Post licensing 301 NC study questions and Answers Already Passed
5 things needed for initial listing mtg for advertising - CORRECT ANSWER: CCR's
HOA bylaws HOA dues special assessments liens information
A _____foreclosure is material fact and it must be______. - CORRECT ANSWER: filed foreclosure; must be disclosed
A BIC supervises - CORRECT ANSWER: PB and advertising
A buyer's agent owes the principal - CORRECT ANSWER: all duties imposed by
agency law, work in buyers best interest and obtain best deal possible for buyer
A sellers agent or-------must disclose their----------before------------ - CORRECT
ANSWER: seller's subagent; agency status; discussing motivation or financial
information
agent breach in listing allows the seller to.... - CORRECT ANSWER: terminate the listing contract
At the initial listing appointment, the agent should----------needed to advertise the
property. - CORRECT ANSWER: identify all information about the property
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
Can a BIC and PB be designated agents in the same transaction? - CORRECT
ANSWER: No, they must work as a dual agent
Can a firm offering varying rates on commission on each property>\? - CORRECT
ANSWER: Yes
Can a home be listed by two firms? - CORRECT ANSWER: yes
Can a PB get paid for a BPO? - CORRECT ANSWER: no
Can a PB perform a BPO? - CORRECT ANSWER: yes, but for free and only if
competitively done
can an exclusive oral buyer agency be enforced? - CORRECT ANSWER: no
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Client is on DNC can I call them after closing? - CORRECT ANSWER: Yes, for up to 18 months between "touches"
comp superior - CORRECT ANSWER: subtract from comp
designated dual agency means what can continue - CORRECT ANSWER: agent can
continue to provide counsel and advise
Do I need a recorded plat map for initial listing meeting? - CORRECT ANSWER: No
Does filed foreclosure need to be disclosed? - CORRECT ANSWER: Yes, it is a
material fact
If broker secures listing after looking for their buyer but discloses to neither side about
their agency status, will they get paid? - CORRECT ANSWER: No, undisclosed dual
agency is not permissible and therefore compensation is not required
If it is not_______, you shouldn't be talking about it. - CORRECT ANSWER: material fact
In a --------- the listing does not require the listing broker to --------or------------ -
CORRECT ANSWER: limited service listing; show the property or negotiate
In a --------the agent should give the greatest weight to the .............with
the...............adjustments - CORRECT ANSWER: CMA; comparable sale; fewest
In a 1 story ranch, you measure the outside and subtract the ............. - CORRECT
ANSWER: garage
In a basement, the ceiling height must be ........to be included in the square footage -
CORRECT ANSWER: 6 foot 4 inches
in a basement............can extend down to .........and still be counted in square footage -
CORRECT ANSWER: pipes and beams; 6 foot 4 inches
In a CMA, the adjustments are always made to the ........not the ...... - CORRECT
ANSWER: always made to the comparable, not the subject
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
in dual agency, loyalty of the FIRM is ................between the principals - CORRECT
ANSWER: divided equally
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