NCREL POST LICENSING 301 EXAM |ACCURATE ANSWERS| VERIFIED
2 views 0 purchase
Course
NCREL POST LICENSING 301
Institution
NCREL POST LICENSING 301
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when? - Accurate AnswerBefore buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals? - Accurate AnswerObey, Loyalty, Disclosure, Confidentiality, Acco...
NCREL POST LICENSING 301 EXAM
2024\2025
NCREL POST LICENSING 301 EXAM 2024\2025 |ACCURATE ANSWERS| VERIFIED
A seller's agent or sub-agent must initially disclose her agent status to a prospective
buyer when? - Accurate Answer✅✅Before buyer and agent discuss motivation or
financial information.
What fiduciary duties are owed to principals? - Accurate Answer✅✅Obey,
Loyalty, Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller
under what agency? - Accurate Answer✅✅Dual Agency - agent cannot advise or
council
Material facts which must be disclosed - Accurate Answer✅✅Pending
foreclosure, adverse conditions, neighborhood changes, anything that will affect a
decision to buy or sell
, A runway is planned in the next 20 years near a property that I purchase. I later sell
the property. To which party must I disclose the plan for a runway? - Accurate
Answer✅✅All parties
A listing broker is aware of a hidden defect in the home. The seller marks no
representation on the disclosure statement, so the listing agent does not disclose the
defect in marketing or on MLS. The buyer's agent does not uncover the defect.
After closing who is responsible for the lack of disclosure to the purchaser? -
Accurate Answer✅✅The listing broker only - this is willful omission. If the
buyer's agent had discovered the defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the
grid and plans to install solar panels. The buyer's agent finds a home with a south
facing roof and tells the listing agent how excited her buyer is to install the solar
panels on this home. After closing the solar panels are installed. The city notifies
the buyer this is against city ordinance and must be removed. Who is responsible? -
Accurate Answer✅✅Both buying and selling agent - both should have contacted
the city zoning board to determine if solar panels were allowed.
How are fiduciary duties affected by dual agency? - Accurate Answer✅✅The
firm's duties are split equally between buyer and seller.
The agents role will be reduced to the contractual benefits of the contract.
If you are a provisional broker and your BIC lists and sells property. What agency
is allowed if you bring a buyer to the BICs listing and an offer is made? - Accurate
Answer✅✅Both BIC and provisional broker are dual agents.
The firm is also under dual agency
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GRADEUNITS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
