Exam (elaborations)
NCREL Post Licensing 301 Broker Relationships and Responsibilities
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NCREL Post Licensing 301 Broker Relationships and Responsibilities
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Elscores 8/19/2024 9:53:51 AMNCREL Post Licensing 301 Broker
Relationships and Responsibilities
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer
when?
➢ ~: Before buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals?
➢ ~: Obey, Loyalty, Disclosure, Confidentiality, Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller under what
agency?
➢ ~: Dual Agency - agent cannot advise or council
Material facts which must be disclosed
➢ ~: Pending foreclosure, adverse conditions, neighborhood changes, anything that will
affect a decision to buy or sell
A runway is planned in the next 20 years near a property that I purchase. I later sell the
property. To which party must I disclose the plan for a runway?
➢ ~: All parties
A listing broker is aware of a hidden defect in the home. The seller marks no representation
on the disclosure statement, so the listing agent does not disclose the defect in marketing or
, Elscores 8/19/2024 9:53:51 AM
on MLS. The buyer's agent does not uncover the defect. After closing who is responsible for
the lack of disclosure to the purchaser?
➢ ~: The listing broker only - this is willful omission. If the buyer's agent had discovered the
defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the grid and
plans to install solar panels. The buyer's agent finds a home with a south facing roof and tells
the listing agent how excited her buyer is to install the solar panels on this home. After
closing the solar panels are installed. The city notifies the buyer this is against city ordinance
and must be removed. Who is responsible?
➢ ~: Both buying and selling agent - both should have contacted the city zoning board to
determine if solar panels were allowed.
How are fiduciary duties affected by dual agency?
➢ ~: The firm's duties are split equally between buyer and seller.
The agents role will be reduced to the contractual benefits of the contract.
If you are a provisional broker and your BIC lists and sells property. What agency is allowed
if you bring a buyer to the BICs listing and an offer is made?
➢ ~: Both BIC and provisional broker are dual agents.
The firm is also under dual agency
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