301 NC POST LICENSING EXAM ACTUAL EXAM
COMPLETE 350 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
An agent's duties to third parties include all the following EXCEPT
A) fairness.
B) obedience.
C) disclosure of material fact.
D) honesty. - ANSWER: B) obedience.
Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is
completing the listing agreement, Derrin mentions that the hot water heater has not
worked for a couple of weeks and is not planning on repairing it since he is selling
the home. Derrin tells Austin that he cannot share that information with anyone as it
might affect the sale of the home. What is the BEST course of action for Austin at this
time?
A) If Austin shares the information regarding the hot water heater, he will be in
violation of his fiduciary duties, and Derrin can sue him for disclosing confidential
information.
B) Austin can share the information with people at Best Homes Realty but cannot
share it with any firm representing a buyer.
C) Austin must disclose that the hot water heater is not working because it is a
material fact.
D) Austin must obey the seller. Austin and Best Homes Realty owe fiduciary duties to
their clien - ANSWER: C) Austin must disclose that the hot water heater is not
working because it is a material fact.
Armin, a broker affiliated with Best Homes Realty, listed a property for sale and
conducted an open house. Courtney visited the open house and decided to make an
offer. The seller had completed the Residential Property and Owners' Association
Disclosure Statement (RPOADS) indicating all defects the seller knows that exist
about the property. In this situation, which of the following statements is TRUE?
A) Courtney needs to be advised to still conduct a full home inspection.
B) Since the seller disclosed all known material facts, they have complied with the
Doctrine of Caveat Emptor and Courtney does not need to complete a full home
inspection.
C) Since the seller disclosed all known material facts that they were aware of,
Courtney does not need to complete a full home inspection.
D) Armin can assure Courtney that the seller has disclosed all material facts and she
does not need to get her own home inspection. - ANSWER: A) Courtney needs to be
advised to still conduct a full home inspection.
A buyer and a seller are negotiating the terms of a possible contract. The seller
counteroffers to the buyer, and the buyer wants to think about it overnight. The next
,day the buyer calls the selling agent and says they would like to accept the seller's
counteroffer. Before verifying that the buyer had actually signed the counteroffer,
the selling agent calls the listing agent to say the buyer had accepted the seller's
counteroffer. The seller then goes on to purchase another house based on the
buyer's "acceptance" of their counteroffer. When the selling agent goes to pick up
the signed paperwork from the buyer, the buyer states they never signed the
counteroffer and do not want to buy the seller's home. Which of the following
statements is correct?
A) The selling agent is not responsible for the misrepresentation.
B) Both the buyer and the selling agent are responsible for the misrepresentation.
C) Neither the buyer - ANSWER: D) The selling agent is responsible for the
misrepresentation.
The real estate broker's fiduciary responsibility to keep the principal informed of all
facts, including property condition and issues that affect a seller's willingness to sell
and a buyer's willingness to buy, is the duty of
A) reasonable skill, care, and diligence.
B) disclosure.
C) obedience.
D) accounting. - ANSWER: B) disclosure.
The duties owed from the "agent" to the "principal" are BEST described by which of
the following?
A) Obedience, loyalty, accounting, and reasonable care
B) Fairness and honesty
C) Fairness, honest, obedience, loyalty, accounting, reasonable skill, and care
D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care,
and diligence - ANSWER: D) Obedience, loyalty, disclosure, confidentiality,
accounting, reasonable skill, care, and diligence
Which of the following BEST describes subagent?
A) Literally the agent of an agent, a person designated or employed by an agent to
perform all or part of the agent's assigned tasks or services on behalf of the agent's
principal
B) The person who authorizes another to act on the principal's behalf within
specified parameters and to whom the agent owes certain legal duties
C) The person acting for and on behalf of the principal within the bounds of the
authority granted and who owes fiduciary duties to the principal
D) The relationship that exists when one person is authorized to act for and on
behalf of another - ANSWER: A) Literally the agent of an agent, a person designated
or employed by an agent to perform all or part of the agent's assigned tasks or
services on behalf of the agent's principal
Which of the following statements is TRUE regarding agency agreements?
A) Listing agreements, property management agreements, buyer agency
agreements, and tenant representation agreements can all be express oral
agreements for a period of time.
