301- NC Post Licensing
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
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
At a listing appointment, the agent should be gathering all information for listing
and what? - CORRECT ANSWER-Advertising
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
When must all agency be "Written" - CORRECT ANSWER-Prior to first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWER-No. The
exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - CORRECT ANSWER-No. They
can only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWER-Principles of a transaction
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
As a dual agent, the agent's duties are reduced to what? - CORRECT
ANSWER-Contractual Obligations
What must all agency agreements have? - CORRECT ANSWER-A beginning
and ending date
, Oral to Oral & Written to Written describe what? - CORRECT ANSWER-The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - CORRECT
ANSWER-Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several
Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - CORRECT
ANSWER-The listing agent, regardless of who brings a buyer, and likely the
buyer agent
Who gets paid in an exclusive listing agreement? - CORRECT
ANSWER-Whomever brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWER-Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - CORRECT
ANSWER-Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT
ANSWER-The Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - CORRECT ANSWER-Lease to
purchase, 1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - CORRECT ANSWER-At first
substantial contact
If you miss the 6/10 Deadline for CE what must you do to re-activate your
license? - CORRECT 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? - CORRECT 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? - CORRECT ANSWER-Yes. If and only if they were
active at time of referral
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
At a listing appointment, the agent should be gathering all information for listing
and what? - CORRECT ANSWER-Advertising
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
When must all agency be "Written" - CORRECT ANSWER-Prior to first offer
Are all in-house transactions Dual Agency? - CORRECT ANSWER-No. The
exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - CORRECT ANSWER-No. They
can only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - CORRECT
ANSWER-Principles of a transaction
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
As a dual agent, the agent's duties are reduced to what? - CORRECT
ANSWER-Contractual Obligations
What must all agency agreements have? - CORRECT ANSWER-A beginning
and ending date
, Oral to Oral & Written to Written describe what? - CORRECT ANSWER-The
permissions needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - CORRECT
ANSWER-Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several
Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - CORRECT
ANSWER-The listing agent, regardless of who brings a buyer, and likely the
buyer agent
Who gets paid in an exclusive listing agreement? - CORRECT
ANSWER-Whomever brings a buyer
Who can sell a property in an Open listing? - CORRECT ANSWER-Any actively
licensed agent
In a net listing money above the asking price is paid to whom? - CORRECT
ANSWER-Listing Agent
Who is the actual agent to the principle in a transaction? - CORRECT
ANSWER-The Firm (Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - CORRECT ANSWER-Lease to
purchase, 1st Dwelling, and Foreclosure
When should WWREA be explained / signed? - CORRECT ANSWER-At first
substantial contact
If you miss the 6/10 Deadline for CE what must you do to re-activate your
license? - CORRECT 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? - CORRECT ANSWER-Only Agents... (License Law)
