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NC Post Licensing – 303 Questions and Answers Already Passed CA$14.43   Add to cart
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NC Post Licensing – 303 Questions and Answers Already Passed
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NC Post Licensing – 303 Questions and Answers Already Passed What is the purpose of an agency disclosure form? To inform clients about the nature of the agency relationship and the duties owed How should a real estate professional handle a situation where they represent both the buyer ...

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  • September 6, 2024
  • 28
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nc post licensing 303 questions and answers alr

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  • NC Post Licensing – 303
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NC Post Licensing – 303 Questions and
Answers Already Passed
What is the purpose of an agency disclosure form?


✔✔ To inform clients about the nature of the agency relationship and the duties owed




How should a real estate professional handle a situation where they represent both the buyer and

the seller in the same transaction?


✔✔ Disclose dual agency to both parties and obtain their written consent




What is required for a real estate contract to be legally binding?


✔✔ It must be in writing, have mutual agreement, and be signed by both parties




What does a fiduciary duty entail in a real estate transaction?


✔✔ Acting in the best interest of the client with honesty and full disclosure




What are the key components of a lease agreement?


✔✔ Terms of rent, lease duration, responsibilities of both landlord and tenant, and any special

conditions

1

,How is a broker typically compensated for their services?


✔✔ Through a commission based on the sale or rental price of the property




What is the importance of maintaining accurate transaction records?


✔✔ To comply with legal requirements and provide evidence in case of disputes




What action should a real estate agent take if they suspect a client is involved in illegal activity?


✔✔ Report the suspicion to the appropriate authorities and document the concern




What is the role of the closing attorney in a real estate transaction?


✔✔ To review documents, facilitate the transfer of ownership, and ensure all legal requirements

are met




What should a property management company include in their management plan?


✔✔ Policies for tenant screening, rent collection, property maintenance, and handling disputes




What is the purpose of a property appraisal in a real estate transaction?


2

, ✔✔ To determine the market value of the property




What should a real estate agent do if a client wants to make changes to an existing contract?


✔✔ Draft an addendum or amendment to reflect the changes and have all parties sign it




What is the significance of the Fair Housing Act in real estate transactions?


✔✔ To prevent discrimination based on race, color, religion, sex, national origin, disability, or

familial status




How does a broker ensure compliance with trust account regulations?


✔✔ By keeping detailed records of all transactions and ensuring that client funds are held

separately from the broker’s funds




What should be included in a property management report?


✔✔ Financial summaries, maintenance updates, tenant issues, and occupancy rates




What is the role of earnest money in a real estate offer?


✔✔ To demonstrate the buyer’s commitment to the purchase and to secure the offer


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