,B) Listing agreements and property management agreements must be express
written agreements from the beginning of the relationship and buyer agency
agreements and tenant representation agreements can be in express oral
agreements for a period of time.
C) Listing agreements and buyer agency agreements must be express written
agreements from the beginning of the relationship and property management
agreements and tenant representation agreements can be express oral agreements
for a period of time.
D) Listing agreements and property management agreements can express oral
agreements for a period of time and buyer agency agreements and tenant
representation agreements must be in ex - ANSWER: B) Listing agreements and
property management agreements must be express written agreements from the
beginning of the relationship and buyer agency agreements and tenant
representation agreements can be in express oral agreements for a period of time.
Which of the following statements BEST describes North Carolina Unfair Deceptive
Practices Act?
A) This law prohibits disclosure regarding facts about the property itself or the
surrounding area.
B) This law prohibits unfair or deceptive acts or practices in commerce and applies to
the sale or rental of real estate and to real estate brokers.
C) This law holds that—except in cases involving fraud by the seller or the seller's
agent—the seller has no affirmative obligation to disclose information about the
property being sold to the purchaser and places the burden on the buyer to
investigate the property before contracting to purchase the property.
D) This law prohibits making generalized expression of a broker's opinion about a
property. - ANSWER: B) This law prohibits unfair or deceptive acts or practices in
commerce and applies to the sale or rental of real estate and to real estate brokers.
George knows that the property is about to be rezoned for commercial use, which
will greatly increase the value of the property. George does not share this
information with the seller and offers to buy the property for himself as an
investment. George closes on the property with the seller and then after the
rezoning has been finalized, George sells the property at a substantial profit. This is
an example of
A) self-dealing.
B) making false promises.
C) undisclosed dual agency.
D) improper dealing. - ANSWER: A) self-dealing.
Lanzo is in the process of listing a house for sale and tells the seller that he will stage
the house, steam clean the carpets, and hire a professional cleaning crew to clean
prior to showing the house. Once the seller signed the listing agreement, Lanzo
failed to provide these services. Lanzo may be guilty of which of the following?
A) Making false promises
B) Undisclosed dual agency
C) Self-dealing
, D) Improper brokerage commission - ANSWER: A) Making false promises
Who is required to disclose material facts?
A) Sellers and listing agents
B) Sellers and buyers
C) Listing agents and selling agents
D) Sellers, buyers, listing agents, and selling agents - ANSWER: C) Listing agents and
selling agents
Francis listed a property for sale and did not investigate the property for material
facts because he relied on the seller's statement that there was nothing wrong with
the property. It was later discovered that there was a substantial leak in the roof that
was easily detectable. In this situation, Francis could be held liable for which of the
following?
A) The seller will be held responsible and Francis has no liability
B) Negligent misrepresentation or omission.
C) Willful misrepresentation or omission.
D) Francis is not required to discover material facts since he has the seller's word
that there is nothing wrong. - ANSWER: B) Negligent misrepresentation or omission.
Which of the following statements regarding agent's duties under real estate license
law is TRUE?
A) A broker's duties under license law when dealing with parties to a transaction
apply regardless of the broker's agency relationship to such parties.
B) A broker's duties under license law when dealing with parties to a transaction
apply only to the firm's clients.
C) A broker's duties under license law when dealing with parties to a transaction
apply only to the firm's customers.
D) A broker does not have duties under license law as brokers are only bound by
North Carolina Real Estate Commission rules. - ANSWER: A) A broker's duties under
license law when dealing with parties to a transaction apply regardless of the
broker's agency relationship to such parties.
When it comes to standards for selling agents, which of the following statements is
TRUE?
A) A selling agent may rely on the accuracy of property information provided by a
listing agent in MLS only and must verify other forms of advertising.
B) Generally, a selling agent may rely on the accuracy of property information
provided by a listing agent.
C) A selling agent may never rely on the accuracy of property information provided
by a listing agent as they must always verify everything.
D) Neither the listing nor selling agent are liable for advertising as long as there is a
"disclaimer" warning for the reader to make an independent investigation. -
ANSWER: B) Generally, a selling agent may rely on the accuracy of property
information provided by a listing agent.
