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Post Licensing 303 Questions and Answers 100% Pass
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Post Licensing 303 Questions and Answers 100% Pass What should a broker do if they notice discrepancies in a client’s financial documents during a transaction? Notify the client immediately and work to resolve the discrepancies before proceeding. What is required for a property mana...

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  • September 6, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • post licensing 303 questions and answers 100 pas

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Post Licensing 303 Questions and
Answers 100% Pass

What should a broker do if they notice discrepancies in a client’s financial documents during a

transaction?


✔✔ Notify the client immediately and work to resolve the discrepancies before proceeding.




What is required for a property management agreement to be enforceable?


✔✔ It must be in writing and include details about the property, management duties, and fees.




How often must a broker update their trust account records?


✔✔ Regularly, and at least monthly, to ensure accuracy and compliance.




What must a broker disclose if they have a personal interest in a property being sold?


✔✔ The personal interest must be disclosed to all parties involved in the transaction.




What is the proper procedure if a broker needs to withdraw funds from an escrow account?


✔✔ The broker must have proper authorization and documentation to support the withdrawal.



1

,What action should a broker take if they suspect a property is not in compliance with local

zoning laws?


✔✔ Advise the client to consult with a zoning official or legal expert for guidance.




What must a broker do if they receive a complaint from a client about a transaction?


✔✔ Address the complaint professionally, document the details, and report it to the North

Carolina Real Estate Commission if necessary.




What is required for a valid real estate advertisement?


✔✔ It must be truthful and include the broker’s name and contact information.




What should a broker do if they discover that a property has hidden defects after listing it?


✔✔ Disclose the defects to potential buyers and update the property listing as needed.




How should a broker handle an overpayment of funds in a real estate transaction?


✔✔ Refund the excess amount to the appropriate party and document the transaction thoroughly.




2

, What must a broker do if a client requests to cancel their listing agreement?


✔✔ Review the terms of the agreement and obtain written consent from the client to formally

terminate it.




What is required of a broker when conducting a final walkthrough with a buyer?


✔✔ Ensure that the property is in the condition agreed upon in the contract and address any

issues with the seller.




What action should a broker take if they find that a property’s title has unresolved liens?


✔✔ Inform the buyer and recommend that the liens be cleared before closing.




What is the broker’s responsibility regarding property disclosures?


✔✔ Ensure that all known material facts about the property are disclosed to potential buyers.




How should a broker handle a situation where a seller is unresponsive to offers?


✔✔ Document all attempts to communicate and advise the buyer of the seller’s lack of response.




What is the role of a closing agent in the closing process?


3

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