NC Post Licensing 301 ACTUAL
UPDATED QUESTIONS AND CORRECT
ANSWERS
Can an inactive agent be paid a referral commission if they were active at the time they made
the referral? - CORRECT ANSWERS✅✅Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - CORRECT ANSWERS✅✅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 ANSWERS✅✅Advertising
May a BIC and their Provisional Broker enter into dual agency together? - CORRECT
ANSWERS✅✅No. Because the BIC oversees the PBs transactions, this would be a conflict
of interest
When must all agency be "Written" - CORRECT ANSWERS✅✅Prior to first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWERS✅✅No. The
exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - CORRECT ANSWERS✅✅No. They can
only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWERS✅✅Principles of a transaction
If Dual Agency is not disclosed is a commission due? - CORRECT ANSWERS✅✅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
ANSWERS✅✅Contractual Obligations
What must all agency agreements have? - CORRECT ANSWERS✅✅A beginning and
ending date
Oral to Oral & Written to Written describe what? - CORRECT ANSWERS✅✅The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - CORRECT ANSWERS✅✅Deed,
Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - CORRECT
ANSWERS✅✅The listing agent, regardless of who brings a buyer, and likely the buyer
agent
Who gets paid in an exclusive listing agreement? - CORRECT ANSWERS✅✅Whomever
brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWERS✅✅Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - CORRECT
ANSWERS✅✅Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT ANSWERS✅✅The
Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - CORRECT ANSWERS✅✅Lease to purchase,
1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - CORRECT ANSWERS✅✅At first
substantial contact
UPDATED QUESTIONS AND CORRECT
ANSWERS
Can an inactive agent be paid a referral commission if they were active at the time they made
the referral? - CORRECT ANSWERS✅✅Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - CORRECT ANSWERS✅✅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 ANSWERS✅✅Advertising
May a BIC and their Provisional Broker enter into dual agency together? - CORRECT
ANSWERS✅✅No. Because the BIC oversees the PBs transactions, this would be a conflict
of interest
When must all agency be "Written" - CORRECT ANSWERS✅✅Prior to first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWERS✅✅No. The
exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - CORRECT ANSWERS✅✅No. They can
only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWERS✅✅Principles of a transaction
If Dual Agency is not disclosed is a commission due? - CORRECT ANSWERS✅✅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
ANSWERS✅✅Contractual Obligations
What must all agency agreements have? - CORRECT ANSWERS✅✅A beginning and
ending date
Oral to Oral & Written to Written describe what? - CORRECT ANSWERS✅✅The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - CORRECT ANSWERS✅✅Deed,
Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - CORRECT
ANSWERS✅✅The listing agent, regardless of who brings a buyer, and likely the buyer
agent
Who gets paid in an exclusive listing agreement? - CORRECT ANSWERS✅✅Whomever
brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWERS✅✅Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - CORRECT
ANSWERS✅✅Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT ANSWERS✅✅The
Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - CORRECT ANSWERS✅✅Lease to purchase,
1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - CORRECT ANSWERS✅✅At first
substantial contact
