Post Licensing 301 NC Study Questions
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Latest Version
When must a seller's agent or subagent initially disclose agency status to a buyer? - ✔✔before buyer and
buyer's agent discuss motivation and financial information
In dual agency, the agent's duties are _____ to being a facilitator - ✔✔reduced
What statement would require full disclosure of all financing terms in compliance with TILA, Reg Z and
RESPA - ✔✔any number amount triggers full disclosure:
4.5% APR or $2000 down
A _____foreclosure is material fact and it must be______. - ✔✔filed foreclosure; must be disclosed
If it is not_______, you shouldn't be talking about it. - ✔✔material fact
T/F AS-IS relieves seller from disclosing material fact - ✔✔F, AS-IS does not relieve requirement to
disclose material fact
name 10 material fact required disclosures - ✔✔stucco, radon, lead-based paint, filed foreclosure,
zoning, flood plains, meth houses, gravesites, pending highways, asbestos siding
names issues that are not material fact - ✔✔pending foreclosure, death or illness, murder or suicide, HIV
or AIDS, haunted, aluminum wiring
Who is responsible if known hidden defect is found AFTER closing? - ✔✔Listing agent
Does filed foreclosure need to be disclosed? - ✔✔Yes, it is a material fact
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