Exam (elaborations)
PAN POST LICENSING 301 QUESTIONS & ANSWERS
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PAN POST LICENSING 301 QUESTIONS & ANSWERS
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PAN POST LICENSING 301 QUESTIONS & ANSWERSA buyer decides not to sign an Exclusive Buyer Agency Agreement with a firm, but still
wants to see property without representation. The agent must: - Answers- Disclose all
facts that are deemed material regarding the transaction
When a broker does not represent the buyer - Answers- they can act as a seller's
subagent or agent of the seller. A broker must represent at least 1 party in the
transaction
A listing agent has knowledge of a "pending foreclosure" of a property and does not
disclose this information. The agent is guilty of: - Answers- Willfull Omission
Ann Agent is working with Bob Buyer and knows that Bob is willing to pay the asking
price of a property listed with her firm. She must keep this confidential if - Answers- She
is a dual agent
When a buyer is requesting an individual showing - Answers- this is considered first
substantial contact and therefore the broker must disclose the Working with Real Estate
Agents Brochure and determine the type of agency that will be practiced.
WWREA brochure - Answers- Even if the agent has created videos on his/her website
that explains the brochure, a copy must be provided and the agent must have a
meaningful conversation to ensure that the client/customer understands.
Items that are always material facts - Answers- a party not being able to perform, meth
lab, leaking polybutylene pipes, or a defect that the broker is aware of
If seller is having financial problems - Answers- is not a material fact unless it is
possible that they will not be able to close. The listing broker must keep that information
confidential (conceal it) , unless pre-foreclosure notice has been received which makes
it a material fact.
A broker must disclose material facts to - Answers- all parties to the transaction
Misrepresentation vs omission - Answers- will depend if something is said orally or in
writing
A prospective purchaser asks the showing broker, a subagent of the seller, whether the
seller would accept $5,000 less than the asking price. The broker thinks that the seller
would accept $7,000 less than the asking price. How should the broker respond? -
Answers- I don't know. you will have to submit an offer
A broker owes a client OLD CAR - Answers- obedience
loyalty
disclosure
, confidentiality
accounting and
reasonable skill, care and diligence.
Which of the following would NOT be considered a material fact that must be disclosed
to potential buyers? - Answers- A person committed suicide in the house
North Carolina is a caveat emptor state - Answers- means let the buyer beware. The
buyer alone is responsible for checking everything is ok
When an agent is aware of personal / confidential information that could weaken a
client's bargaining position - Answers- they are obligated to keep it private (conceal the
info), unless it rises to the level of material fact
A broker that is representing the seller exclusively or as a designated agent, and
becomes aware of the fact that the buyer would pay more - Answers- Has an obligation
to disclose it to their client.
When an agency agreement terminates - Answers- the broker is no longer obligated to
keep the clients information confidential if they are involved in a transaction where they
represent the seller.
When a brokers holding open house there is no obligation to disclose the Working with
Real Estate Agents Brochure unless - Answers- the conversation shifts from facts about
the property to personal / confidential information.
What are the items that the seller is required to disclose to a buyer - Answers- lead-
based paint
synthetic stucco (EIFS)
leaking polybutylene
flood hazard
meth lab contamination
Mineral Oil and Gas Disclosure.
The duty to disclose falls upon the agent because - Answers- The agent is responsible
to disclose what they know or reasonably should have known about the property
A broker is not responsible for disclosing - Answers- latent defects (hidden), unless they
are aware of the issue.
Caveat emptor, meaning let the buyer beware, applies to - Answers- the seller and the
buyer
Francine has listed her next door neighbor Jim's house for sale. Although Jim does not
disclose it on the Residential Property Disclosure Form, Francine knows that his
basement floods during spring rains. Jim has re-painted and replaced carpet, so does
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