301- NC POST LICENSING
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📋 DOCUMENT OVERVIEW 58 Qs
This document, "301- NC Post Licensing," covers specific topics in North Carolina real estate law and ethics,
including agency relationships, dual agency, listing agreements, advertising, and earnest money disputes.
The document provides 58 questions with correct answers and detailed explanations, allowing students
to review and understand key concepts. By utilizing this resource, students can study and review the
material to reinforce their knowledge and prepare for the post-licensing exam.
✓ Verified Answers ✓ Exam Ready ✓ Study Guide
Trusted by thousands of students and professionals worldwide
EXAM QUESTIONS
QUESTION 1
Can an inactive agent be paid a referral commission if they were active at the time they made the
referral?
CORRECT ANSWER
Yes. If and only if they were active at time of referral
RATIONALE: The correct answer hinges on the distinction between the time of referral and the time of commission
payment, emphasizing that the agent's inactivity at the time of commission payment is irrelevant if they were active at the
time the referral was made. This conditional statement, "if and only if," highlights the importance of the agent's status at
the time of referral, serving as the determining factor for eligibility to receive a referral commission.
Trusted by thousands of students and professionals worldwide Page 1 of 16
, QUESTION 2
Must Dual Agency be in writing?
CORRECT ANSWER
Before an offer is made, Yes. Dual agency must be in writing and signed by both parties
RATIONALE: Dual agency requires clarity and transparency, and written consent from both parties ensures that all parties
are aware of the arrangement and its implications. Written agreements also provide a clear record of the dual agency
arrangement, which can help prevent disputes and misunderstandings in the future.
QUESTION 3
At a listing appointment, the agent should be gathering all information for listing and what?
CORRECT ANSWER
Advertising
RATIONALE: During a listing appointment, the agent should be gathering all information for listing and marketing the
property, as the ultimate goal is to attract potential buyers and sell the property, making advertising the necessary next step
in the process. By gathering necessary information for listing and marketing, the agent is essentially laying the groundwork
for a successful advertising campaign that will showcase the property to its target audience.
QUESTION 4
May a BIC and their Provisional Broker enter into dual agency together?
CORRECT ANSWER
No. Because the BIC oversees the PBs transactions, this would be a conflict of interest
RATIONALE: A BIC (Broker-In-Charge) oversees the transactions of a Provisional Broker (PB), which inherently creates a
power imbalance. Allowing a BIC and their PB to enter into dual agency would create a conflict of interest, as the BIC would
be expected to act impartially, yet their authority over the PB's transactions would compromise their ability to do so.
QUESTION 5
When must all agency be "Written"
CORRECT ANSWER
Prior to first offer
RATIONALE: The concept of "Prior to first offer" being the correct answer stems from the idea that written agency must be
established before any negotiations or discussions take place, as this ensures transparency and prevents potential disputes
over verbal agreements. By setting written agency prior to the first offer, all parties involved are aware of the agency's
representation and can act accordingly, adhering to the established terms.
Trusted by thousands of students and professionals worldwide Page 2 of 16
, QUESTION 6
Are all in-house transactions Dual Agency?
CORRECT ANSWER
No. The exceptions would be Seller Sub Agency or Unrepresented Buyers
RATIONALE: Dual Agency occurs when a real estate agent represents both the buyer and seller in a transaction, which
creates a potential conflict of interest. The exceptions to this, Seller Sub Agency and Unrepresented Buyers, arise when the
seller waives their right to confidentiality or when the buyer lacks representation, eliminating the dual representation and
potential conflict of interest.
QUESTION 7
Can The Real Estate Commission fine brokers?
CORRECT ANSWER
No. They can only reprimand, suspend, and revoke licenses
RATIONALE: The correct answer is based on the specific authority granted to the Real Estate Commission, which is limited
to certain disciplinary actions such as reprimand, suspension, and revocation of licenses, with no explicit power to impose
fines. This limitation is typically reflected in the commission's governing laws or regulations, outlining its scope of authority
and corresponding enforcement mechanisms.
QUESTION 8
Who can sue agents civilly for monetary compensation?
CORRECT ANSWER
Principles of a transaction
RATIONALE: The correct answer is "Principles of a transaction" because it refers to the concept of agency by estoppel, a
doctrine that holds that a third party who deals with an agent in good faith and without knowledge of the agency's
limitations can sue the principal for monetary compensation if the agent's actions result in a transaction that would not
have been entered into if the third party had known the true nature of the agency. This principle is a key concept in agency
law, allowing third parties to seek redress when they have relied on an agent's authority in a transaction.
QUESTION 9
If Dual Agency is not disclosed is a commission due?
CORRECT ANSWER
No. Therefore it is imperative to disclose dual agency before any offers are written
RATIONALE: Disclosing dual agency beforehand is crucial because it allows all parties to make informed decisions and
provides transparency, which is essential for maintaining a fair and ethical business relationship. Failing to disclose dual
agency can invalidate a commission, as it may be considered a breach of fiduciary duty, which prioritizes the interests of the
principal over those of the agent.
