Exam (elaborations)
NC POST LICENSING 301 QUESTIONS AND ANSWERS
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NC POST LICENSING 301 QUESTIONS AND ANSWERS
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NC POST LICENSING 301 QUESTIONS AND ANSWERSWhat are the fiduciary duties? - Answers- Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality
Seller must provide these disclosures, and they must provide them before: - Answers-
They must provide the RPOADS, MOG, and lead-based paint disclosure if the house
was built before 1978.
Must be provided before an offer is made
What are the 3 main exceptions to providing the RPOADS? - Answers- New
construction
Tenant in possession
Mutual agreement
Th NCREC Residential SF Guidelines define "living area" as: - Answers- Heated,
finished, and directly accessible areas
What is minimum ceiling height? - Answers- 7 feet
Exceptions include: - Answers- A sloping ceiling, which is 5 feet, and duct work which
must be 6 foot 4
Square footage is measured: - Answers- Outside
If square footage must be measured inside, you should include how much for walls and
how much for brick walls? - Answers- 6 inches for regular, 8.5 for brick
What are reasonable sources for determining square footage? - Answers- A licensed
appraiser hired for this transaction, and the listing agent
Stairs connecting two floors count as square footage for which floor? - Answers- The
first floor
3 prohibited sources of square footage are: - Answers- Tax assessments
Appraisals from a previous transaction
Blueprents (unless it is under construction)
What is the permissible variance for square footage? - Answers- 5%
The Sherman Anti-Trust Act prohibits: - Answers- Price fixing
Market allocation
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