NC Post Licensing 301 Practice Exam 1 88/100
Correct 100%
1/50 Under which of the following circumstances would the client and agent most likely
mutually agree to terminate a listing?
a A buyer approached the seller with a much higher offer than the current listing price.
b The agent and client don't agree on the best way to price, maintain, and market the
property.
c The client has found a buyer and wants to avoid paying a commission.
d The client's cousin just became licensed and needs her first listing. - ANSWER- b The
agent and client don't agree on the best way to price, maintain, and market the property.
2/50 Tabitha listed her property for sale, but it's been on the market for several months
with no offers. She decides to terminate her listing agreement and rent the property out
instead of selling it. Assuming that her listing agent has fulfilled all of his responsibilities
under the contract, can Tabitha terminate the contract before its expiration date?
a Only if she and the listing agent mutually agree to terminate the agreement.
b Only if she succeeds in converting it to a rental.
c Yes because she's received no offers on the listing.
d Yes, she is entitled to terminate at any time. - ANSWER- a Only if she and the listing
agent mutually agree to terminate the agreement.
3/50 As a North Carolina property manager, which of the following is Luisa required to
do?
a Act as the landlord's representative in all matters, including legal counsel.
b Advocate for the tenants' interests above all others.
c Avoid performing any actions that would constitute a landlord's duties.
d Perform the duties of a landlord, as laid out in statute and the lease. - ANSWER-
Perform the duties of a landlord, as laid out in statute and the lease.
4/50 It's January, and the pool at Roger's listing has been prepped for winter for several
weeks. The homeowner assures Roger that it's in good working order. Roger has no
reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine.
The property sells, spring comes, and the new owners call to complain that the pump
doesn't work, and the pool drain appears to be clogged. What did Roger commit?
a Fraud
b Negligent misrepresentation
c Roger did not commit a violation
, d Unintentional misrepresentation - ANSWER- d Unintentional misrepresentation
5/50 ______ occurs when one licensee represents both the buyer and seller in the
same transaction without proper disclosure and consent.
a A breach of contract
b A conflict of interest Wrong
c Disclosed dual agency
d Undisclosed dual agency - ANSWER- d Undisclosed dual agency
6/10 Which of the following is a true statement about an MLS and sellers?
a An MLS is available via a fee-based subscription and is an option that most sellers
prefer.
b An MLS is exclusive to members of the National Association of REALTORS®.
c For most sellers, marketing on an MLS is not cost effective.
d Sellers are required to market their properties on an MLS if they're working with a real
estate licensee. - ANSWER- a An MLS is available via a fee-based subscription and is
an option that most sellers prefer.
7/50 All North Carolina listing agreements must ______.
a Be signed by both the buyer and the seller
b Contain discriminatory language
c Have a six-month term
d Include the listing broker's license number - ANSWER- Include the listing broker's
license number
8/50 Which of these situations is an example of designated agency?
a Cindy's broker at Homeworks Realty appoints her as the buyer's agent in a
transaction. Tim's broker at Great Homes Real Estate appoints him as the seller's
broker in the same transaction.
b Meredith's broker appoints her to represent both the buyer and the seller in a single
transaction.
c Michele is the firm's managing broker. She's the designated dual agent in all dual
agency transactions.
d The broker-in-charge at ABC Realty appoints Mark to represent the buyer and Todd to
represent the seller in the same transaction. - ANSWER- d The broker-in-charge at ABC
Realty appoints Mark to represent the buyer and Todd to represent the seller in the
same transaction.
9/50 Negligent misrepresentation occurs when which of the following takes place?
Correct 100%
1/50 Under which of the following circumstances would the client and agent most likely
mutually agree to terminate a listing?
a A buyer approached the seller with a much higher offer than the current listing price.
b The agent and client don't agree on the best way to price, maintain, and market the
property.
c The client has found a buyer and wants to avoid paying a commission.
d The client's cousin just became licensed and needs her first listing. - ANSWER- b The
agent and client don't agree on the best way to price, maintain, and market the property.
2/50 Tabitha listed her property for sale, but it's been on the market for several months
with no offers. She decides to terminate her listing agreement and rent the property out
instead of selling it. Assuming that her listing agent has fulfilled all of his responsibilities
under the contract, can Tabitha terminate the contract before its expiration date?
a Only if she and the listing agent mutually agree to terminate the agreement.
b Only if she succeeds in converting it to a rental.
c Yes because she's received no offers on the listing.
d Yes, she is entitled to terminate at any time. - ANSWER- a Only if she and the listing
agent mutually agree to terminate the agreement.
3/50 As a North Carolina property manager, which of the following is Luisa required to
do?
a Act as the landlord's representative in all matters, including legal counsel.
b Advocate for the tenants' interests above all others.
c Avoid performing any actions that would constitute a landlord's duties.
d Perform the duties of a landlord, as laid out in statute and the lease. - ANSWER-
Perform the duties of a landlord, as laid out in statute and the lease.
4/50 It's January, and the pool at Roger's listing has been prepped for winter for several
weeks. The homeowner assures Roger that it's in good working order. Roger has no
reason to disbelieve the homeowner, so he tells prospective buyers that the pool is fine.
The property sells, spring comes, and the new owners call to complain that the pump
doesn't work, and the pool drain appears to be clogged. What did Roger commit?
a Fraud
b Negligent misrepresentation
c Roger did not commit a violation
, d Unintentional misrepresentation - ANSWER- d Unintentional misrepresentation
5/50 ______ occurs when one licensee represents both the buyer and seller in the
same transaction without proper disclosure and consent.
a A breach of contract
b A conflict of interest Wrong
c Disclosed dual agency
d Undisclosed dual agency - ANSWER- d Undisclosed dual agency
6/10 Which of the following is a true statement about an MLS and sellers?
a An MLS is available via a fee-based subscription and is an option that most sellers
prefer.
b An MLS is exclusive to members of the National Association of REALTORS®.
c For most sellers, marketing on an MLS is not cost effective.
d Sellers are required to market their properties on an MLS if they're working with a real
estate licensee. - ANSWER- a An MLS is available via a fee-based subscription and is
an option that most sellers prefer.
7/50 All North Carolina listing agreements must ______.
a Be signed by both the buyer and the seller
b Contain discriminatory language
c Have a six-month term
d Include the listing broker's license number - ANSWER- Include the listing broker's
license number
8/50 Which of these situations is an example of designated agency?
a Cindy's broker at Homeworks Realty appoints her as the buyer's agent in a
transaction. Tim's broker at Great Homes Real Estate appoints him as the seller's
broker in the same transaction.
b Meredith's broker appoints her to represent both the buyer and the seller in a single
transaction.
c Michele is the firm's managing broker. She's the designated dual agent in all dual
agency transactions.
d The broker-in-charge at ABC Realty appoints Mark to represent the buyer and Todd to
represent the seller in the same transaction. - ANSWER- d The broker-in-charge at ABC
Realty appoints Mark to represent the buyer and Todd to represent the seller in the
same transaction.
9/50 Negligent misrepresentation occurs when which of the following takes place?
