NC Real Estate Post Licensing 301 Practice Questions
with Correct Verified Answers (Graded A+)
What should every agent bring to a listing appointment? - VERIFIED
ANSWER - Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement
(Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? -
VERIFIED ANSWER - The listing agent, regardless of who brings a buyer,
and likely the buyer agent
Who gets paid in an exclusive listing agreement? - VERIFIED ANSWER -
Whomever brings a buyer
Who can sell a property in an Open listing? - VERIFIED ANSWER - Any
actively licensed agent
In a net listing money above the asking price is paid to whom? -
VERIFIED ANSWER - Listing Agent
Who is the actual agent to the principle in a transaction? - VERIFIED
ANSWER - The Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - VERIFIED ANSWER - Lease to
purchase, 1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - VERIFIED ANSWER - At
first substantial contact
,If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? - VERIFIED ANSWER - Complete latest General Update (4
Hours), and 3 CE Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting
Material Facts? - VERIFIED ANSWER - Only Agents... (License Law)
Can an inactive agent be paid a referral commission if they were active
at the time they made the referral? - VERIFIED ANSWER - Yes. If and
only if they were active at time of referral
Must Dual Agency be in writing? - VERIFIED ANSWER - Before an offer is
made, Yes. Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information
for listing and what? - VERIFIED ANSWER - Advertising
May a BIC and their Provisional Broker enter into dual agency
together? - VERIFIED ANSWER - No. Because the BIC oversees the PBs
transactions, this would be a conflict of interest
When must all agency be "Written" - VERIFIED ANSWER - Prior to first
offer
Are all in-house transactions Dual Agency? - VERIFIED ANSWER - No.
The exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - VERIFIED ANSWER - No.
They can only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - VERIFIED
ANSWER - Principles of a transaction
,If Dual Agency is not disclosed is a commission due? - VERIFIED
ANSWER - No. Therefore it is imperative to disclose dual agency before
any offers are written
As a dual agent, the agent's duties are reduced to what? - VERIFIED
ANSWER - Contractual Obligations
What must all agency agreements have? - VERIFIED ANSWER - A
beginning and ending date
Oral to Oral & Written to Written describe what? - VERIFIED ANSWER -
The permissions needed to show a property as a "Dual Agent"
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? - VERIFIED ANSWER - Principles
Name the 4 types of Material Facts - VERIFIED ANSWER - Facts about
the property, facts that relate to the property, facts relating to the
ability to close the transaction, and facts of special importance
Who must Material Facts be disclosed to? - VERIFIED ANSWER - All
parties, including 3rd Parties regardless of who you represent
Who can The Real Estate Commission fine? - VERIFIED ANSWER - Time
Share Developers
Willfull Omission means - VERIFIED ANSWER - You knew but you didn't
disclose
Willfull Misrepresentation means - VERIFIED ANSWER - You lied, by
speaking wrong information
Negligent Omission means - VERIFIED ANSWER - You should have known,
but did not
, Negligent Misrepresentation means - VERIFIED ANSWER - You should
have known, but spoke wrong information
May a principle be held responsible for mis-information as it relates to
a material fact? - VERIFIED ANSWER - Yes. Typically civilly or criminally
The provision in a listing agreement that may obligate seller to pay a
commission after the agreement has expired is called? - VERIFIED
ANSWER - Override Clause or Extender Clause
A listing agreement is said to be what, if the principle dies during the
agreement? - VERIFIED ANSWER - Automatically Terminated
If a Seller refuses to sign an offer for less than list price, is a
commission due? - VERIFIED ANSWER - No. It is not due, until Seller
agrees upon the price and signs
What are considered Trigger items in Regulation Z? - VERIFIED ANSWER
- Any numbers or numerical characters
Is a CMA mandatory when listing a property? - VERIFIED ANSWER - Yes.
