301 POST LICENSING EXAM
QUESTIONS AND ANSWERS (VERIFIED
AND UPDATED)
What does an agent owe his "client" (principal)? - ANS LOADS
What does the L in LOADS stand for? - ANS Loyalty
What does the O in LOADS stand for? - ANS Obedience
What does the A in LOADS stand for? - ANS Accountability
What does the S in LOADS stand for? - ANS Skill, Care, and Diligence
What is a material fact? - ANS - Highway Improvement Plan
- Principals ability to complete a transaction
- Matters relating directly to the property's value or structure
- Special requests of the buyer
- Close to airport flight paths
If a seller is behind on house payments does the agent have to disclose? - ANS No disclosure
necessary
@2026/2027 ALLRIGHTS RESERVED.
, If the property is in foreclosure or a short sale then there must be... - ANS full disclosure
Foreclosure= - ANS "Notice of Sale" has been filed with the Clerk of Courts
Facts that surround the property and could affect it's value... - ANS - pending zoning changes
- existence of restrictive covenants
- plans for a new highway
-plans to build nearby shopping center
- close to an airport
What is not a material fact? - ANS - Haunted house
- Death or serious illness of a occupant
- HIV or AIDS occupant (or any protected class)
- Sexual offender
- Appraisal of a former transaction
What else can happen to a "Broker Gone Bad: other than civil liability and the loss of
commission? - ANS - Loss or suspension of license
- Criminal Prosecution
Agents duties to client under License Law: - ANS - Duty to disclose all material facts
- Avoid false promises
- Account for all trust funds
- Competence in agency duties
- Avoid improper conduct/dishonesty
- Deliver all offers and contracts
- Disclose all payments from 3rd parties
@2026/2027 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS (VERIFIED
AND UPDATED)
What does an agent owe his "client" (principal)? - ANS LOADS
What does the L in LOADS stand for? - ANS Loyalty
What does the O in LOADS stand for? - ANS Obedience
What does the A in LOADS stand for? - ANS Accountability
What does the S in LOADS stand for? - ANS Skill, Care, and Diligence
What is a material fact? - ANS - Highway Improvement Plan
- Principals ability to complete a transaction
- Matters relating directly to the property's value or structure
- Special requests of the buyer
- Close to airport flight paths
If a seller is behind on house payments does the agent have to disclose? - ANS No disclosure
necessary
@2026/2027 ALLRIGHTS RESERVED.
, If the property is in foreclosure or a short sale then there must be... - ANS full disclosure
Foreclosure= - ANS "Notice of Sale" has been filed with the Clerk of Courts
Facts that surround the property and could affect it's value... - ANS - pending zoning changes
- existence of restrictive covenants
- plans for a new highway
-plans to build nearby shopping center
- close to an airport
What is not a material fact? - ANS - Haunted house
- Death or serious illness of a occupant
- HIV or AIDS occupant (or any protected class)
- Sexual offender
- Appraisal of a former transaction
What else can happen to a "Broker Gone Bad: other than civil liability and the loss of
commission? - ANS - Loss or suspension of license
- Criminal Prosecution
Agents duties to client under License Law: - ANS - Duty to disclose all material facts
- Avoid false promises
- Account for all trust funds
- Competence in agency duties
- Avoid improper conduct/dishonesty
- Deliver all offers and contracts
- Disclose all payments from 3rd parties
@2026/2027 ALLRIGHTS RESERVED.