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NC POST 303 QUESTIONS AND ANSWERS 100% PASS
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NC POST 303 QUESTIONS AND ANSWERS 100% PASS What must a broker do if they discover a mistake in a property deed? Notify the client and recommend correcting the error through legal means. What is required for a broker to represent both the buyer and the seller in a transaction? Obtain wri...

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  • September 6, 2024
  • 80
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nc post 303 questions and answers 100 pass

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  • NC POST 303
  • NC POST 303

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NC POST 303 QUESTIONS AND
ANSWERS 100% PASS
What must a broker do if they discover a mistake in a property deed?


✔✔ Notify the client and recommend correcting the error through legal means.




What is required for a broker to represent both the buyer and the seller in a transaction?


✔✔ Obtain written consent from both parties and disclose the dual agency relationship.




What should a broker include in a rental agreement for residential properties?


✔✔ Terms of the lease, rent amount, duration, and responsibilities of both parties.




How long must a broker retain transaction records after closing?


✔✔ Three years.




What is the broker’s responsibility when dealing with a non-English speaking client?


✔✔ Provide a translation of important documents or services through a qualified interpreter if

needed.




1

,What should a broker do if they receive a check for earnest money made out incorrectly?


✔✔ Contact the buyer to correct the check and ensure it is made out properly before deposit.




What type of insurance is a broker required to maintain?


✔✔ Errors and omissions insurance.




What action must a broker take if a client wants to terminate their agency agreement?


✔✔ Follow the terms of the agreement and provide written confirmation of the termination.




What should a broker do if they suspect a property has been improperly modified?


✔✔ Investigate the modification and disclose any findings to potential buyers.




What information must be provided in a closing disclosure to the buyer?


✔✔ The final settlement costs, including loan terms and closing fees.




What steps should a broker take to ensure compliance with fair housing laws?


✔✔ Provide equal service to all clients and avoid discriminatory practices.




2

,What is the purpose of a property disclosure statement?


✔✔ To inform potential buyers of known issues or defects with the property.




How should a broker handle a situation where a seller wants to make changes to the property

after a purchase agreement is signed?


✔✔ Obtain written agreement from the buyer for any changes and update the contract if

necessary.




What must a broker do if they suspect a transaction may involve fraudulent activity?


✔✔ Report the suspicion to the appropriate authorities and the North Carolina Real Estate

Commission.




What information should a broker provide to clients about the home inspection process?


✔✔ Explain the purpose of the inspection, what it includes, and how to handle any issues found.




What is required for a broker to legally advertise a property?


✔✔ Ensure that the advertisement is accurate and includes the broker’s name and contact

information.




3

, How should a broker manage conflicts between personal interests and professional

responsibilities?


✔✔ Disclose any conflicts to clients and take steps to ensure they do not affect professional

duties.




What is the broker’s role in ensuring a smooth closing process?


✔✔ Coordinate between all parties, ensure all necessary documents are completed, and address

any issues that arise.




What should a broker do if a buyer or seller does not respond to communication?


✔✔ Document the attempts to communicate and proceed according to the terms of the

agreement or legal requirements.




What document must a broker provide to a client to confirm the agency relationship?


✔✔ A written agency disclosure form.




How soon must a broker deposit earnest money into an escrow account?


✔✔ Within three banking days.




4

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