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
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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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