It is an agent's duty to perform a CMA for Seller
What would a "Latent" material fact be? - VERIFIED ANSWER - A very
well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual agent? - VERIFIED
ANSWER - No, A dual agent represents both principles in a single
transaction
Does the WWREA brochure have an option for Seller Sub Agency? -
VERIFIED ANSWER - Yes. it is a check box on the last page
with Correct Verified Answers (Graded A+)
What should every agent bring to a listing appointment? - VERIFIED
ANSWER - Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement
(Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? -
VERIFIED ANSWER - The listing agent, regardless of who brings a buyer,
and likely the buyer agent
Who gets paid in an exclusive listing agreement? - VERIFIED ANSWER -
Whomever brings a buyer
Who can sell a property in an Open listing? - VERIFIED ANSWER - Any
actively licensed agent
In a net listing money above the asking price is paid to whom? -
VERIFIED ANSWER - Listing Agent
Who is the actual agent to the principle in a transaction? - VERIFIED
ANSWER - The Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - VERIFIED ANSWER - Lease to
purchase, 1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - VERIFIED ANSWER - At
first substantial contact
,If you miss the 6/10 Deadline for CE what must you do to re-activate
your license? - VERIFIED ANSWER - Complete latest General Update (4
Hours), and 3 CE Classes (4 hours each) Total of 16 hours
Under NC License Law who can be held responsible for reporting
Material Facts? - VERIFIED ANSWER - Only Agents... (License Law)
Can an inactive agent be paid a referral commission if they were active
at the time they made the referral? - VERIFIED ANSWER - Yes. If and
only if they were active at time of referral
Must Dual Agency be in writing? - VERIFIED ANSWER - Before an offer is
made, Yes. Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information
for listing and what? - VERIFIED ANSWER - Advertising
May a BIC and their Provisional Broker enter into dual agency
together? - VERIFIED ANSWER - No. Because the BIC oversees the PBs
transactions, this would be a conflict of interest
When must all agency be "Written" - VERIFIED ANSWER - Prior to first
offer
Are all in-house transactions Dual Agency? - VERIFIED ANSWER - No.
The exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - VERIFIED ANSWER - No.
They can only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - VERIFIED
ANSWER - Principles of a transaction
,If Dual Agency is not disclosed is a commission due? - VERIFIED
ANSWER - No. Therefore it is imperative to disclose dual agency before
any offers are written
As a dual agent, the agent's duties are reduced to what? - VERIFIED
ANSWER - Contractual Obligations
What must all agency agreements have? - VERIFIED ANSWER - A
beginning and ending date
Oral to Oral & Written to Written describe what? - VERIFIED ANSWER -
The permissions needed to show a property as a "Dual Agent"
Under Civil /Criminal law who can be held responsible for reporting
Material Facts? - VERIFIED ANSWER - Principles
Name the 4 types of Material Facts - VERIFIED ANSWER - Facts about
the property, facts that relate to the property, facts relating to the
ability to close the transaction, and facts of special importance
Who must Material Facts be disclosed to? - VERIFIED ANSWER - All
parties, including 3rd Parties regardless of who you represent
Who can The Real Estate Commission fine? - VERIFIED ANSWER - Time
Share Developers
Willfull Omission means - VERIFIED ANSWER - You knew but you didn't
disclose
Willfull Misrepresentation means - VERIFIED ANSWER - You lied, by
speaking wrong information
Negligent Omission means - VERIFIED ANSWER - You should have known,
but did not
, Negligent Misrepresentation means - VERIFIED ANSWER - You should
have known, but spoke wrong information
May a principle be held responsible for mis-information as it relates to
a material fact? - VERIFIED ANSWER - Yes. Typically civilly or criminally
The provision in a listing agreement that may obligate seller to pay a
commission after the agreement has expired is called? - VERIFIED
ANSWER - Override Clause or Extender Clause
A listing agreement is said to be what, if the principle dies during the
agreement? - VERIFIED ANSWER - Automatically Terminated
If a Seller refuses to sign an offer for less than list price, is a
commission due? - VERIFIED ANSWER - No. It is not due, until Seller
agrees upon the price and signs
What are considered Trigger items in Regulation Z? - VERIFIED ANSWER
- Any numbers or numerical characters
Is a CMA mandatory when listing a property? - VERIFIED ANSWER - Yes.
It is an agent's duty to perform a CMA for Seller
What would a "Latent" material fact be? - VERIFIED ANSWER - A very
well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual agent? - VERIFIED
ANSWER - No, A dual agent represents both principles in a single
transaction
Does the WWREA brochure have an option for Seller Sub Agency? -
VERIFIED ANSWER - Yes. it is a check box on the last page
