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NCREL Post Licensing 301 Broker Relationships and Responsibilities Exam
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NCREL Post Licensing 301 Broker Relationships and Responsibilities Exam
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NCREL Post Licensing 301 BrokerRelationships and Responsibilities
Exam
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 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.
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