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A series of study questions and answers related to post-licensing education in north carolina real estate. It covers key topics such as agency disclosure, dual agency, material facts, and legal compliance, offering a concise review of essential concepts for real estate professionals. The questions address various scenarios and regulations, making it a useful resource for exam preparation and understanding legal obligations in real estate transactions. It also touches on advertising regulations and agent responsibilities, providing a comprehensive overview of the legal and ethical considerations in real estate practice. This study guide is designed to help real estate agents reinforce their knowledge and ensure they are well-prepared for their professional duties.
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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
In dual agency, the loyalty of the firm is ______between the buyer and seller? - ✔✔divided equally In dual agency between clients, the agent's role is _______ to the contractual benefits of the contract and the agent becomes a _______. - ✔✔reduced; facilitator BIB and PB are doing a deal together, can BIC and PB work as designated agents? - ✔✔No, they must work as a dual agent when must an agent disclose dual agency in a transaction? - ✔✔before presentation of the 1st offer Can a BIC and PB be designated agents in the same transaction? - ✔✔No, they must work as a dual agent When is the last time to sign WWREA with a seller at a listing appointment? - ✔✔Before the listing presentation begins and before first substantial contact occurs When first substantial contact has occurred, how long do you have to get WWREA signed? - ✔✔3 days If broker secures listing after looking for their buyer but discloses to neither side about their agency status, will they get paid? - ✔✔No, undisclosed dual agency is not permissible and therefore compensation is not required When must you disclose agency status? - ✔✔before discussing motivation and financial information Client is on DNC can I call them after closing? - ✔✔Yes, for up to 18 months between "touches" My seller said NREP on LBP form, is this allowed? - ✔✔No, LBP is material fact and required as a disclosure T/F PB can sub CE for post-licensing - ✔✔F; no sub for post
The.........is the only RE doc with the NC state seal - ✔✔RPD T/F A seller can opt-out of the lead-based paint addendum and say "no representation" - ✔✔F; lead based paint is material fact and must be disclosed oral buyer agency means........... - ✔✔non-exclusive, revocable and non-binding can an exclusive oral buyer agency be enforced? - ✔✔no In a 1 story ranch, you measure the outside and subtract the ............. - ✔✔garage The ceiling must be at least .......ft high to count as floor area in square footage - ✔✔5 feet when measuring the interior walls, you add........inches for the walls and another ........inches for brick - ✔✔6 inches for walls and another 2.5 inches for brick In a basement, the ceiling height must be ........to be included in the square footage - ✔✔6 foot 4 inches in a basement............can extend down to .........and still be counted in square footage - ✔✔pipes and beams; 6 foot 4 inches The lower the agent's confidence; the higher the price (#19) - ✔✔C or TRUE Can a PB get paid for a BPO? - ✔✔no Can a PB perform a BPO? - ✔✔yes, but for free and only if competitively done
In a --------the agent should give the greatest weight to the .............with the...............adjustments - ✔✔CMA; comparable sale; fewest comp superior - ✔✔subtract from comp subject superior - ✔✔add (to comp) Can a firm offering varying rates on commission on each property>? - ✔✔Yes The protection agreement allows the agent to show listed property to ..................and earn compensation if............... - ✔✔the protection agreement allows the agent to show listed property to particular people and earn compensation if they buy Can a home be listed by two firms? - ✔✔yes Will agent get paid if one party of marriage doesn't sign the listing agreement and house has sold? - ✔✔No, one to buy, 2 to sell A BIC supervises - ✔✔PB and advertising What triggers TILA, Reg Z or Respa - ✔✔any # figure like $4000 down or 4.5 APR Print advertising of 2 inch by 2 inch plus requires which logo - ✔✔fair housing A buyer's agent owes the principal - ✔✔all duties imposed by agency law, work in buyers best interest and obtain best deal possible for buyer ratios for loan qualifications: 28% for ........................ and______% for _____________ - ✔✔28% for housing and 36% for housing plus re-occuring debts