Post licensing 301 NC study ques ons and answers
New!! 2025/2026 Updated
When must a seller's agent or subagent ini ally disclose agency status to a buyer? - CORRECT
ANSWERS before buyer and buyer's agent discuss mo va on and financial informa on
seller's subagent - CORRECT ANSWERS no wri$en or oral buyer agency
OLDCAR - CORRECT ANSWERS obedience
loyalty
disclosure
confiden ality
accoun ng
reasonable care
In dual agency, the agent's du es are _____ to being a facilitator - CORRECT ANSWERS
reduced
What statement would require full disclosure of all financing terms in compliance with TILA,
Reg Z and RESPA - CORRECT ANSWERS any number amount triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - CORRECT ANSWERS filed
foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - CORRECT ANSWERS material fact
, T/F AS-IS relieves seller from disclosing material fact - CORRECT ANSWERS F, AS-IS does not
relieve requirement to disclose material fact
name 10 material fact required disclosures - CORRECT ANSWERS stucco, radon, lead-based
paint, filed foreclosure, zoning, flood plains, meth houses, gravesites, pending highways,
asbestos siding
names issues that are not material fact - CORRECT ANSWERS pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? - CORRECT ANSWERS
Lis ng agent
Does filed foreclosure need to be disclosed? - CORRECT ANSWERS Yes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? - CORRECT
ANSWERS divided equally
In dual agency between clients, the agent's role is _______ to the contractual benefits of the
contract and the agent becomes a _______. - CORRECT ANSWERS reduced; facilitator
BIB and PB are doing a deal together, can BIC and PB work as designated agents? - CORRECT
ANSWERS No, they must work as a dual agent
when must an agent disclose dual agency in a transac on? - CORRECT ANSWERS before
presenta on of the 1st offer
Can a BIC and PB be designated agents in the same transac on? - CORRECT ANSWERS No,
they must work as a dual agent
New!! 2025/2026 Updated
When must a seller's agent or subagent ini ally disclose agency status to a buyer? - CORRECT
ANSWERS before buyer and buyer's agent discuss mo va on and financial informa on
seller's subagent - CORRECT ANSWERS no wri$en or oral buyer agency
OLDCAR - CORRECT ANSWERS obedience
loyalty
disclosure
confiden ality
accoun ng
reasonable care
In dual agency, the agent's du es are _____ to being a facilitator - CORRECT ANSWERS
reduced
What statement would require full disclosure of all financing terms in compliance with TILA,
Reg Z and RESPA - CORRECT ANSWERS any number amount triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - CORRECT ANSWERS filed
foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - CORRECT ANSWERS material fact
, T/F AS-IS relieves seller from disclosing material fact - CORRECT ANSWERS F, AS-IS does not
relieve requirement to disclose material fact
name 10 material fact required disclosures - CORRECT ANSWERS stucco, radon, lead-based
paint, filed foreclosure, zoning, flood plains, meth houses, gravesites, pending highways,
asbestos siding
names issues that are not material fact - CORRECT ANSWERS pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? - CORRECT ANSWERS
Lis ng agent
Does filed foreclosure need to be disclosed? - CORRECT ANSWERS Yes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? - CORRECT
ANSWERS divided equally
In dual agency between clients, the agent's role is _______ to the contractual benefits of the
contract and the agent becomes a _______. - CORRECT ANSWERS reduced; facilitator
BIB and PB are doing a deal together, can BIC and PB work as designated agents? - CORRECT
ANSWERS No, they must work as a dual agent
when must an agent disclose dual agency in a transac on? - CORRECT ANSWERS before
presenta on of the 1st offer
Can a BIC and PB be designated agents in the same transac on? - CORRECT ANSWERS No,
they must work as a dual agent
