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301- NORTH CAROLINA POST LICENSING |
60 QUESTIONS WITH 100% CORRECT
ANSWERS | VERIFIED | LATEST UPDATE
Question : When must a seller's agent or subagent initially
disclose agency status to a buyer?
Correct answer: before buyer and buyer's agent discuss
motivation and financial information
Question : seller's subagent
Correct answer: no written or oral buyer agency
Question : OLDCAR
Correct answer: obedience
loyalty disclosure confidentiality accounting reasonable care
Question : In dual agency, the agent's duties are _____ to being
a facilitator
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Correct answer: reduced
Question : What statement would require full disclosure of all
financing terms in compliance with TILA, Reg Z and RESPA Correct answer: any number amount triggers full disclosure: 4.5% APR or $2000 down
Question : A foreclosure is material fact and it must be_.
Correct answer: filed foreclosure; must be disclosed
Question : If it is not_______, you shouldn't be talking about it.
Correct answer: material fact
Question : T/F AS-IS relieves seller from disclosing material
fact
Correct answer: F, AS-IS does not relieve requirement to
disclose material fact
Question : name 10 material fact required disclosures
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Correct answer: stucco, radon, lead-based paint, filed
foreclosure, zoning, flood plains, meth houses, gravesites, pending highways, asbestos siding
Question : names issues that are not material fact
Correct answer: pending foreclosure, death or illness, murder or
suicide, HIV or AIDS, haunted, aluminum wiring
Question : Who is responsible if known hidden defect is found
AFTER closing?
Correct answer: Listing agent
Question : Does filed foreclosure need to be disclosed?
Correct answer: Yes, it is a material fact
Question : In dual agency, the loyalty of the firm is
______between the buyer and seller?
Correct answer: divided equally
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Question : In dual agency between clients, the agent's role is
_______ to the contractual benefits of the contract and the agent becomes a _______.
Correct answer: reduced; facilitator
Question : BIB and PB are doing a deal together, can BIC and
PB work as designated agents?
Correct answer: No, they must work as a dual agent
Question : when must an agent disclose dual agency in a
transaction?
Correct answer: before presentation of the 1st offer
Question : Can a BIC and PB be designated agents in the same
transaction?
Correct answer: No, they must work as a dual agent
Question : When is the last time to sign WWREA with a seller
at a listing appointment?
Correct answer: Before the listing presentation begins and
before first substantial contact occurs