COMPLETE 350 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
An agent's duties to third parties include all the following EXCEPT
A) fairness.
B) obedience.
C) disclosure of material fact.
D) honesty. - ANSWER: B) obedience.
Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is
completing the listing agreement, Derrin mentions that the hot water heater has not
worked for a couple of weeks and is not planning on repairing it since he is selling
the home. Derrin tells Austin that he cannot share that information with anyone as it
might affect the sale of the home. What is the BEST course of action for Austin at this
time?
A) If Austin shares the information regarding the hot water heater, he will be in
violation of his fiduciary duties, and Derrin can sue him for disclosing confidential
information.
B) Austin can share the information with people at Best Homes Realty but cannot
share it with any firm representing a buyer.
C) Austin must disclose that the hot water heater is not working because it is a
material fact.
D) Austin must obey the seller. Austin and Best Homes Realty owe fiduciary duties to
their clien - ANSWER: C) Austin must disclose that the hot water heater is not
working because it is a material fact.
Armin, a broker affiliated with Best Homes Realty, listed a property for sale and
conducted an open house. Courtney visited the open house and decided to make an
offer. The seller had completed the Residential Property and Owners' Association
Disclosure Statement (RPOADS) indicating all defects the seller knows that exist
about the property. In this situation, which of the following statements is TRUE?
A) Courtney needs to be advised to still conduct a full home inspection.
B) Since the seller disclosed all known material facts, they have complied with the
Doctrine of Caveat Emptor and Courtney does not need to complete a full home
inspection.
C) Since the seller disclosed all known material facts that they were aware of,
Courtney does not need to complete a full home inspection.
D) Armin can assure Courtney that the seller has disclosed all material facts and she
does not need to get her own home inspection. - ANSWER: A) Courtney needs to be
advised to still conduct a full home inspection.
A buyer and a seller are negotiating the terms of a possible contract. The seller
counteroffers to the buyer, and the buyer wants to think about it overnight. The next
,day the buyer calls the selling agent and says they would like to accept the seller's
counteroffer. Before verifying that the buyer had actually signed the counteroffer,
the selling agent calls the listing agent to say the buyer had accepted the seller's
counteroffer. The seller then goes on to purchase another house based on the
buyer's "acceptance" of their counteroffer. When the selling agent goes to pick up
the signed paperwork from the buyer, the buyer states they never signed the
counteroffer and do not want to buy the seller's home. Which of the following
statements is correct?
A) The selling agent is not responsible for the misrepresentation.
B) Both the buyer and the selling agent are responsible for the misrepresentation.
C) Neither the buyer - ANSWER: D) The selling agent is responsible for the
misrepresentation.
The real estate broker's fiduciary responsibility to keep the principal informed of all
facts, including property condition and issues that affect a seller's willingness to sell
and a buyer's willingness to buy, is the duty of
A) reasonable skill, care, and diligence.
B) disclosure.
C) obedience.
D) accounting. - ANSWER: B) disclosure.
The duties owed from the "agent" to the "principal" are BEST described by which of
the following?
A) Obedience, loyalty, accounting, and reasonable care
B) Fairness and honesty
C) Fairness, honest, obedience, loyalty, accounting, reasonable skill, and care
D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care,
and diligence - ANSWER: D) Obedience, loyalty, disclosure, confidentiality,
accounting, reasonable skill, care, and diligence
Which of the following BEST describes subagent?
A) Literally the agent of an agent, a person designated or employed by an agent to
perform all or part of the agent's assigned tasks or services on behalf of the agent's
principal
B) The person who authorizes another to act on the principal's behalf within
specified parameters and to whom the agent owes certain legal duties
C) The person acting for and on behalf of the principal within the bounds of the
authority granted and who owes fiduciary duties to the principal
D) The relationship that exists when one person is authorized to act for and on
behalf of another - ANSWER: A) Literally the agent of an agent, a person designated
or employed by an agent to perform all or part of the agent's assigned tasks or
services on behalf of the agent's principal
Which of the following statements is TRUE regarding agency agreements?
A) Listing agreements, property management agreements, buyer agency
agreements, and tenant representation agreements can all be express oral
agreements for a period of time.
