301- NC Post Licensing Questions With 100% Correct
Answers.
Can an inactive agent be paid a referral commission if they were active at the time
they made the referral? - ANSWER Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - ANSWER Before an offer is made, Yes. Dual
agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and
what? - ANSWER Advertising
May a BIC and their Provisional Broker enter into dual agency together? - ANSWER
No. Because the BIC oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" - ANSWER Prior to first offer
Are all in-house transactions Dual Agency? - ANSWER No. The exceptions would
be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - ANSWER No. They can only
reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - ANSWER Principles of a
transaction
If Dual Agency is not disclosed is a commission due? - ANSWER No. Therefore it is
imperative to disclose dual agency before any offers are written
As a dual agent, the agent's duties are reduced to what? - ANSWER Contractual
Obligations
What must all agency agreements have? - ANSWER A beginning and ending date
Oral to Oral & Written to Written describe what? - ANSWER The permissions
needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - ANSWER Deed, Plot
Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - ANSWER The
listing agent, regardless of who brings a buyer, and likely the buyer agent
, Who gets paid in an exclusive listing agreement? - ANSWER Whomever brings a
buyer
Who can sell a property in an Open listing? - ANSWER Any actively licensed agent
In a net listing money above the asking price is paid to whom? - ANSWER Listing
Agent
Who is the actual agent to the principle in a transaction? - ANSWER The Firm
(Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - ANSWER Lease to purchase, 1st
Dwelling, and Foreclosure
First Substantial Contact - ANSWER WWREA be explained / signed
Personal Information
Needs, Motivations, and Pre-Approval
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? -
ANSWER Complete latest General Update (4 Hours), and 3 CE Classes (4 hours
each) Total of 16 hours
Under NC License Law who can be held responsible for reporting Material Facts? -
ANSWER Only Agents... (License Law)
Under Civil /Criminal law who can be held responsible for reporting Material Facts? -
ANSWER Principles
Name the 4 types of Material Facts - ANSWER Facts about the property, facts that
relate to the property, facts relating to the ability to close the transaction, and facts of
special importance
Who must Material Facts be disclosed to? - ANSWER All parties, including 3rd
Parties regardless of who you represent
Who can The Real Estate Commission fine? - ANSWER Time Share Developers
Willfull Omission means - ANSWER You knew but you didn't disclose
Willfull Misrepresentation means - ANSWER You lied, by speaking wrong
information
Negligent Omission means - ANSWER You should have known, but did not
Negligent Misrepresentation means - ANSWER You should have known, but spoke
wrong information
May a principle be held responsible for mis-information as it relates to a material
fact? - ANSWER Yes. Typically civilly or criminally
Answers.
Can an inactive agent be paid a referral commission if they were active at the time
they made the referral? - ANSWER Yes. If and only if they were active at time of
referral
Must Dual Agency be in writing? - ANSWER Before an offer is made, Yes. Dual
agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and
what? - ANSWER Advertising
May a BIC and their Provisional Broker enter into dual agency together? - ANSWER
No. Because the BIC oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" - ANSWER Prior to first offer
Are all in-house transactions Dual Agency? - ANSWER No. The exceptions would
be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - ANSWER No. They can only
reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - ANSWER Principles of a
transaction
If Dual Agency is not disclosed is a commission due? - ANSWER No. Therefore it is
imperative to disclose dual agency before any offers are written
As a dual agent, the agent's duties are reduced to what? - ANSWER Contractual
Obligations
What must all agency agreements have? - ANSWER A beginning and ending date
Oral to Oral & Written to Written describe what? - ANSWER The permissions
needed to show a property as a "Dual Agent"
What should every agent bring to a listing appointment? - ANSWER Deed, Plot
Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
Who gets paid in an Exclusive Right to Sell listing agreement? - ANSWER The
listing agent, regardless of who brings a buyer, and likely the buyer agent
, Who gets paid in an exclusive listing agreement? - ANSWER Whomever brings a
buyer
Who can sell a property in an Open listing? - ANSWER Any actively licensed agent
In a net listing money above the asking price is paid to whom? - ANSWER Listing
Agent
Who is the actual agent to the principle in a transaction? - ANSWER The Firm
(Individual agents are sub agents to seller)
No M.O.G. is needed for what 3 listings? - ANSWER Lease to purchase, 1st
Dwelling, and Foreclosure
First Substantial Contact - ANSWER WWREA be explained / signed
Personal Information
Needs, Motivations, and Pre-Approval
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? -
ANSWER Complete latest General Update (4 Hours), and 3 CE Classes (4 hours
each) Total of 16 hours
Under NC License Law who can be held responsible for reporting Material Facts? -
ANSWER Only Agents... (License Law)
Under Civil /Criminal law who can be held responsible for reporting Material Facts? -
ANSWER Principles
Name the 4 types of Material Facts - ANSWER Facts about the property, facts that
relate to the property, facts relating to the ability to close the transaction, and facts of
special importance
Who must Material Facts be disclosed to? - ANSWER All parties, including 3rd
Parties regardless of who you represent
Who can The Real Estate Commission fine? - ANSWER Time Share Developers
Willfull Omission means - ANSWER You knew but you didn't disclose
Willfull Misrepresentation means - ANSWER You lied, by speaking wrong
information
Negligent Omission means - ANSWER You should have known, but did not
Negligent Misrepresentation means - ANSWER You should have known, but spoke
wrong information
May a principle be held responsible for mis-information as it relates to a material
fact? - ANSWER Yes. Typically civilly or criminally
