Post-Licensing 301 Unit 3 Review WWREA
Disclosure
North Carolina Real Estate Commission (NCREC) requires that when the
disclosure is provided to the consumer, the broker must do all the following
EXCEPT
A) require the consumer to sign.
B) discuss agency relationship options.
C) determine in what capacity, if any, they will work with the consumer.
D) encourage the consumer to sign the disclosure. - CORRECT ANSWER-A)
require the consumer to sign.
According to NCREC Rule A.0104, at the first substantial contact with the
consumer, a broker must discuss agency relationship options, determine in what
capacity, if any, they will work with the consumer, and sign the disclosure. It
should be noted that the consumer is not required to sign, acknowledging receipt
of the disclosure form, although they should be encouraged to do so. However, if
a consumer refuses to sign the form acknowledging its receipt, then the broker
should note the person's refusal on the form and retain the form in the
transaction file.
At what time must a property management agreement with a property owner be
in writing?
A) At initial contact
B) At the time of its formation
C) Never needs to be in writing
D) At first substantial contact - CORRECT ANSWER-B) At the time of its
formation
According to NCREC Rule A.0104, every agreement for brokerage services
between a broker and an owner of the property to be the subject of a transaction
shall be in writing and signed by the parties at the time of its formation.
,Sharla is looking to move into a new rental house and is meeting with Tawnya at
Top Notch Realty to discuss her rental options. At what point in the relationship
do they need to reduce their representation agreement to writing?
A) When Sharla shares that she must move in the next two weeks
B) When Sharla and Tawnya first meet
C) When Sharla wants to make an offer to lease to the landlord
D) Right before Sharla takes possession of the property - CORRECT
ANSWER-C) When Sharla wants to make an offer to lease to the landlord
to NCREC Rule A.0104, every agreement for brokerage services between a
broker and a buyer or tenant shall be express and shall be in writing and signed
by the parties thereto not later than the time one of the parties makes an offer to
lease. The agreement can be oral up until the time the tenant wants to make an
offer and then the representation agreement (agency agreement) must be
reduced to writing.
Viola is affiliated with Pine Top Realty and is hosting an open house on their new
listing at 4970 Beautiful Home Lane. When William enters the house, Viola hands
him an information sheet about the property. William views the home, thanks
Viola for the information, and leaves. They have not had any other conversation
while William was viewing the home. In this situation, which of the following
statements is TRUE?
A) Viola is representing the seller and has no requirement to present the Working
with Real Estate Agents disclosure to anyone.
B) Viola is in violation of North Carolina Real Estate Commission rules that
require her to present the Working with Real Estate Agents disclosure because
first substantial contact has occurred.
C) Viola is not in violation of North Carolina Real Estate Commission rules that
require her to present the Working with Real Estate Agents disclosure because
first substantial contact has - CORRECT ANSWER-C) Viola is not in violation of
North Carolina Real Estate Commission rules that require her to present the
Working with Real Estate Agents disclosure because first substantial contact has
not occurred.
,First substantial contact is the point in time when a consumer begins to act as
though an agency relationship exists or to disclose their particular needs,
desires, or wants about property to be sold or purchased or any confidential
personal information about them, such as financial circumstances, family
matters, employment situations, etc. First substantial contact also occurs when
the broker begins to speak or act in such a way that a reasonable person would
believe that an agency relationship exists. William did not share any information
with Viola nor did Viola ask William any questions.
Brokers must understand that before they can assist a prospective buyer with
locating a property, the broker must have
A) either an express oral or written buyer-agency agreement with the buyer or
disclosed in writing to the prospective buyer that the broker will be working with
the buyer as a seller's agent or subagent.
B) an express oral disclosure to the prospective buyer that the broker will be
working with the buyer as a seller's agent or subagent.
C) either an express written buyer-agency agreement or an express oral
buyer-agency agreement.
D) a disclosure in writing to the prospective buyer that the broker will be working
with the buyer as a seller's agent or subagent. - CORRECT ANSWER-A) either
an express oral or written buyer-agency agreement with the buyer or disclosed in
writing to the prospective buyer that the broker will be working with the buyer as
a seller's agent or subagent.
