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301- NC POST LICENSING QUESTIONS
WITH DETAILED VERIFIED ANSWERS
Can an inactive agent be paid a referral commission if they were active
at the time they made the referral? Ans: Yes. If and only if they were
active at time of referral
Must Dual Agency be in writing? Ans: 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? Ans: Advertising
May a BIC and their Provisional Broker enter into dual agency together?
Ans: No. Because the BIC oversees the PBs transactions, this would be a
conflict of interest
When must all agency be "Written" Ans: Prior to first offer
Are all in-house transactions Dual Agency? Ans: No. The exceptions
would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? Ans: No. They can only
reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? Ans: Principles
of a transaction
If Dual Agency is not disclosed is a commission due? Ans: 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? Ans:
Contractual Obligations
What must all agency agreements have? Ans: A beginning and ending
date
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Oral to Oral & Written to Written describe what? Ans: The permissions
needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? Ans: Deed, Plot
Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? Ans: The
listing agent, regardless of who brings a buyer, and likely the buyer
agent
Who gets paid in an exclusive listing agreement? Ans: Whomever brings
a buyer
Who can sell a property in an Open listing? Ans: Any actively licensed
agent
In a net listing money above the asking price is paid to whom? Ans:
Listing Agent
Who is the actual agent to the principle in a transaction? Ans: The Firm
(Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? Ans: Lease to purchase, 1st
Dwelling, and Foreclosure
When should WWREA be explained / signed? Ans: At first substantial
contact
If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? Ans: Complete latest General Update (4 Hours), and 3 CE
Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting Material
Facts? Ans: Only Agents... (License Law)
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? Ans: Principles
301- NC POST LICENSING QUESTIONS
WITH DETAILED VERIFIED ANSWERS
Can an inactive agent be paid a referral commission if they were active
at the time they made the referral? Ans: Yes. If and only if they were
active at time of referral
Must Dual Agency be in writing? Ans: 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? Ans: Advertising
May a BIC and their Provisional Broker enter into dual agency together?
Ans: No. Because the BIC oversees the PBs transactions, this would be a
conflict of interest
When must all agency be "Written" Ans: Prior to first offer
Are all in-house transactions Dual Agency? Ans: No. The exceptions
would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? Ans: No. They can only
reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? Ans: Principles
of a transaction
If Dual Agency is not disclosed is a commission due? Ans: 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? Ans:
Contractual Obligations
What must all agency agreements have? Ans: A beginning and ending
date
, Page | 2
Oral to Oral & Written to Written describe what? Ans: The permissions
needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? Ans: Deed, Plot
Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? Ans: The
listing agent, regardless of who brings a buyer, and likely the buyer
agent
Who gets paid in an exclusive listing agreement? Ans: Whomever brings
a buyer
Who can sell a property in an Open listing? Ans: Any actively licensed
agent
In a net listing money above the asking price is paid to whom? Ans:
Listing Agent
Who is the actual agent to the principle in a transaction? Ans: The Firm
(Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? Ans: Lease to purchase, 1st
Dwelling, and Foreclosure
When should WWREA be explained / signed? Ans: At first substantial
contact
If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? Ans: Complete latest General Update (4 Hours), and 3 CE
Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting Material
Facts? Ans: Only Agents... (License Law)
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? Ans: Principles
