NC POST LICENSING – 303 COMPLETE EXAM STUDY QUESTIONS WITH 100% VERIFIED ANSWERS | GUARANTEE PASS EXPERT GRADED A+

NC POST LICENSING – 303 COMPLETE EXAM STUDY QUESTIONS WITH 100% VERIFIED ANSWERS | GUARANTEE PASS EXPERT GRADED A+ 1. 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 2. Must Dual Agency be in writing? - ANSWER Before an offer is made, Yes. Dual agency must be in writing and signed by both parties 3. Who is the actual agent to the principle in a transaction? - ANSWER The Firm (Individual agents are sub agents to seller) 4. No M.O.G. is needed for what 3 listings? - ANSWER Lease to purchase, 1st Dwelling, and Foreclosure 5. When should WWREA be explained / signed? - ANSWER At first substantial contact 6. 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 7. Under NC License Law who can be held responsible for reporting Material Facts? - ANSWER Only Agents... (License Law) 8. Under Civil /Criminal law who can be held responsible for reporting Material Facts? - ANSWER Principles 9. 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 10.Who must Material Facts be disclosed to? - ANSWER All parties, including 3rd Parties regardless of who you represent 11.Who can The Real Estate Commission fine? - ANSWER Time Share Developers 12.Willfull Omission means - ANSWER You knew but you didn't disclose 13.Willfull Misrepresentation means - ANSWER You lied, by speaking wrong information 14.Negligent Omission means - ANSWER You should have known, but did not 15.Negligent Misrepresentation means - ANSWER You should have known, but spoke wrong information 16.May a principle be held responsible for mis-information as it relates to a material fact? - ANSWER Yes. Typically civilly or criminally 17.The provision in a listing agreement that may obligate seller to pay a commission after the agreement has expired is called? - ANSWER Override Clause or Extender Clause 18.A listing agreement is said to be what, if the principle dies during the agreement? - ANSWER Automatically Terminated 19.If a Seller refuses to sign an offer for less than list price, is a commission due? - ANSWER No. It is not due, until Seller agrees upon the price and signs 20.What are considered Trigger items in Regulation Z? - ANSWER Any numbers or numerical characters 21.Is a CMA mandatory when listing a property? - ANSWER Yes. It is an agent's duty to perform a CMA for Seller 22.At a listing appointment, the agent should be gathering all information for listing and what? - ANSWER Advertising 23.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 24.When must all agency be "Written" - ANSWER Prior to first offer 25.Are all in-house transactions Dual Agency? - ANSWER No. The exceptions would be Seller Sub Agency or Unrepresented Buyers 26.Can The Real Estate Commission fine brokers? - ANSWER No. They can only reprimand, suspend, and revoke licenses 27.Who can sue agents civilly for monetary compensation? - ANSWER Principles of a transaction 28.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 29.As a dual agent, the agent's duties are reduced to what? - ANSWER Contractual Obligations 30.What must all agency agreements have? - ANSWER A beginning and ending date 31.Oral to Oral & Written to Written describe what? - ANSWER The permissions needed to show a property as a "Dual Agent" 32.What should every agent bring to a listing appointment? - ANSWER Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items) 33.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 34.Who gets paid in an exclusive listing agreement? - ANSWER Whomever brings a buyer