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Post Licensing 301 NC Study Questions with Verified Solutions What is the primary purpose of the listing agreement in real estate? To establish the terms and conditions under which a real estate agent will represent the seller How often must a property management company provide a financ...

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  • September 6, 2024
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  • 2024/2025
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Post Licensing 301 NC Study Questions
with Verified Solutions

What is the primary purpose of the listing agreement in real estate?


✔✔ To establish the terms and conditions under which a real estate agent will represent the seller




How often must a property management company provide a financial report to the property

owner?


✔✔ Monthly




What is an exclusive right to sell listing?


✔✔ A type of listing agreement where the agent has the exclusive right to sell the property and

earn a commission regardless of who finds the buyer




What does a property management agreement typically include?


✔✔ Details about the management fees, responsibilities, and duration of the agreement




What is the purpose of a broker’s price opinion (BPO)?




1

, ✔✔ To provide an estimate of a property’s value based on market conditions and comparable

sales




What must be disclosed to potential buyers about the condition of a property?


✔✔ Any known defects or issues with the property




What is the role of an earnest money deposit in a real estate transaction?


✔✔ To demonstrate the buyer’s serious intent to purchase the property and secure the offer




How is a property’s value typically determined for a sale?


✔✔ Through a comparative market analysis (CMA) or appraisal




What should a broker do if a client wants to withdraw an offer on a property?


✔✔ Communicate the withdrawal to the seller and ensure all necessary paperwork is completed




What is the purpose of a closing statement in a real estate transaction?


✔✔ To outline all financial details of the transaction, including costs and adjustments




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