Superior Real Estate School: Study for Retake Pre-Licensing Course UPDATED Exam Questions and CORRECT Answers
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Course
Superior Real Estate School
Institution
Superior Real Estate School
Superior Real Estate School: Study for
Retake Pre-Licensing Course UPDATED
Exam Questions and CORRECT Answers
Designated agency in North Carolina is considered:
I. A form of dual agency II. Mandatory if you practice dual agency
A. I only
B. II only
C. Both I and II
D. Neither I nor II - C...
Superior Real Estate School: Study for
Retake Pre-Licensing Course UPDATED
Exam Questions and CORRECT Answers
Designated agency in North Carolina is considered:
I. A form of dual agency II. Mandatory if you practice dual agency
A. I only
B. II only
C. Both I and II
D. Neither I nor II - Correct Answer- A. I only
Designated agency can be practiced:
I. Between two firms II. Between a broker-in-charge and a provisional broker licensee in their
office
A. I only
B. II only
C. Both I and II
D. Neither I nor II - Correct Answer- D. Neither I nor II
Under the general principles of agency, when a licensee is acting on behalf of a client and
acts improperly who is liable for the acts of the licensee?
A. only the client
B. only the licensee and the broker-in-charge
C. only the client and the licensee
D. the client, the licensee, the firm and or the broker-in-charge - Correct Answer- D. the
client, the licensee, the firm and or the broker-in-charge
,A disclosure of agency status should be made by a buyer's agent to the seller:
l. With a written confirmation in the offer to purchase and contract ll. At the initial contact
with the seller's agent, orally or in writing
A. l only
B. ll only
C. Both l and ll
D. Neither l nor ll - Correct Answer- C. Both l and ll
Which of the following would be dual agency?
A. a broker-in-charge assisting a buyer client in the purchase of property that was listed by a
provisional broker of another firm
B. a provisional broker and a broker licensee from firms that are cooperating in a transaction
C. a firm that represents buyers and sellers
D. a broker having a buyer client for a property the broker personally listed - Correct Answer-
D. a broker having a buyer client for a property the broker personally listed
A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How
much money would an individual agent receive for a 60% share of the 10% commission
earned?
A. $640
B. $960
C. $1,600
D. $2,400 - Correct Answer- B. $960
A buyer-client has instructed the agent to show only properties where the seller is willing to
pay the buyer agent's commission. The agent contacts an owner selling a property without the
assistance of a real estate agent with the hope that the seller would be willing to pay her
commission if the buyer decided to purchase the seller's property. In order to comply with
North Carolina Real Estate Commission Rules, the agent must do all of the following,
EXCEPT:
, A. obtain permission from her buyer-client in order to obtain compensation from the seller
B. disclose her agency status to the seller at initial contact
C. convince the seller to list with her and authorize dual agency
D. provide the Working with Real Estate Agents brochure to the seller - Correct Answer- C.
convince the seller to list with her and authorize dual agency
If the broker-in-charge (BIC) is to act as one of the designated agents on a North Carolina in-
house transaction, which of the following may be appointed as a designated agent for the
other party to the transaction?
A. an actively licensed provisional broker within the firm, so long as disclosure is made to
both clients
B. a full broker within the firm who has no prior confidential knowledge of the party that the
BIC will represent
C. a broker-in-charge cannot be appointed as a designated agent
D. a licensed broker who has prior confidential knowledge about the party that the BIC will
represent - Correct Answer- B. a full broker within the firm who has no prior confidential
knowledge of the party that the BIC will represent
A licensee is an actively licensed real estate broker who has a written contract with his firm
that specifies that he will not be treated like an employee. The licensee's entire income is
from sales commissions rather than an hourly wage. Based on these facts, the licensee will be
treated by the IRS as:
A. a real estate assistant
B. an employee
C. a subagent
D. an independent contractor - Correct Answer- D. an independent contractor
All of the following are TRUE regarding the North Carolina Working With Real Estate
Agents brochure, EXCEPT:
A. the consumer is not required to sign the brochure
B. if the first substantial contact is by phone, the brochure must be provided within 3 calendar
days
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