Brokers must understand that before they can assist a prospective buyer with
locating a property, the broker must either have: (1) an express oral or written
buyer-agency agreement with the prospective buyer or (2) disclosed in writing to
the prospective buyer that the broker will be working with the buyer as a seller's
agent or subagent. There are no other options under the Commission's rule.
When first substantial contact with a prospective buyer or seller occurs by
telephone or other electronic means that make it impractical to give the person
the written disclosure, the broker is required to do which of the following?
A) The broker must cease all communication with the consumer until they can
meet in person with the broker to review the disclosure.
, B) At the earliest opportunity but no later than three days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity.
C) At the earliest opportunity but no later than seven days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity.
D) The broker must remain neutral and only discuss material facts about
properties until the consumer can meet with the broker in p - CORRECT
ANSWER-B) At the earliest opportunity but no later than three days from the date
of first substantial contact, mail, or transmit a copy of the disclosure to the
consumer and review it with them at the earliest opportunity.
At the earliest opportunity but no later than three days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity. The broker should warn the
consumer not to reveal any confidential or personal information to any broker
until the consumer decides who to hire as their agent, as there is no
confidentiality until a principal-agent relationship is created.
When first substantial contact occurs, which of the following documents must be
reviewed between the broker and the consumer?
A) Working within a Real Estate Transaction disclosure
B) Working in Real Estate disclosure
C) Working with Real Estate Agents disclosure
D) Working in North Carolina with Real Estate disclosure - CORRECT
ANSWER-C) Working with Real Estate Agents disclosure
According to NCREC Rule A.0104(c), in every real estate sales transaction, a
broker shall, at first substantial contact with a prospective buyer or seller, provide
the prospective buyer or seller with a copy of the publication "Working with Real
Estate Agents" set forth with the broker's name and license number thereon and
review the publication with the buyer or seller in the transaction.
At what point in the process must a broker give and review the agency disclosure
to a prospective seller?
Disclosure
North Carolina Real Estate Commission (NCREC) requires that when the
disclosure is provided to the consumer, the broker must do all the following
EXCEPT
A) require the consumer to sign.
B) discuss agency relationship options.
C) determine in what capacity, if any, they will work with the consumer.
D) encourage the consumer to sign the disclosure. - CORRECT ANSWER-A)
require the consumer to sign.
According to NCREC Rule A.0104, at the first substantial contact with the
consumer, a broker must discuss agency relationship options, determine in what
capacity, if any, they will work with the consumer, and sign the disclosure. It
should be noted that the consumer is not required to sign, acknowledging receipt
of the disclosure form, although they should be encouraged to do so. However, if
a consumer refuses to sign the form acknowledging its receipt, then the broker
should note the person's refusal on the form and retain the form in the
transaction file.
At what time must a property management agreement with a property owner be
in writing?
A) At initial contact
B) At the time of its formation
C) Never needs to be in writing
D) At first substantial contact - CORRECT ANSWER-B) At the time of its
formation
According to NCREC Rule A.0104, every agreement for brokerage services
between a broker and an owner of the property to be the subject of a transaction
shall be in writing and signed by the parties at the time of its formation.
,Sharla is looking to move into a new rental house and is meeting with Tawnya at
Top Notch Realty to discuss her rental options. At what point in the relationship
do they need to reduce their representation agreement to writing?
A) When Sharla shares that she must move in the next two weeks
B) When Sharla and Tawnya first meet
C) When Sharla wants to make an offer to lease to the landlord
D) Right before Sharla takes possession of the property - CORRECT
ANSWER-C) When Sharla wants to make an offer to lease to the landlord
to NCREC Rule A.0104, every agreement for brokerage services between a
broker and a buyer or tenant shall be express and shall be in writing and signed
by the parties thereto not later than the time one of the parties makes an offer to
lease. The agreement can be oral up until the time the tenant wants to make an
offer and then the representation agreement (agency agreement) must be
reduced to writing.
