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NC POST LICENSING 301 QUESTIONS AND ANSWERS $9.99   Add to cart

Exam (elaborations)

NC POST LICENSING 301 QUESTIONS AND ANSWERS

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  • Course
  • 301- NC Post Licensing
  • Institution
  • 301- NC Post Licensing

NC POST LICENSING 301 QUESTIONS AND ANSWERS

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  • November 5, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 301- NC Post Licensing
  • 301- NC Post Licensing
avatar-seller
GEEKA
NC POST LICENSING 301 QUESTIONS AND ANSWERS
What are the fiduciary duties? - Answers- Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality

Seller must provide these disclosures, and they must provide them before: - Answers-
They must provide the RPOADS, MOG, and lead-based paint disclosure if the house
was built before 1978.
Must be provided before an offer is made

What are the 3 main exceptions to providing the RPOADS? - Answers- New
construction
Tenant in possession
Mutual agreement

Th NCREC Residential SF Guidelines define "living area" as: - Answers- Heated,
finished, and directly accessible areas

What is minimum ceiling height? - Answers- 7 feet

Exceptions include: - Answers- A sloping ceiling, which is 5 feet, and duct work which
must be 6 foot 4

Square footage is measured: - Answers- Outside

If square footage must be measured inside, you should include how much for walls and
how much for brick walls? - Answers- 6 inches for regular, 8.5 for brick

What are reasonable sources for determining square footage? - Answers- A licensed
appraiser hired for this transaction, and the listing agent

Stairs connecting two floors count as square footage for which floor? - Answers- The
first floor

3 prohibited sources of square footage are: - Answers- Tax assessments
Appraisals from a previous transaction
Blueprents (unless it is under construction)

What is the permissible variance for square footage? - Answers- 5%

The Sherman Anti-Trust Act prohibits: - Answers- Price fixing
Market allocation

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