NC Post License 303 Selected Topics Questions and Answers 100% Pass
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NC Post License 303 Selected Topics
Institution
NC Post License 303 Selected Topics
NC Post License 303 Selected Topics
Questions and Answers 100% Pass
What is the purpose of a rental application?
To gather information about a prospective tenant’s background, including credit history and
rental history
What does the term “property tax lien” refer to?
A legal clai...
NC Post License 303 Selected Topics
Questions and Answers 100% Pass
What is the purpose of a rental application?
✔✔ To gather information about a prospective tenant’s background, including credit history and
rental history
What does the term “property tax lien” refer to?
✔✔ A legal claim against a property for unpaid property taxes
What should a real estate agent do if they suspect fraud in a transaction?
✔✔ Report the suspicion to the appropriate authorities and follow legal and ethical guidelines
What is a broker's responsibility in handling earnest money deposits?
✔✔ To ensure that the earnest money is properly deposited into an escrow account and
accounted for until closing
What is the role of a real estate settlement agent?
1
, ✔✔ To facilitate the closing process by preparing documents, handling funds, and ensuring that
all conditions of the sale are met
How does a real estate agent help with a property’s market analysis?
✔✔ By evaluating recent sales of similar properties and current market conditions to determine a
competitive price
What is a “fiduciary duty” in real estate?
✔✔ The obligation to act in the best interests of the client, including loyalty, full disclosure, and
confidentiality
What information is typically included in a real estate closing statement?
✔✔ A detailed account of all financial transactions related to the sale, including purchase price,
closing costs, and adjustments
What does the term “comparable sales” refer to?
✔✔ Sales of similar properties in the same area used to estimate the market value of a property
What actions should a broker take if a client wishes to withdraw an offer on a property?
2
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