Exam (elaborations)
301 NC Post-licensing
301 NC Post-licensing
[Show more]
Seller
Follow
Content preview
301 NC Post-licensing✅✅
A 28/36 qualifying ratio means that 28% of the borrower's total gross monthly
income can be applied to monthly housing expense. - -True
A broker and REALTOR® notices a for-sale sign at a home in his
neighborhood. The home is listing with a brokerage company other than his.
✅✅
The broker is allowed to contact the seller by email to solicit the listing. -
-False
✅✅
A broker is always entitled to a commission if the broker finds a buyer for a
consumer's property. - -False
A broker is determining what price sellers need to sell their home for to net
$78,000. The sellers have a loan payoff of $126,000. The broker has
estimated their other closing costs to be $850 and the commission rate is 7%.
What price did the broker tell the sellers they would need to sell their home
for?
A) $220,268
B) $190,510
✅✅
C) $197,880
D) $211,185 - -A) $220,268
A broker who works for a real estate firm has a property listing from a client. A
✅✅
second broker who works for the same firm would like to show a client that
property. This is a dual agency situation. - -True
A broker, Wyatt, is meeting with the sellers to discuss listing price. The sellers
are wondering how long Wyatt thinks it may take for their home to sell. They
need to move quickly because of a job transfer. What would be the BEST
advice for Wyatt to give to the sellers regarding pricing?
A) Wyatt should suggest listing at the bottom of the comparative market
analysis price range.
B) Wyatt should not make any recommendations.
C) Wyatt should be the one to decide the listing price himself since he is the
professional.
✅✅
D) Wyatt should suggest listing at the top of the comparative market analysis
price range. - -A) Wyatt should suggest listing at the bottom of the
comparative market analysis price range.
,A buyer and a seller are negotiating the terms of a possible contract. The
seller counteroffers to the buyer, and the buyer wants to think about it
overnight. The next day the buyer calls the selling agent and says they would
like to accept the seller's counteroffer. Before verifying that the buyer had
actually signed the counteroffer, the selling agent calls the listing agent to say
the buyer had accepted the seller's counteroffer. The seller then goes on to
purchase another house based on the buyer's "acceptance" of their
counteroffer. When the selling agent goes to pick up the signed paperwork
from the buyer, the buyer states they never signed the counteroffer and do not
want to buy the seller's home. Which of the following statements is correct?
A) The selling agent is not responsible for the misrepresentation.
B) Both the buyer and the selling agent are responsible for the
✅✅
misrepresentation.
C) Neither the buyer - -D) The selling agent is responsible for the
misrepresentation.
A buyer has an annual income of $92,000 with recurring monthly debt of $700
that does not include housing expenses. If the lender's qualifying ratios are
28% and 36%, what is the maximum monthly house payment for which he can
qualify?
A) $2,059
B) $1,446
✅✅
C) $2,759
D) $2,146 - -A) $2,059
A couple purchased a home for $225,000 with $6,200 additional in closing
expenses. The seller would like to sell their house for $250,000 and the listing
broker estimates that total closing expenses (including 5% brokerage fee) on
such a sale would be $14,000. What would the sellers' projected net profit on
this sale be?
A) $45,200
B) $32,800
✅✅
C) $11,000
D) $4,800 - -D) $4,800
A homeowner purchased a house for $180,000 and paid an additional $7,500
in closing expenses. The homeowner wants to sell the house for $225,000
and the listing broker estimates that total closing expenses (including 5%
brokerage fee) on such a sale would be $13,000. The homeowner's projected
net profit on this sale would be
,A) $45,500.
B) $24,500.
✅✅-B) $24,500.
C) $34,000.
D) $32,000. -
✅✅
A lender uses gross income to determine the expense-to-income ratios to
qualify a buyer. - -True
A licensee does not have actual knowledge of a material fact and
consequently does not disclose the fact, but a reasonably prudent licensee
"should reasonably have known" of such fact. In this case, the licensee may
be guilty of which of the following if they fail to disclose this fact to a buyer,
seller, landlord, or tenant, even though the licensee acted in good faith in the
transaction.
A) Willful omission
B) Willful misrepresentation
✅✅
C) Negligent misrepresentation
D) Negligent omission - -D) Negligent omission
A listing agent has completed the prelisting meeting, prepared a comparative
market analysis (CMA), and is now meeting with the seller to discuss a listing
price. All of the following factors need to be discussed with the seller EXCEPT
A) current market conditions.
B) agent's needs.
✅✅
C) estimated closing cost for the buyer.
D) seller's needs and wants. - -C) estimated closing cost for the buyer.
A property is listed for sale with one firm and the buyer of that property is
procured by a different firm. This type of transaction is BEST described as
A) in-house sale.
B) single agency sale.
✅✅
C) dual agency sale.
D) cooperating sale. - -D) cooperating sale.
A real estate agent has been called by a seller to meet about possibly listing
the seller's home for sale. According to the North Carolina Real Estate
Commission (NCREC) the real estate agent:
A) Can use whatever preprinted form their firm decides they would like to use
as the listing agreement with the seller, NCREC does not have rules regarding
listing agreements.
, B) Can use whatever preprinted form their firm decides they would like to use
at the listing agreement with the seller as long as it conforms with the
requirements of NCREC rules.
C) Must use the Standard form provided by the North Carolina Real Estate
Commission as the listing agreement with the seller.
D) Must use the Standard Form 101 - Exclusive Right to Sell Listing
✅✅
Agreement created by the North Carolina Association of REALTORS® as the
listing agreement with the seller. - -B) Can use whatever preprinted form
their firm decides they would like to use at the listing agreement with the seller
as long as it conforms with the requirements of NCREC rules.
A real estate agent is in a prelisting meeting with a seller and is conducting the
"inspect the property and verify information" phase of the meeting. During this
time, the real estate agent will do all of the following EXCEPT
A) caution the seller about providing confidential information.
B) inquire as to construction/alteration/repair permits.
✅✅
C) note all significant property defects.
D) inspect the property. - -A) caution the seller about providing
confidential information.
✅✅
A real estate agent who is choosing comparables to prepare a comparative
market analysis should consider current active listings. - -False
A real estate firm is required to engage in customary advertising and
marketing activities assuming that the property owner is in agreement. Which
of the following advertising and marketing activities are NOT customary?
A) Preparing and making available to prospective buyers a promotional flyer
about the property
B) Placing the property data in MLS
✅✅
C) Placing a "for sale" or "for rent" sign on the property
D) Paying for a drone operator to create drone footage - -D) Paying for a
drone operator to create drone footage
A real estate listing agreement must include a termination date. - ✅✅-True
A resident of Big City purchased her house for $169,000 and paid an
additional $3,500 in closing expenses. She proposes to sell her house for
$200,000 and the listing broker estimates that total closing expenses
(including 6% brokerage fee) on such a sale would be $17,500. The resident's
projected net profit on this sale would be
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller stuviaexam. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now