Post licensing 301
What are the fiduciary duties? - CORRECT ANSWER-Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality
Seller must provide these disclosures, and they must provide them before: -
CORRECT ANSWER-They must provide the RPOADS, MOG, and lead-based
paint disclosure if the house was built before 1978.
Must be provided before an offer is made
What are the 3 main exceptions to providing the RPOADS? - CORRECT
ANSWER-New construction
Tenant in possession
Mutual agreement
Who are the parties to an agency agreement? - CORRECT ANSWER-The agent
and the principals
Does the principal have to disclose anything? - CORRECT ANSWER-No, they
do not
When and in what transactions must a broker provide the WREA brochure? -
CORRECT ANSWER-At first substantial contact in all sales transactions
When and in what transactions must Agency agreements with property owners
be in writing? - CORRECT ANSWER-Before any broker services are provided
(be it for sales, lease, or owner association) in all transactions
Before a broker may begin working with a buyer or tenant as that a principal's
agent, how may the parties' agency relationship be created under NCREC rules?
- CORRECT ANSWER-It can be created orally until the time of offer, when it
must be in writing
What are the fiduciary duties? - CORRECT ANSWER-Loyalty
Obedience
Accounting
Disclosure
Skill, care, and diligence
Confidentiality
Seller must provide these disclosures, and they must provide them before: -
CORRECT ANSWER-They must provide the RPOADS, MOG, and lead-based
paint disclosure if the house was built before 1978.
Must be provided before an offer is made
What are the 3 main exceptions to providing the RPOADS? - CORRECT
ANSWER-New construction
Tenant in possession
Mutual agreement
Who are the parties to an agency agreement? - CORRECT ANSWER-The agent
and the principals
Does the principal have to disclose anything? - CORRECT ANSWER-No, they
do not
When and in what transactions must a broker provide the WREA brochure? -
CORRECT ANSWER-At first substantial contact in all sales transactions
When and in what transactions must Agency agreements with property owners
be in writing? - CORRECT ANSWER-Before any broker services are provided
(be it for sales, lease, or owner association) in all transactions
Before a broker may begin working with a buyer or tenant as that a principal's
agent, how may the parties' agency relationship be created under NCREC rules?
- CORRECT ANSWER-It can be created orally until the time of offer, when it
must be in writing
