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301 Post-Licensing Unit 3 Review Questions with 100% Correct Answers | Verified | Latest Update
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301 Post-Licensing Unit 3 Review Questions with 100% Correct Answers | Verified | Latest Update
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301 Post-Licensing Unit 3 ReviewQuestions with 100% Correct Answers |
Verified | Latest Update
NorthiCarolinaiRealiEstateiCommissioni(NCREC)irequiresithatiwhenithei
disclosureiisiprovideditoitheiconsumer,itheibrokerimustidoiallitheifollowi
ngiEXCEPT
A)irequireitheiconsumeritoisign.
B)idiscussiagencyirelationshipioptions.
C)idetermineiiniwhaticapacity,iifiany,itheyiwilliworkiwithitheiconsumer.
D)iencourageitheiconsumeritoisignitheidisclosure.i-iCorrectiAnswer-
A)irequireitheiconsumeritoisign.
AccordingitoiNCRECiRuleiA.0104,iatitheifirstisubstantialicontactiwithithei
consumer,iaibrokerimustidiscussiagencyirelationshipioptions,idetermin
eiiniwhaticapacity,iifiany,itheyiwilliworkiwithitheiconsumer,iandisignithei
disclosure.iItishouldibeinotedithatitheiconsumeriisinotirequireditoisign,ia
cknowledgingireceiptiofitheidisclosureiform,ialthoughitheyishouldibeien
courageditoidoiso.iHowever,iifiaiconsumerirefusesitoisignitheiformiackno
wledgingiitsireceipt,ithenitheibrokerishouldinoteitheiperson'sirefusalioni
theiformiandiretainitheiformiinitheitransactionifile.
Atiwhatitimeimustiaipropertyimanagementiagreementiwithiaipropertyio
wneribeiiniwriting?
,A)iAtiinitialicontact
B)iAtitheitimeiofiitsiformation
C)iNeverineedsitoibeiiniwriting
D)iAtifirstisubstantialicontacti-iCorrectiAnswer-
B)iAtitheitimeiofiitsiformation
AccordingitoiNCRECiRuleiA.0104,ieveryiagreementiforibrokerageiservice
sibetweeniaibrokeriandianiowneriofitheipropertyitoibeitheisubjectiofiaitr
ansactionishallibeiiniwritingiandisignedibyitheipartiesiatitheitimeiofiitsifo
rmation.
SharlaiisilookingitoimoveiintoiainewirentalihouseiandiisimeetingiwithiTa
wnyaiatiTopiNotchiRealtyitoidiscussiherirentalioptions.iAtiwhatipointiinit
heirelationshipidoitheyineeditoireduceitheirirepresentationiagreementit
oiwriting?
A)iWheniSharlaisharesithatisheimustimoveiinitheinextitwoiweeks
B)iWheniSharlaiandiTawnyaifirstimeet
C)iWheniSharlaiwantsitoimakeianiofferitoileaseitoitheilandlord
D)iRightibeforeiSharlaitakesipossessioniofitheipropertyi-iCorrectiAnswer-
C)iWheniSharlaiwantsitoimakeianiofferitoileaseitoitheilandlord
toiNCRECiRuleiA.0104,ieveryiagreementiforibrokerageiservicesibetweeni
aibrokeriandiaibuyerioritenantishallibeiexpressiandishallibeiiniwritingiand
,signedibyitheipartiesitheretoinotilaterithanitheitimeioneiofitheipartiesim
i
akesianiofferitoilease.iTheiagreementicanibeioraliupiuntilitheitimeitheite
nantiwantsitoimakeianiofferiandithenitheirepresentationiagreementi(ag
encyiagreement)imustibeireduceditoiwriting.
ViolaiisiaffiliatediwithiPineiTopiRealtyiandiisihostingianiopenihouseionith
eirinewilistingiati4970iBeautifuliHomeiLane.iWheniWilliamientersitheiho
use,iViolaihandsihimianiinformationisheetiaboutitheiproperty.iWilliamivi
ewsitheihome,ithanksiViolaiforitheiinformation,iandileaves.iTheyihavein
otihadianyiothericonversationiwhileiWilliamiwasiviewingitheihome.iInith
isisituation,iwhichiofitheifollowingistatementsiisiTRUE?
A)iViolaiisirepresentingitheiselleriandihasinoirequirementitoipresentithei
WorkingiwithiRealiEstateiAgentsidisclosureitoianyone.
B)iViolaiisiiniviolationiofiNorthiCarolinaiRealiEstateiCommissionirulesitha
tirequireiheritoipresentitheiWorkingiwithiRealiEstateiAgentsidisclosureib
ecauseifirstisubstantialicontactihasioccurred.
C)iViolaiisinotiiniviolationiofiNorthiCarolinaiRealiEstateiCommissionirules
ithatirequireiheritoipresentitheiWorkingiwithiRealiEstateiAgentsidisclosu
reibecauseifirstisubstantialicontactihasi-iCorrectiAnswer-
C)iViolaiisinotiiniviolationiofiNorthiCarolinaiRealiEstateiCommissionirules
ithatirequireiheritoipresentitheiWorkingiwithiRealiEstateiAgentsidisclosu
reibecauseifirstisubstantialicontactihasinotioccurred.
Firstisubstantialicontactiisitheipointiinitimeiwheniaiconsumeribeginsitoia
ctiasithoughianiagencyirelationshipiexistsioritoidiscloseitheiriparticularin
eeds,idesires,ioriwantsiaboutipropertyitoibeisoldioripurchasediorianyicon
, fidentialipersonaliinformationiaboutithem,isuchiasifinancialicircumstanc
es,ifamilyimatters,iemploymentisituations,ietc.iFirstisubstantialicontacti
alsoioccursiwhenitheibrokeribeginsitoispeakioriactiinisuchiaiwayithatiaire
asonableipersoniwouldibelieveithatianiagencyirelationshipiexists.iWillia
mididinotishareianyiinformationiwithiViolainorididiViolaiaskiWilliamianyi
questions.
Brokersimustiunderstandithatibeforeitheyicaniassistiaiprospectiveibuyeri
withilocatingiaiproperty,itheibrokerimustihave
A)ieitherianiexpressioralioriwrittenibuyer-
agencyiagreementiwithitheibuyerioridisclosediiniwritingitoitheiprospecti
veibuyerithatitheibrokeriwillibeiworkingiwithitheibuyeriasiaiseller'siagent
iorisubagent.
B)ianiexpressioralidisclosureitoitheiprospectiveibuyerithatitheibrokeriwill
ibeiworkingiwithitheibuyeriasiaiseller'siagentiorisubagent.
C)ieitherianiexpressiwrittenibuyer-
agencyiagreementiorianiexpressioralibuyer-agencyiagreement.
D)iaidisclosureiiniwritingitoitheiprospectiveibuyerithatitheibrokeriwillibei
workingiwithitheibuyeriasiaiseller'siagentiorisubagent.i-iCorrectiAnswer-
A)ieitherianiexpressioralioriwrittenibuyer-
agencyiagreementiwithitheibuyerioridisclosediiniwritingitoitheiprospecti
veibuyerithatitheibrokeriwillibeiworkingiwithitheibuyeriasiaiseller'siagent
iorisubagent.
Brokersimustiunderstandithatibeforeitheyicaniassistiaiprospectiveibuyeri
withilocatingiaiproperty,itheibrokerimustieitherihave:i(1)ianiexpressiorali
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