Exam (elaborations)
POST-LICENSING- 301 BROKER RELATIONSHIPS AND RESPONSIBILITIES
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POST-LICENSING- 301 BROKER RELATIONSHIPS AND RESPONSIBILITIES
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POST-LICENSING- 301 BROKER RELATIONSHIPS ANDRESPONSIBILITIES
Agency obligations come from 3 sources - Answers- 1. Common law
2. State law
3. Commission law
When a licensee breaches agency obligations, all of the following are potential
consequences: - Answers- 1. Civil liability
2. Criminal liability
3. Ethical violations
4. NCREC Disciplinary actions
The Commission may never _________________ a licensee as part of a disciplinary
action - Answers- Fine
Fiduciary duties and obligations are important in the real estate industry because they
impact the ____________ that consumer have in working with real estate professionals.
- Answers- Trust
Firms owe fiduciary duties to their __________________. - Answers- Principals aka
Clients
Licensees owe duties to the _________ and also to _______________ through
__________________. - Answers- Licensees owe duties to the FIRM and also to
CLIENTS through SUBAGENCY
OLDCAR- O - Answers- Obedience
OLDCAR-L - Answers- Loyalty
OLDCAR-D - Answers- Disclosure
OLDCAR-C - Answers- Confidentiality
OLDCAR-A - Answers- Accounting
OLDCAR-R - Answers- Reasonable Skill, Care and Diligence
Real Estate licensees are required to follow the instructions and direction of the
____________ unless those instructions are_______________ - Answers- Real Estate
licensees are required to follow the instructions and direction of the CLIENT unless
those instructions are ILLEGAL.
, If the instruction is illegal then a real estate professional should take the following
action....... - Answers- Terminate the relationship
Typical agency relationships in real estate DO NOT permit the agent to..... - Answers-
1. Make the decisions for he client
2. Sign client's name
3. Make offers or accept on behalf of client
Obligation of loyalty requires a Real Estate professional to put the ___________ interest
above all others, including _____________- - Answers- Obligation of loyalty requires a
Real Estate professional to put the CLIENTS interest above all others including YOUR
OWN.
A licensee has many obligations of Disclosure, disclosures include..... - Answers- 1.
Agency explanations
2. Material Facts
3. Interests in the transactions
4. Status as a licensee
A licensee must keep confidential all of the following of their client..... - Answers- 1.
Motivations
2. Finances
3. Objectives of Pricing or eventual amt willing to pay or accept.
4. Personal Information
A licensee has an obligation to ___________________ and _________________
handled in a real estate transaction- MONEY - Answers- A licensee has an obligation to
SAFEGUARD ALL MONEY and DOCUMENT ALL MONEY handled in a real estate
transaction.
Real Estate agents are required to make an____________ to every customer/ potential
client at ______________ by using the WWREA brochure - Answers- Real Estate
agents are required to make an AGENCY DISCLOSURE to every customer/ potential
client at FIRST SUBSTANTIAL CONTACT by using the WWREA brochure.
First Substantial client contact occurs any time the agent solicits or the client offers..... -
Answers- 1. Personal
2. Financial
3. Motivation
4. Wants, Needs or Desires.
The IRS classifies brokers as.... - Answers- Statutory Non- Exempt
Business and professionals are required to check the list at DONOTCALL.GOV every
___________ days. - Answers- 30 Days
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