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Post licensing 301 NC study questions with Complete Answers
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Post licensing 301 NC study questions with Complete Answers
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Post licensing 301 NC study questions withComplete Answers
When must a seller's agent or subagent initially disclose agency status to a
buyer? - -before buyer and buyer's agent discuss motivation and financial
information
- seller's subagent - -no written or oral buyer agency
- OLDCAR - -obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
- In dual agency, the agent's duties are _____ to being a facilitator - -
reduced
- What statement would require full disclosure of all financing terms in
compliance with TILA, Reg Z and RESPA - -any number amount triggers full
disclosure:
4.5% APR or $2000 down
- A _____foreclosure is material fact and it must be______. - -filed foreclosure;
must be disclosed
- If it is not_______, you shouldn't be talking about it. - -material fact
- T/F AS-IS relieves seller from disclosing material fact - -F, AS-IS does not
relieve requirement to disclose material fact
- name 10 material fact required disclosures - -stucco, radon, lead-based
paint, filed foreclosure, zoning, flood plains, meth houses, gravesites,
pending highways, asbestos siding
- names issues that are not material fact - -pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
- Who is responsible if known hidden defect is found AFTER closing? - -
Listing agent
- Does filed foreclosure need to be disclosed? - -Yes, it is a material fact
, - In dual agency, the loyalty of the firm is ______between the buyer and
seller? - -divided equally
- In dual agency between clients, the agent's role is _______ to the
contractual benefits of the contract and the agent becomes a _______. - -
reduced; facilitator
- BIB and PB are doing a deal together, can BIC and PB work as designated
agents? - -No, they must work as a dual agent
- when must an agent disclose dual agency in a transaction? - -before
presentation of the 1st offer
- Can a BIC and PB be designated agents in the same transaction? - -No,
they must work as a dual agent
- When is the last time to sign WWREA with a seller at a listing appointment?
- -Before 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? - -3 days
- If broker secures listing after looking for their buyer but discloses to neither
side about their agency status, will they get paid? - -No, undisclosed dual
agency is not permissible and therefore compensation is not required
- When must you disclose agency status? - -before discussing motivation
and financial information
- Client is on DNC can I call them after closing? - -Yes, for up to 18 months
between "touches"
- My seller said NREP on LBP form, is this allowed? - -No, LBP is material fact
and required as a disclosure
- T/F PB can sub CE for post-licensing - -F; no sub for post
- Seller's agent must disclose the name of the buyer's agent before______ - -
presentation of the first offer
- In a CMA, the adjustments are always made to the ........not the ...... - -
always made to the comparable, not the subject
- In a --------- the listing does not require the listing broker to --------
or------------ - -limited service listing; show the property or negotiate
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