301 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE 200 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
When must a seller's agent or subagent initially disclose agency status to a buyer? -
ANSWERbefore buyer and buyer's agent discuss motivation and financial information
seller's subagent - ANSWERno written or oral buyer agency
OLDCAR - ANSWERobedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator - ANSWERreduced
What statement would require full disclosure of all financing terms in compliance with
TILA, Reg Z and RESPA - ANSWERany number amount triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - ANSWERfiled foreclosure;
must be disclosed
If it is not_______, you shouldn't be talking about it. - ANSWERmaterial fact
T/F AS-IS relieves seller from disclosing material fact - ANSWERF, AS-IS does not
relieve requirement to disclose material fact
names issues that are not material fact - ANSWERpending foreclosure, death or illness,
murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? - ANSWERListing
agent
, Does filed foreclosure need to be disclosed? - ANSWERYes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
ANSWERdivided equally
In dual agency between clients, the agent's role is _______ to the contractual benefits
of the contract and the agent becomes a _______. - ANSWERreduced; facilitator
BIB and PB are doing a deal together, can BIC and PB work as designated agents? -
ANSWERNo, they must work as a dual agent
when must an agent disclose dual agency in a transaction? - ANSWERbefore
presentation of the 1st offer
Can a BIC and PB be designated agents in the same transaction? - ANSWERNo, they
must work as a dual agent
When is the last time to sign WWREA with a seller at a listing appointment? -
ANSWERBefore the listing presentation begins and before first substantial contact
occurs
When first substantial contact has occurred, how long do you have to get WWREA
signed? - ANSWER3 days
If broker secures listing after looking for their buyer but discloses to neither side about
their agency status, will they get paid? - ANSWERNo, undisclosed dual agency is not
permissible and therefore compensation is not required
When must you disclose agency status? - ANSWERbefore discussing motivation and
financial information
Client is on DNC can I call them after closing? - ANSWERYes, for up to 18 months
between "touches"
My seller said NREP on LBP form, is this allowed? - ANSWERNo, LBP is material fact
and required as a disclosure
T/F PB can sub CE for post-licensing - ANSWERF; no sub for post
Seller's agent must disclose the name of the buyer's agent before______ -
ANSWERpresentation of the first offer
In a CMA, the adjustments are always made to the ........not the ...... - ANSWERalways
made to the comparable, not the subject
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