Post licensing 301 Exam/38 q’s and
A’s
What are the fiduciary duties? - -Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality
- Seller must provide these disclosures, and they must provide them before:
- -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? - -New
construction
Tenant in possession
Mutual agreement
- Who are the parties to an agency agreement? - -The agent and the
principals
- Does the principal have to disclose anything? - -No, they do not
- When and in what transactions must a broker provide the WREA brochure?
- -At first substantial contact in all sales transactions
- When and in what transactions must Agency agreements with property
owners be in writing? - -Before any broker services are provided (be it for
sales, lease, or owner association) in all transactions
- Before a broker may begin working with a buyer or tenant as that a
principal's agent, how may the parties' agency relationship be created under
NCREC rules? - -It can be created orally until the time of offer, when it must
be in writing
- Who are the parties to the agency agreement? - -The firm and the
consumer
- What duties does a licensee affiliated with a company owe to the
company? - -Fiduciary duties
A’s
What are the fiduciary duties? - -Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality
- Seller must provide these disclosures, and they must provide them before:
- -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? - -New
construction
Tenant in possession
Mutual agreement
- Who are the parties to an agency agreement? - -The agent and the
principals
- Does the principal have to disclose anything? - -No, they do not
- When and in what transactions must a broker provide the WREA brochure?
- -At first substantial contact in all sales transactions
- When and in what transactions must Agency agreements with property
owners be in writing? - -Before any broker services are provided (be it for
sales, lease, or owner association) in all transactions
- Before a broker may begin working with a buyer or tenant as that a
principal's agent, how may the parties' agency relationship be created under
NCREC rules? - -It can be created orally until the time of offer, when it must
be in writing
- Who are the parties to the agency agreement? - -The firm and the
consumer
- What duties does a licensee affiliated with a company owe to the
company? - -Fiduciary duties
