Post Licensing 303 Questions and Answers 100% Pass
9 views 0 purchase
Course
Post Licensing 303
Institution
Post Licensing 303
Post Licensing 303 Questions and
Answers 100% Pass
What should a broker do if they notice discrepancies in a client’s financial documents during a
transaction?
Notify the client immediately and work to resolve the discrepancies before proceeding.
What is required for a property mana...
Post Licensing 303 Questions and
Answers 100% Pass
What should a broker do if they notice discrepancies in a client’s financial documents during a
transaction?
✔✔ Notify the client immediately and work to resolve the discrepancies before proceeding.
What is required for a property management agreement to be enforceable?
✔✔ It must be in writing and include details about the property, management duties, and fees.
How often must a broker update their trust account records?
✔✔ Regularly, and at least monthly, to ensure accuracy and compliance.
What must a broker disclose if they have a personal interest in a property being sold?
✔✔ The personal interest must be disclosed to all parties involved in the transaction.
What is the proper procedure if a broker needs to withdraw funds from an escrow account?
✔✔ The broker must have proper authorization and documentation to support the withdrawal.
1
,What action should a broker take if they suspect a property is not in compliance with local
zoning laws?
✔✔ Advise the client to consult with a zoning official or legal expert for guidance.
What must a broker do if they receive a complaint from a client about a transaction?
✔✔ Address the complaint professionally, document the details, and report it to the North
Carolina Real Estate Commission if necessary.
What is required for a valid real estate advertisement?
✔✔ It must be truthful and include the broker’s name and contact information.
What should a broker do if they discover that a property has hidden defects after listing it?
✔✔ Disclose the defects to potential buyers and update the property listing as needed.
How should a broker handle an overpayment of funds in a real estate transaction?
✔✔ Refund the excess amount to the appropriate party and document the transaction thoroughly.
2
, What must a broker do if a client requests to cancel their listing agreement?
✔✔ Review the terms of the agreement and obtain written consent from the client to formally
terminate it.
What is required of a broker when conducting a final walkthrough with a buyer?
✔✔ Ensure that the property is in the condition agreed upon in the contract and address any
issues with the seller.
What action should a broker take if they find that a property’s title has unresolved liens?
✔✔ Inform the buyer and recommend that the liens be cleared before closing.
What is the broker’s responsibility regarding property disclosures?
✔✔ Ensure that all known material facts about the property are disclosed to potential buyers.
How should a broker handle a situation where a seller is unresponsive to offers?
✔✔ Document all attempts to communicate and advise the buyer of the seller’s lack of response.
What is the role of a closing agent in the closing process?
3
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 BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