Trusted by thousands of students and professionals worldwide Page 3 of 16
55+ (Fully Updated 2026) Exam Questions + Verified & Rationalized Answers
| A+ Graded
100% Guarantee Pass
📋 DOCUMENT OVERVIEW 58 Qs
This document, "301- NC Post Licensing," covers specific topics in North Carolina real estate law and ethics,
including agency relationships, dual agency, listing agreements, advertising, and earnest money disputes.
The document provides 58 questions with correct answers and detailed explanations, allowing students
to review and understand key concepts. By utilizing this resource, students can study and review the
material to reinforce their knowledge and prepare for the post-licensing exam.
✓ Verified Answers ✓ Exam Ready ✓ Study Guide
Trusted by thousands of students and professionals worldwide
EXAM QUESTIONS
QUESTION 1
Can an inactive agent be paid a referral commission if they were active at the time they made the
referral?
CORRECT ANSWER
Yes. If and only if they were active at time of referral
RATIONALE: The correct answer hinges on the distinction between the time of referral and the time of commission
payment, emphasizing that the agent's inactivity at the time of commission payment is irrelevant if they were active at the
time the referral was made. This conditional statement, "if and only if," highlights the importance of the agent's status at
the time of referral, serving as the determining factor for eligibility to receive a referral commission.
Trusted by thousands of students and professionals worldwide Page 1 of 16
, QUESTION 2
Must Dual Agency be in writing?
CORRECT ANSWER
Before an offer is made, Yes. Dual agency must be in writing and signed by both parties
RATIONALE: Dual agency requires clarity and transparency, and written consent from both parties ensures that all parties
are aware of the arrangement and its implications. Written agreements also provide a clear record of the dual agency
arrangement, which can help prevent disputes and misunderstandings in the future.
QUESTION 3
At a listing appointment, the agent should be gathering all information for listing and what?
CORRECT ANSWER
Advertising
RATIONALE: During a listing appointment, the agent should be gathering all information for listing and marketing the
property, as the ultimate goal is to attract potential buyers and sell the property, making advertising the necessary next step
in the process. By gathering necessary information for listing and marketing, the agent is essentially laying the groundwork
for a successful advertising campaign that will showcase the property to its target audience.
QUESTION 4
May a BIC and their Provisional Broker enter into dual agency together?
CORRECT ANSWER
No. Because the BIC oversees the PBs transactions, this would be a conflict of interest
RATIONALE: A BIC (Broker-In-Charge) oversees the transactions of a Provisional Broker (PB), which inherently creates a
power imbalance. Allowing a BIC and their PB to enter into dual agency would create a conflict of interest, as the BIC would
be expected to act impartially, yet their authority over the PB's transactions would compromise their ability to do so.
QUESTION 5
When must all agency be "Written"
CORRECT ANSWER
Prior to first offer
RATIONALE: The concept of "Prior to first offer" being the correct answer stems from the idea that written agency must be
established before any negotiations or discussions take place, as this ensures transparency and prevents potential disputes
over verbal agreements. By setting written agency prior to the first offer, all parties involved are aware of the agency's
representation and can act accordingly, adhering to the established terms.
Trusted by thousands of students and professionals worldwide Page 2 of 16
, QUESTION 6
Are all in-house transactions Dual Agency?
CORRECT ANSWER
No. The exceptions would be Seller Sub Agency or Unrepresented Buyers
RATIONALE: Dual Agency occurs when a real estate agent represents both the buyer and seller in a transaction, which
creates a potential conflict of interest. The exceptions to this, Seller Sub Agency and Unrepresented Buyers, arise when the
seller waives their right to confidentiality or when the buyer lacks representation, eliminating the dual representation and
potential conflict of interest.
QUESTION 7
Can The Real Estate Commission fine brokers?
CORRECT ANSWER
No. They can only reprimand, suspend, and revoke licenses
RATIONALE: The correct answer is based on the specific authority granted to the Real Estate Commission, which is limited
to certain disciplinary actions such as reprimand, suspension, and revocation of licenses, with no explicit power to impose
fines. This limitation is typically reflected in the commission's governing laws or regulations, outlining its scope of authority
and corresponding enforcement mechanisms.
QUESTION 8
Who can sue agents civilly for monetary compensation?
CORRECT ANSWER
Principles of a transaction
RATIONALE: The correct answer is "Principles of a transaction" because it refers to the concept of agency by estoppel, a
doctrine that holds that a third party who deals with an agent in good faith and without knowledge of the agency's
limitations can sue the principal for monetary compensation if the agent's actions result in a transaction that would not
have been entered into if the third party had known the true nature of the agency. This principle is a key concept in agency
law, allowing third parties to seek redress when they have relied on an agent's authority in a transaction.
QUESTION 9
If Dual Agency is not disclosed is a commission due?
CORRECT ANSWER
No. Therefore it is imperative to disclose dual agency before any offers are written
RATIONALE: Disclosing dual agency beforehand is crucial because it allows all parties to make informed decisions and
provides transparency, which is essential for maintaining a fair and ethical business relationship. Failing to disclose dual
agency can invalidate a commission, as it may be considered a breach of fiduciary duty, which prioritizes the interests of the
principal over those of the agent.
Trusted by thousands of students and professionals worldwide Page 3 of 16
