NC Post Licensing 301 Exam Questions and Correct Answers
Updated
Question 1
Are all sellers required to fill out the RPOADS?
Correct Answer
Yes. All sellers must provide an RPOADS whether there is an agent or not.
Question 2
As an HOA do I need a license?
Correct Answer
No
Question 3
When I do a CMA do I give the actual value?
Correct Answer
No, I give it as a range. If I am not comfortable with the analysis, I should look at the top end of the range if they are
needing to sell fast, otherwise I should go with the middle of the range.
Page 1 of 46
,Question 4
Do I need a license to show rentals?
Correct Answer
No
Question 5
Is a murder occurring on the property a material fact?
Correct Answer
No
Question 6
When is the Working With Real Estate Agents (WWREA) document given?
Correct Answer
At first substantial contact.
Question 7
If a buyer does not receive the RPOADS before the day of closing, what happens?
Correct Answer
The buyer will have a 3 day right of rescission. (3 Calendar Days)
Page 2 of 46
,Question 8
According to the Sherman Antitrust Act, can there be an average commission rate or required standard commission rate?
Correct Answer
No. It is decided on between the realtor and their firm and the client.
Question 9
What must a Buyer Agency Agreement have?
Correct Answer
An End Date
Question 10
If I am property managing for someone else in their LLC and I get free use of a property in exchange do I need a license?
Correct Answer
Yes because it is a form of compensation.
Question 11
What is defined as Substantial Contact?
Correct Answer
If they discuss with you that they are required to do something, or are required to sell their home, or something serious
like a pending foreclosure, it is considered Substantial Contact. If it is simply wants, needs or desires, it is not considered
Substantial Contact.
Page 3 of 46
, Question 12
What must be on all agreements?
Correct Answer
Firm license and personal license number.
Page 4 of 46
Updated
Question 1
Are all sellers required to fill out the RPOADS?
Correct Answer
Yes. All sellers must provide an RPOADS whether there is an agent or not.
Question 2
As an HOA do I need a license?
Correct Answer
No
Question 3
When I do a CMA do I give the actual value?
Correct Answer
No, I give it as a range. If I am not comfortable with the analysis, I should look at the top end of the range if they are
needing to sell fast, otherwise I should go with the middle of the range.
Page 1 of 46
,Question 4
Do I need a license to show rentals?
Correct Answer
No
Question 5
Is a murder occurring on the property a material fact?
Correct Answer
No
Question 6
When is the Working With Real Estate Agents (WWREA) document given?
Correct Answer
At first substantial contact.
Question 7
If a buyer does not receive the RPOADS before the day of closing, what happens?
Correct Answer
The buyer will have a 3 day right of rescission. (3 Calendar Days)
Page 2 of 46
,Question 8
According to the Sherman Antitrust Act, can there be an average commission rate or required standard commission rate?
Correct Answer
No. It is decided on between the realtor and their firm and the client.
Question 9
What must a Buyer Agency Agreement have?
Correct Answer
An End Date
Question 10
If I am property managing for someone else in their LLC and I get free use of a property in exchange do I need a license?
Correct Answer
Yes because it is a form of compensation.
Question 11
What is defined as Substantial Contact?
Correct Answer
If they discuss with you that they are required to do something, or are required to sell their home, or something serious
like a pending foreclosure, it is considered Substantial Contact. If it is simply wants, needs or desires, it is not considered
Substantial Contact.
Page 3 of 46
, Question 12
What must be on all agreements?
Correct Answer
Firm license and personal license number.
Page 4 of 46
