Clause or Extender Clause
◉ A listing agreement is said to be what, if the principle dies during
the agreement?
Answer: Automatically Terminated
