Modern Real Estate Practice in NC (10th
Edition) Exam Study Guide Questions and
CORRECT Answers
What is included in a agency agreement? - CORRECT ANSWER - must be signed by
all parties
- include the broker's real estate number
- have a definite termination date
- contain the prescribed non-discrimination provision
Listing Agreement - CORRECT ANSWER A legal contract between a property owner
(seller) and a real estate broker or agent that gives the agent the right to market and sell the
property.
Employment contract - CORRECT ANSWER Any formal agreement where a broker or
agent is contracted to perform real estate services on behalf of another party.
National Do Not Call Registry - CORRECT ANSWER A federal list managed by the
Federal Trade Commission (FTC) that allows consumers to limit telemarketing calls,
including those from real estate professionals.
Antitrust Laws - CORRECT ANSWER Laws designed to promote fair competition and
prevent monopolistic practices in the industry. These laws aim to protect consumers by
ensuring that real estate businesses compete fairly and do not engage in practices that would
limit choice or artificially inflate prices.
Price Fixing - CORRECT ANSWER The practice of setting prices for products or
services rather than letting competition on the open market establish them.
Ready, willing and able buyer - CORRECT ANSWER - They are prepared to make a
purchase immediately.
Edition) Exam Study Guide Questions and
CORRECT Answers
What is included in a agency agreement? - CORRECT ANSWER - must be signed by
all parties
- include the broker's real estate number
- have a definite termination date
- contain the prescribed non-discrimination provision
Listing Agreement - CORRECT ANSWER A legal contract between a property owner
(seller) and a real estate broker or agent that gives the agent the right to market and sell the
property.
Employment contract - CORRECT ANSWER Any formal agreement where a broker or
agent is contracted to perform real estate services on behalf of another party.
National Do Not Call Registry - CORRECT ANSWER A federal list managed by the
Federal Trade Commission (FTC) that allows consumers to limit telemarketing calls,
including those from real estate professionals.
Antitrust Laws - CORRECT ANSWER Laws designed to promote fair competition and
prevent monopolistic practices in the industry. These laws aim to protect consumers by
ensuring that real estate businesses compete fairly and do not engage in practices that would
limit choice or artificially inflate prices.
Price Fixing - CORRECT ANSWER The practice of setting prices for products or
services rather than letting competition on the open market establish them.
Ready, willing and able buyer - CORRECT ANSWER - They are prepared to make a
purchase immediately.
