NORTH CAROLINA POST LICENSING
301 EXAM 2024 ACTUAL EXAM
COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
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
If a Seller refuses to sign an offer for less than list
price, is a commission due? - ....ANSWER...No. It is
not due, until Seller agrees upon the price and signs
,What are considered Trigger items in Regulation Z? -
....ANSWER...Any numbers or numerical characters
Is a CMA mandatory when listing a property? -
....ANSWER...Yes. It is an agent's duty to perform a
CMA for Seller
What would a "Latent" material fact be? -
....ANSWER...A very well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual
agent? - ....ANSWER...No, A dual agent represents
both principles in a single transaction
Does the WWREA brochure have an option for Seller
Sub Agency? - ....ANSWER...Yes. it is a check box on
the last page
May an unlicensed employee designate an agent for
dual agency? - ....ANSWER...Yes. If there is a
company policy stating this
,May a Principle refuse to sign the WWREA? -
....ANSWER...Yes. Agent just needs to write "Refused
to sign"
When measuring the square footage of stairs always
remember to? - ....ANSWER...Include the square
footage on the first floor, and include the square
footage on the 2nd floor as well
A CMA is not a representation of Value but is a? -
....ANSWER...Representation of a range of suggested
selling price
May an agent do a CMA/BPO for a bank? -
....ANSWER...No. Agents cannot perform either for
the purposes of a loan or mortgage. This must be
done by appraisers
Typically if a Seller is not that motivated to sell the
price would tend to be... - ....ANSWER...At the higher
range of the CMA
In Qualifying Ratios what is included in the Front
End? - ....ANSWER...Principle payment, Interest,
Taxes Insurance, PMI & HOA
, In Qualifying Ratios what is included in the Back
End? - ....ANSWER...Everything from the front end +
Recurring Debt Payments
What are the Qualifying Ratios for a conventional
loan? - ....ANSWER...28% / 36%
To figure out if a buyer is eligible for a loan based on
Front End criteria, the formula is what? -
....ANSWER...PITII + HOA Divided by Gross Monthly
Income
To figure out if a buyer is eligible for a loan based on
Back End criteria, the formula is what? -
....ANSWER...PITII + HOA + Recurring Monthly Debts
Divided by Gross Monthly Income
If a Seller wants to net exactly $50,000 but must pay
7% commission, plus a $1200 settlement fee, then
what price must the property sell at? -
....ANSWER...50,000+1200=51,200 then 51,200 divided
by 93% = $55,053.76
301 EXAM 2024 ACTUAL EXAM
COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY
GRADED A+
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
If a Seller refuses to sign an offer for less than list
price, is a commission due? - ....ANSWER...No. It is
not due, until Seller agrees upon the price and signs
,What are considered Trigger items in Regulation Z? -
....ANSWER...Any numbers or numerical characters
Is a CMA mandatory when listing a property? -
....ANSWER...Yes. It is an agent's duty to perform a
CMA for Seller
What would a "Latent" material fact be? -
....ANSWER...A very well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual
agent? - ....ANSWER...No, A dual agent represents
both principles in a single transaction
Does the WWREA brochure have an option for Seller
Sub Agency? - ....ANSWER...Yes. it is a check box on
the last page
May an unlicensed employee designate an agent for
dual agency? - ....ANSWER...Yes. If there is a
company policy stating this
,May a Principle refuse to sign the WWREA? -
....ANSWER...Yes. Agent just needs to write "Refused
to sign"
When measuring the square footage of stairs always
remember to? - ....ANSWER...Include the square
footage on the first floor, and include the square
footage on the 2nd floor as well
A CMA is not a representation of Value but is a? -
....ANSWER...Representation of a range of suggested
selling price
May an agent do a CMA/BPO for a bank? -
....ANSWER...No. Agents cannot perform either for
the purposes of a loan or mortgage. This must be
done by appraisers
Typically if a Seller is not that motivated to sell the
price would tend to be... - ....ANSWER...At the higher
range of the CMA
In Qualifying Ratios what is included in the Front
End? - ....ANSWER...Principle payment, Interest,
Taxes Insurance, PMI & HOA
, In Qualifying Ratios what is included in the Back
End? - ....ANSWER...Everything from the front end +
Recurring Debt Payments
What are the Qualifying Ratios for a conventional
loan? - ....ANSWER...28% / 36%
To figure out if a buyer is eligible for a loan based on
Front End criteria, the formula is what? -
....ANSWER...PITII + HOA Divided by Gross Monthly
Income
To figure out if a buyer is eligible for a loan based on
Back End criteria, the formula is what? -
....ANSWER...PITII + HOA + Recurring Monthly Debts
Divided by Gross Monthly Income
If a Seller wants to net exactly $50,000 but must pay
7% commission, plus a $1200 settlement fee, then
what price must the property sell at? -
....ANSWER...50,000+1200=51,200 then 51,200 divided
by 93% = $55,053.76