,B) Listing agreements and property management agreements must be express
written agreements from the beginning of the relationship and buyer agency
agreements and tenant representation agreements can be in express oral
agreements for a period of time.
C) Listing agreements and buyer agency agreements must be express written
agreements from the beginning of the relationship and property management
agreements and tenant representation agreements can be express oral agreements
for a period of time.
D) Listing agreements and property management agreements can express oral
agreements for a period of time and buyer agency agreements and tenant
representation agreements must be in ex - ANSWER: B) Listing agreements and
property management agreements must be express written agreements from the
beginning of the relationship and buyer agency agreements and tenant
representation agreements can be in express oral agreements for a period of time.
Which of the following statements BEST describes North Carolina Unfair Deceptive
Practices Act?
A) This law prohibits disclosure regarding facts about the property itself or the
surrounding area.
B) This law prohibits unfair or deceptive acts or practices in commerce and applies to
the sale or rental of real estate and to real estate brokers.
C) This law holds that—except in cases involving fraud by the seller or the seller's
agent—the seller has no affirmative obligation to disclose information about the
property being sold to the purchaser and places the burden on the buyer to
investigate the property before contracting to purchase the property.
D) This law prohibits making generalized expression of a broker's opinion about a
property. - ANSWER: B) This law prohibits unfair or deceptive acts or practices in
commerce and applies to the sale or rental of real estate and to real estate brokers.
George knows that the property is about to be rezoned for commercial use, which
will greatly increase the value of the property. George does not share this
information with the seller and offers to buy the property for himself as an
investment. George closes on the property with the seller and then after the
rezoning has been finalized, George sells the property at a substantial profit. This is
an example of
A) self-dealing.
B) making false promises.
C) undisclosed dual agency.
D) improper dealing. - ANSWER: A) self-dealing.
Lanzo is in the process of listing a house for sale and tells the seller that he will stage
the house, steam clean the carpets, and hire a professional cleaning crew to clean
prior to showing the house. Once the seller signed the listing agreement, Lanzo
failed to provide these services. Lanzo may be guilty of which of the following?
A) Making false promises
B) Undisclosed dual agency
C) Self-dealing
, D) Improper brokerage commission - ANSWER: A) Making false promises
Who is required to disclose material facts?
A) Sellers and listing agents
B) Sellers and buyers
C) Listing agents and selling agents
D) Sellers, buyers, listing agents, and selling agents - ANSWER: C) Listing agents and
selling agents
Francis listed a property for sale and did not investigate the property for material
facts because he relied on the seller's statement that there was nothing wrong with
the property. It was later discovered that there was a substantial leak in the roof that
was easily detectable. In this situation, Francis could be held liable for which of the
following?
A) The seller will be held responsible and Francis has no liability
B) Negligent misrepresentation or omission.
C) Willful misrepresentation or omission.
D) Francis is not required to discover material facts since he has the seller's word
that there is nothing wrong. - ANSWER: B) Negligent misrepresentation or omission.
Which of the following statements regarding agent's duties under real estate license
law is TRUE?
A) A broker's duties under license law when dealing with parties to a transaction
apply regardless of the broker's agency relationship to such parties.
B) A broker's duties under license law when dealing with parties to a transaction
apply only to the firm's clients.
C) A broker's duties under license law when dealing with parties to a transaction
apply only to the firm's customers.
D) A broker does not have duties under license law as brokers are only bound by
North Carolina Real Estate Commission rules. - ANSWER: A) A broker's duties under
license law when dealing with parties to a transaction apply regardless of the
broker's agency relationship to such parties.
When it comes to standards for selling agents, which of the following statements is
TRUE?
A) A selling agent may rely on the accuracy of property information provided by a
listing agent in MLS only and must verify other forms of advertising.
B) Generally, a selling agent may rely on the accuracy of property information
provided by a listing agent.
C) A selling agent may never rely on the accuracy of property information provided
by a listing agent as they must always verify everything.
D) Neither the listing nor selling agent are liable for advertising as long as there is a
"disclaimer" warning for the reader to make an independent investigation. -
ANSWER: B) Generally, a selling agent may rely on the accuracy of property
information provided by a listing agent.
