Exam (elaborations)
NC POST LICENSING 301 QUESTIONS AND ANSWERS
- Course
- Institution
NC POST LICENSING 301 QUESTIONS AND ANSWERS
[Show more]
Content preview
NC POST LICENSING 301 QUESTIONS AND ANSWERSWhen must a seller's agent or subagent initially disclose agency status to a buyer? -
Answers- before buyer and buyer's agent discuss motivation and financial information
seller's subagent - Answers- no written or oral buyer agency
OLDCAR - Answers- obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator - Answers- reduced
What statement would require full disclosure of all financing terms in compliance with
TILA, Reg Z and RESPA - Answers- any number amount triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - Answers- filed foreclosure;
must be disclosed
If it is not_______, you shouldn't be talking about it. - Answers- material fact
T/F AS-IS relieves seller from disclosing material fact - Answers- F, AS-IS does not
relieve requirement to disclose material fact
name 10 material fact required disclosures - Answers- stucco, radon, lead-based paint,
filed foreclosure, zoning, flood plains, meth houses, gravesites, pending highways,
asbestos siding
names issues that are not material fact - Answers- pending foreclosure, death or
illness, murder or suicide, HIV or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? - Answers- Listing
agent
Does filed foreclosure need to be disclosed? - Answers- Yes, it is a material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
Answers- divided equally
In dual agency between clients, the agent's role is _______ to the contractual benefits
of the contract and the agent becomes a _______. - Answers- reduced; facilitator
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 or Stuvia-credit 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 GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now