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NC 302 Post Licensing Questions and Answers Already Passed CA$17.32   Add to cart
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NC 302 Post Licensing Questions and Answers Already Passed
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NC 302 Post Licensing Questions and Answers Already Passed What document must a real estate agent provide to the seller at the time of listing a property? The Listing Agreement What is the purpose of a property management agreement? To define the responsibilities and terms between the ...

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  • September 6, 2024
  • 64
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nc 302 post licensing questions and answers alrea

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  • NC 302 Post Licensing
  • NC 302 Post Licensing

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NC 302 Post Licensing Questions and
Answers Already Passed
What document must a real estate agent provide to the seller at the time of listing a property?


✔✔ The Listing Agreement




What is the purpose of a property management agreement?


✔✔ To define the responsibilities and terms between the property owner and the property

manager




What must be included in a property disclosure statement?


✔✔ Information about known defects or issues with the property




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


✔✔ To show the buyer’s serious intent to purchase the property




How long must a broker keep transaction records in North Carolina?


✔✔ Three years




1

,What is the purpose of a closing disclosure?


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




What does a comparative market analysis (CMA) help determine?


✔✔ The market value of a property




Who is responsible for paying property taxes at closing if they are prorated?


✔✔ The seller, up to the date of closing




What is the significance of the North Carolina Real Estate Commission?


✔✔ To regulate and enforce real estate laws and standards in North Carolina




What must be disclosed to buyers about a property’s condition before closing?


✔✔ Any known material defects or issues with the property




What type of insurance should a property management company typically have?


✔✔ Liability insurance




2

,When should a broker provide the seller with a copy of the listing agreement?


✔✔ At the time the listing agreement is signed




What is a property manager’s primary responsibility?


✔✔ To manage the day-to-day operations of rental properties on behalf of the owner




How is the commission typically calculated in a real estate transaction?


✔✔ As a percentage of the final sale price of the property




What information must be included in a rental agreement?


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




What is the primary purpose of a lease agreement?


✔✔ To outline the terms and conditions for renting a property




How does a real estate broker ensure compliance with fair housing laws?


✔✔ By treating all clients and potential buyers equally and avoiding discriminatory practices




3

, What should be done if a dispute arises between a property manager and a tenant?


✔✔ Follow the dispute resolution procedures outlined in the property management agreement




What is the function of a title insurance policy in a real estate transaction?


✔✔ To protect the buyer and lender from any issues related to the property's title




What is a foreclosure in real estate terms?


✔✔ The legal process by which a lender takes possession of a property due to the owner's failure

to make mortgage payments




What is the purpose of a property management inspection?


✔✔ To assess the condition of the property and identify any maintenance or repair needs




When is an escrow account typically used in a real estate transaction?


✔✔ To hold funds such as earnest money until the transaction is completed




What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?




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