Exam (elaborations)
301- NC POST LICENSING QUESTIONS & ANSWERS
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301- NC POST LICENSING QUESTIONS & ANSWERS
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301- NC POST LICENSING QUESTIONS & ANSWERSCan an inactive agent be paid a referral commission if they were active at the time they
made the referral? - Answers- Yes. If and only if they were active at time of referral
Must Dual Agency be in writing? - Answers- Before an offer is made, Yes. Dual agency
must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and
what? - Answers- Advertising
May a BIC and their Provisional Broker enter into dual agency together? - Answers- No.
Because the BIC oversees the PBs transactions, this would be a conflict of interest
When must all agency be "Written" - Answers- Prior to first offer
Are all in-house transactions Dual Agency? - Answers- No. The exceptions would be
Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - Answers- No. They can only
reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - Answers- Principles of a
transaction
Who gets paid in an Exclusive Right to Sell listing agreement? - Answers- The listing
agent, regardless of who brings a buyer, and likely the buyer agent
Who gets paid in an exclusive listing agreement? - Answers- Whomever brings a buyer
Who can sell a property in an Open listing? - Answers- Any actively licensed agent
In a net listing money above the asking price is paid to whom? - Answers- Listing Agent
Who is the actual agent to the principle in a transaction? - Answers- The Firm
(Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - Answers- Lease to purchase, 1st Dwelling,
and Foreclosure
When should WWREA be explained / signed? - Answers- At first substantial contact
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? -
Answers- Complete latest General Update (4 Hours), and 3 CE Classes (4 hours each)
Total of 16 hours
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