Post Licensing 301 NC Study Questions with Verified Solutions
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Post Licensing 301 NC Study
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Post Licensing 301 NC Study
Post Licensing 301 NC Study Questions
with Verified Solutions
What is the primary purpose of the listing agreement in real estate?
To establish the terms and conditions under which a real estate agent will represent the seller
How often must a property management company provide a financ...
Post Licensing 301 NC Study Questions
with Verified Solutions
What is the primary purpose of the listing agreement in real estate?
✔✔ To establish the terms and conditions under which a real estate agent will represent the seller
How often must a property management company provide a financial report to the property
owner?
✔✔ Monthly
What is an exclusive right to sell listing?
✔✔ A type of listing agreement where the agent has the exclusive right to sell the property and
earn a commission regardless of who finds the buyer
What does a property management agreement typically include?
✔✔ Details about the management fees, responsibilities, and duration of the agreement
What is the purpose of a broker’s price opinion (BPO)?
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, ✔✔ To provide an estimate of a property’s value based on market conditions and comparable
sales
What must be disclosed to potential buyers about the condition of a property?
✔✔ Any known defects or issues with the property
What is the role of an earnest money deposit in a real estate transaction?
✔✔ To demonstrate the buyer’s serious intent to purchase the property and secure the offer
How is a property’s value typically determined for a sale?
✔✔ Through a comparative market analysis (CMA) or appraisal
What should a broker do if a client wants to withdraw an offer on a property?
✔✔ Communicate the withdrawal to the seller and ensure all necessary paperwork is completed
What is the purpose of a closing statement in a real estate transaction?
✔✔ To outline all financial details of the transaction, including costs and adjustments
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