Post licensing 301 NC study questions
When must a seller's agent or subagent initially disclose agency status to a
buyer? - CORRECT ANSWER-before buyer and buyer's agent discuss
motivation and financial information
seller's subagent - CORRECT ANSWER-no written or oral buyer agency
OLDCAR - CORRECT ANSWER-obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator - CORRECT
ANSWER-reduced
What statement would require full disclosure of all financing terms in compliance
with TILA, Reg Z and RESPA - CORRECT ANSWER-any number amount
triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - CORRECT
ANSWER-filed foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - CORRECT
ANSWER-material fact
T/F AS-IS relieves seller from disclosing material fact - CORRECT ANSWER-F,
AS-IS does not relieve requirement to disclose material fact
name 10 material fact required disclosures - CORRECT ANSWER-stucco, radon,
lead-based paint, filed foreclosure, zoning, flood plains, meth houses, gravesites,
pending highways, asbestos siding
, names issues that are not material fact - CORRECT ANSWER-pending
foreclosure, death or illness, murder or suicide, HIV or AIDS, haunted, aluminum
wiring
Who is responsible if known hidden defect is found AFTER closing? - CORRECT
ANSWER-Listing agent
Does filed foreclosure need to be disclosed? - CORRECT ANSWER-Yes, it is a
material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
CORRECT ANSWER-divided equally
In dual agency between clients, the agent's role is _______ to the contractual
benefits of the contract and the agent becomes a _______. - CORRECT
ANSWER-reduced; facilitator
BIB and PB are doing a deal together, can BIC and PB work as designated
agents? - CORRECT ANSWER-No, they must work as a dual agent
when must an agent disclose dual agency in a transaction? - CORRECT
ANSWER-before presentation of the 1st offer
Can a BIC and PB be designated agents in the same transaction? - CORRECT
ANSWER-No, they must work as a dual agent
When is the last time to sign WWREA with a seller at a listing appointment? -
CORRECT ANSWER-Before the listing presentation begins and before first
substantial contact occurs
When first substantial contact has occurred, how long do you have to get
WWREA signed? - CORRECT ANSWER-3 days
If broker secures listing after looking for their buyer but discloses to neither side
about their agency status, will they get paid? - CORRECT ANSWER-No,
undisclosed dual agency is not permissible and therefore compensation is not
required
When must a seller's agent or subagent initially disclose agency status to a
buyer? - CORRECT ANSWER-before buyer and buyer's agent discuss
motivation and financial information
seller's subagent - CORRECT ANSWER-no written or oral buyer agency
OLDCAR - CORRECT ANSWER-obedience
loyalty
disclosure
confidentiality
accounting
reasonable care
In dual agency, the agent's duties are _____ to being a facilitator - CORRECT
ANSWER-reduced
What statement would require full disclosure of all financing terms in compliance
with TILA, Reg Z and RESPA - CORRECT ANSWER-any number amount
triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - CORRECT
ANSWER-filed foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - CORRECT
ANSWER-material fact
T/F AS-IS relieves seller from disclosing material fact - CORRECT ANSWER-F,
AS-IS does not relieve requirement to disclose material fact
name 10 material fact required disclosures - CORRECT ANSWER-stucco, radon,
lead-based paint, filed foreclosure, zoning, flood plains, meth houses, gravesites,
pending highways, asbestos siding
, names issues that are not material fact - CORRECT ANSWER-pending
foreclosure, death or illness, murder or suicide, HIV or AIDS, haunted, aluminum
wiring
Who is responsible if known hidden defect is found AFTER closing? - CORRECT
ANSWER-Listing agent
Does filed foreclosure need to be disclosed? - CORRECT ANSWER-Yes, it is a
material fact
In dual agency, the loyalty of the firm is ______between the buyer and seller? -
CORRECT ANSWER-divided equally
In dual agency between clients, the agent's role is _______ to the contractual
benefits of the contract and the agent becomes a _______. - CORRECT
ANSWER-reduced; facilitator
BIB and PB are doing a deal together, can BIC and PB work as designated
agents? - CORRECT ANSWER-No, they must work as a dual agent
when must an agent disclose dual agency in a transaction? - CORRECT
ANSWER-before presentation of the 1st offer
Can a BIC and PB be designated agents in the same transaction? - CORRECT
ANSWER-No, they must work as a dual agent
When is the last time to sign WWREA with a seller at a listing appointment? -
CORRECT ANSWER-Before the listing presentation begins and before first
substantial contact occurs
When first substantial contact has occurred, how long do you have to get
WWREA signed? - CORRECT ANSWER-3 days
If broker secures listing after looking for their buyer but discloses to neither side
about their agency status, will they get paid? - CORRECT ANSWER-No,
undisclosed dual agency is not permissible and therefore compensation is not
required
