NSAR EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
Legal Mortgage - (answer)First Mortgage
What is a mortgage? - (answer)A conveyance or transfer of property to the mortagee (lender) as
security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - (answer)Decide, Disclose, Document, Do
6 primary fiduciary duties - (answer)Disclose, Competency, Accountability, Loyalty, Confidentiality,
Obedience
Disclose - (answer)All pertinent and material facts to client when providing services
Compentency - (answer)Excessive reasonable care and skill in carrying out duties on behalf of client
Obediance - (answer)Obey lawful instructions of the client
Accountability - (answer)Account for all monies and property entrusted with the brokerage by that
client
Confidentiality - (answer)Not disclose information about the client that would adversely impact that
client, unless legally obligated to do so
Loyalty - (answer)Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Artice 3 of Standards of Business Practice. ______ MUST
be in writing & attempt to obtain acknowledgement from client/party - (answer)Disclosure
Comparative Market Analysis (CMA) - (answer)Not designed to estimate market value, but to establish
realistic listing price
Legal Mortgage - (answer)First Mortgage
What is a mortgage? - (answer)A conveyance or transfer of property to the mortagee (lender) as
security, redeemable to mortgagee (borrower) upon payment in full
4 D's of agency discloser - (answer)Decide, Disclose, Document, Do
6 primary fiduciary duties - (answer)Disclose, Competency, Accountability, Loyalty, Confidentiality,
Obedience
Disclose - (answer)All pertinent and material facts to client when providing services
Compentency - (answer)Excessive reasonable care and skill in carrying out duties on behalf of client
Obediance - (answer)Obey lawful instructions of the client
Accountability - (answer)Account for all monies and property entrusted with the brokerage by that
client
Confidentiality - (answer)Not disclose information about the client that would adversely impact that
client, unless legally obligated to do so
Loyalty - (answer)Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Artice 3 of Standards of Business Practice. ______ MUST
be in writing & attempt to obtain acknowledgement from client/party - (answer)Disclosure
Comparative Market Analysis (CMA) - (answer)Not designed to estimate market value, but to establish
realistic listing price
