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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 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 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 A listing agreement is said to be what, if the principle dies during the agreement? - ANSWER - >Automatically Terminated
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 What are considered Trigger items in Regulation Z? - ANSWER - >Any numbers or numerical characters Is a CMA mandatory when listing a property? - ANSWER - >Yes. It is an agent's duty to perform a CMA for Seller What would a "Latent" material fact be? - ANSWER - >A very well hidden fact... (Behind Walls) Is a broker with multiple buyers considered a dual agent? - ANSWER -
No, A dual agent represents both principles in a single transaction Does the WWREA brochure have an option for Seller Sub Agency? - ANSWER - >Yes. it is a check box on the last page May an unlicensed employee designate an agent for dual agency? - ANSWER - >Yes. If there is a company policy stating this May a Principle refuse to sign the WWREA? - ANSWER - >Yes. Agent just needs to write "Refused to sign" When measuring the square footage of stairs always remember to? - ANSWER - >Include the square footage on the first floor, and include the square footage on the 2nd floor as well
If a Seller wants to net exactly $50,000 but must pay 7% commission, plus a $1200 settlement fee, then what price must the property sell at?
- ANSWER - >50,000+1200=51,200 then 51,200 divided by 93% = $55,053. If a Seller refuses to pay the listing agent commission due, and there was a valid listing agreement in place, and the agent procured a buyer, what can the listing agent do? - ANSWER - >File suit in a civil court against the Seller What are the 3 types of Agency? - ANSWER - >Exclusive, Non-Exclusive, and Dual All Oral Agency Agreements are...? - ANSWER - >Non-Exclusive All Agency Agreements must include what disclaimer? - ANSWER - >Fair Housing Disclaimer Which Comparables hold the most weight? - ANSWER - >The ones with the fewest adjustments On a CMA all adjustments are made to which property? Subject or Comparable? - ANSWER - >Always to the comparable How many days before disputed Earnest Monies go to Clerk of Court? - ANSWER - >90 Days