Viola is affiliated with Pine Top Realty and is hosting an open house on their new
listing at 4970 Beautiful Home Lane. When William enters the house, Viola hands
him an information sheet about the property. William views the home, thanks
Viola for the information, and leaves. They have not had any other conversation
while William was viewing the home. In this situation, which of the following
statements is TRUE?
A) Viola is representing the seller and has no requirement to present the Working
with Real Estate Agents disclosure to anyone.
B) Viola is in violation of North Carolina Real Estate Commission rules that
require her to present the Working with Real Estate Agents disclosure because
first substantial contact has occurred.
C) Viola is not in violation of North Carolina Real Estate Commission rules that
require her to present the Working with Real Estate Agents disclosure because
first substantial contact has - CORRECT ANSWER-C) Viola is not in violation of
North Carolina Real Estate Commission rules that require her to present the
Working with Real Estate Agents disclosure because first substantial contact has
not occurred.
,First substantial contact is the point in time when a consumer begins to act as
though an agency relationship exists or to disclose their particular needs,
desires, or wants about property to be sold or purchased or any confidential
personal information about them, such as financial circumstances, family
matters, employment situations, etc. First substantial contact also occurs when
the broker begins to speak or act in such a way that a reasonable person would
believe that an agency relationship exists. William did not share any information
with Viola nor did Viola ask William any questions.
Brokers must understand that before they can assist a prospective buyer with
locating a property, the broker must have
A) either an express oral or written buyer-agency agreement with the buyer or
disclosed in writing to the prospective buyer that the broker will be working with
the buyer as a seller's agent or subagent.
B) an express oral disclosure to the prospective buyer that the broker will be
working with the buyer as a seller's agent or subagent.
C) either an express written buyer-agency agreement or an express oral
buyer-agency agreement.
D) a disclosure in writing to the prospective buyer that the broker will be working
with the buyer as a seller's agent or subagent. - CORRECT ANSWER-A) either
an express oral or written buyer-agency agreement with the buyer or disclosed in
writing to the prospective buyer that the broker will be working with the buyer as
a seller's agent or subagent.
Brokers must understand that before they can assist a prospective buyer with
locating a property, the broker must either have: (1) an express oral or written
buyer-agency agreement with the prospective buyer or (2) disclosed in writing to
the prospective buyer that the broker will be working with the buyer as a seller's
agent or subagent. There are no other options under the Commission's rule.
When first substantial contact with a prospective buyer or seller occurs by
telephone or other electronic means that make it impractical to give the person
the written disclosure, the broker is required to do which of the following?
A) The broker must cease all communication with the consumer until they can
meet in person with the broker to review the disclosure.
, B) At the earliest opportunity but no later than three days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity.
C) At the earliest opportunity but no later than seven days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity.
D) The broker must remain neutral and only discuss material facts about
properties until the consumer can meet with the broker in p - CORRECT
ANSWER-B) At the earliest opportunity but no later than three days from the date
of first substantial contact, mail, or transmit a copy of the disclosure to the
consumer and review it with them at the earliest opportunity.
At the earliest opportunity but no later than three days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer
and review it with them at the earliest opportunity. The broker should warn the
consumer not to reveal any confidential or personal information to any broker
until the consumer decides who to hire as their agent, as there is no
confidentiality until a principal-agent relationship is created.
When first substantial contact occurs, which of the following documents must be
reviewed between the broker and the consumer?
A) Working within a Real Estate Transaction disclosure
B) Working in Real Estate disclosure
C) Working with Real Estate Agents disclosure
D) Working in North Carolina with Real Estate disclosure - CORRECT
ANSWER-C) Working with Real Estate Agents disclosure
According to NCREC Rule A.0104(c), in every real estate sales transaction, a
broker shall, at first substantial contact with a prospective buyer or seller, provide
the prospective buyer or seller with a copy of the publication "Working with Real
Estate Agents" set forth with the broker's name and license number thereon and
review the publication with the buyer or seller in the transaction.
At what point in the process must a broker give and review the agency disclosure
to a prospective seller?
