NCREL POST LICENSING 301 BROKER
RELATIONSHIPS AND RESPONSIBILITIES
EXAM 2024-2025 WITH LATEST
QUESTIONS AND 100% CORRECT
ANSWERS ALREADY GRADED A+
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when? - ANS-
Before buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals? - ANS-Obey, Loyalty, Disclosure, Confidentiality,
Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller under what agency? -
ANS-Dual Agency - agent cannot advise or council
Material facts which must be disclosed - ANS-Pending foreclosure, adverse conditions, neighborhood
changes, anything that will affect a decision to buy or sell
, A runway is planned in the next 20 years near a property that I purchase. I later sell the property. To
which party must I disclose the plan for a runway? - ANS-All parties
A listing broker is aware of a hidden defect in the home. The seller marks no representation on the
disclosure statement, so the listing agent does not disclose the defect in marketing or on MLS. The
buyer's agent does not uncover the defect. After closing who is responsible for the lack of disclosure to
the purchaser? - ANS-The listing broker only - this is willful omission. If the buyer's agent had discovered
the defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the grid and plans to install
solar panels. The buyer's agent finds a home with a south facing roof and tells the listing agent how
excited her buyer is to install the solar panels on this home. After closing the solar panels are installed.
The city notifies the buyer this is against city ordinance and must be removed. Who is responsible? -
ANS-Both buying and selling agent - both should have contacted the city zoning board to determine if
solar panels were allowed.
How are fiduciary duties affected by dual agency? - ANS-The firm's duties are split equally between
buyer and seller.
A broker is called to a listing appointment where the wife is out of town. The husband signs the listing
agreement and advises his wife will be back next Wednesday to sign. The Sunday prior to her return, he
accepts and offer. Once the wife is back, the agent reaches out for her signature on the listing
agreement only to find out a divorce is pending and the wife refuses to sign. What happens in this
situation? - ANS-Without the wife's signature on the listing contract, the commission will be difficult if
not impossible to collect. Both parties must sign the listing agreement.
When a firm offers to cooperate with other firms and brokers in the sale of it's listing, the listing firm
may? - ANS-Offer various rates of commissions on various listings such as 2.1%, 3.9% and bonuses on
the sale of some but not others
A broker protection agreement allows what? - ANS-the agent to show listed property to only particular
people and get paid if they buy.
When advertising a property for a builder if you mention a specific down payment, you would be
required to make full disclosure of all significant financing terms to comply with what? - ANS-Truth in
Lending Act / Regulation Z
The agents role will be reduced to the contractual benefits of the contract.
RELATIONSHIPS AND RESPONSIBILITIES
EXAM 2024-2025 WITH LATEST
QUESTIONS AND 100% CORRECT
ANSWERS ALREADY GRADED A+
A seller's agent or sub-agent must initially disclose her agent status to a prospective buyer when? - ANS-
Before buyer and agent discuss motivation or financial information.
What fiduciary duties are owed to principals? - ANS-Obey, Loyalty, Disclosure, Confidentiality,
Accounting, & Reasonable care
(OLD CAR)
As a dual agent, my fiduciary responsibilities are reduced to the buyer and seller under what agency? -
ANS-Dual Agency - agent cannot advise or council
Material facts which must be disclosed - ANS-Pending foreclosure, adverse conditions, neighborhood
changes, anything that will affect a decision to buy or sell
, A runway is planned in the next 20 years near a property that I purchase. I later sell the property. To
which party must I disclose the plan for a runway? - ANS-All parties
A listing broker is aware of a hidden defect in the home. The seller marks no representation on the
disclosure statement, so the listing agent does not disclose the defect in marketing or on MLS. The
buyer's agent does not uncover the defect. After closing who is responsible for the lack of disclosure to
the purchaser? - ANS-The listing broker only - this is willful omission. If the buyer's agent had discovered
the defect, they too would be responsible.
A client tells a buyer agent how excited he is to buy a home so he can live off the grid and plans to install
solar panels. The buyer's agent finds a home with a south facing roof and tells the listing agent how
excited her buyer is to install the solar panels on this home. After closing the solar panels are installed.
The city notifies the buyer this is against city ordinance and must be removed. Who is responsible? -
ANS-Both buying and selling agent - both should have contacted the city zoning board to determine if
solar panels were allowed.
How are fiduciary duties affected by dual agency? - ANS-The firm's duties are split equally between
buyer and seller.
A broker is called to a listing appointment where the wife is out of town. The husband signs the listing
agreement and advises his wife will be back next Wednesday to sign. The Sunday prior to her return, he
accepts and offer. Once the wife is back, the agent reaches out for her signature on the listing
agreement only to find out a divorce is pending and the wife refuses to sign. What happens in this
situation? - ANS-Without the wife's signature on the listing contract, the commission will be difficult if
not impossible to collect. Both parties must sign the listing agreement.
When a firm offers to cooperate with other firms and brokers in the sale of it's listing, the listing firm
may? - ANS-Offer various rates of commissions on various listings such as 2.1%, 3.9% and bonuses on
the sale of some but not others
A broker protection agreement allows what? - ANS-the agent to show listed property to only particular
people and get paid if they buy.
When advertising a property for a builder if you mention a specific down payment, you would be
required to make full disclosure of all significant financing terms to comply with what? - ANS-Truth in
Lending Act / Regulation Z
The agents role will be reduced to the contractual benefits of the contract.
