NCREL Post Licensing 301 Broker Relationships and Responsibilities NEWEST ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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NCREL Post Licensing 301 Broker Relationships
Institution
NCREL Post Licensing 301 Broker Relationships
NCREL Post Licensing 301 Broker Relationships and
Responsibilities NEWEST ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Agency obligations come from 3 sources - CORRECT ANSWER 1.
Common law
2. State law
3. Commission law
When a license...
NCREL Post Licensing 301 Broker Relationships and
Responsibilities NEWEST ACTUAL EXAM COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Agency obligations come from 3 sources - CORRECT ANSWER 1.
Common law
2. State law
3. Commission law
When a licensee breaches agency obligations, all of the following are
potential consequences: - CORRECT ANSWER 1. Civil liability
2. Criminal liability
3. Ethical violations
4. NCREC Disciplinary actions
The Commission may never _________________ a licensee as part of a
disciplinary action - CORRECT ANSWER Fine
Fiduciary duties and obligations are important in the real estate industry
because they impact the ____________ that consumer have in working
with real estate professionals. - CORRECT ANSWER Trust
Firms owe fiduciary duties to their __________________. - CORRECT
ANSWER Principals aka Clients
Licensees owe duties to the _________ and also to _______________
through __________________. - CORRECT ANSWER Licensees owe
duties to the FIRM and also to CLIENTS through SUBAGENCY
OLDCAR- O - CORRECT ANSWER Obedience
OLDCAR-L - CORRECT ANSWER Loyalty
OLDCAR-D - CORRECT ANSWER Disclosure
,OLDCAR-C - CORRECT ANSWER Confidentiality
OLDCAR-A - CORRECT ANSWER Accounting
OLDCAR-R - CORRECT ANSWER Reasonable Skill, Care and Diligence
Real Estate licensees are required to follow the instructions and direction of
the ____________ unless those instructions are_______________ -
CORRECT ANSWER Real Estate licensees are required to follow the
instructions and direction of the CLIENT unless those instructions are
ILLEGAL.
If the instruction is illegal then a real estate professional should take the
following action....... - CORRECT ANSWER Terminate the relationship
Typical agency relationships in real estate DO NOT permit the agent to..... -
CORRECT ANSWER 1. Make the decisions for he client
2. Sign client's name
3. Make offers or accept on behalf of client
Obligation of loyalty requires a Real Estate professional to put the
___________ interest above all others, including _____________- -
CORRECT ANSWER Obligation of loyalty requires a Real Estate
professional to put the CLIENTS interest above all others including YOUR
OWN.
A licensee has many obligations of Disclosure, disclosures include..... -
CORRECT ANSWER 1. Agency explanations
2. Material Facts
3. Interests in the transactions
4. Status as a licensee
A licensee must keep confidential all of the following of their client..... -
CORRECT ANSWER 1. Motivations
2. Finances
3. Objectives of Pricing or eventual amt willing to pay or accept.
4. Personal Information
, A licensee has an obligation to ___________________ and
_________________ handled in a real estate transaction- MONEY -
CORRECT ANSWER A licensee has an obligation to SAFEGUARD ALL
MONEY and DOCUMENT ALL MONEY handled in a real estate
transaction.
A real estate licensee is required to not be _________________ and
possess reasonable _________________ - CORRECT ANSWER A real
estate licensee is required to not be NEGLIGENT and possess reasonable
KNOWLEDGE AND SKILL.
Material facts must be disclosed to _____________ in the transaction. -
CORRECT ANSWER All Parties
A licensee must disclose _______________ and
_______________________. - CORRECT ANSWER A licensee must
disclose EVERYTHING YOU KNOW and EVERYTHING YOU SHOULD
HAVE KNOWN.
Material facts generally fall into four categories which include.... -
CORRECT ANSWER 1. About the property
2. Affecting or Around the Property
3. Ability of the parties
4. Facts about a particular interest to a party
NC State law exempts a licensee from a liability for failing to disclose the
following three things..... - CORRECT ANSWER 1. Death
2. Serious Illness
3. Proximity of Sex Offender
When dealing with an "AS IS" property the licensee.... - CORRECT
ANSWER Still requires disclosure and material fact
Foreclosure in NC becomes a material fact.... - CORRECT ANSWER
Until foreclosure is a ACTUALLY FILED.
A misrepresentation is..... - CORRECT ANSWER Any statement that is
negligent or false
*Anyone is guilty of it*
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