301- NC Post Licensing Latest Update 2024-2025 100% Complete 120 Questions and Verified Correct Answers Already Graded A+
A CMA is not a representation of Value but is a? - CORRECT ANSWER:
Representation of a range of suggested selling price
A listing agreement is said to be what, if the principle dies during the agreement? -
CORRECT ANSWER: Automatically Terminated
All Agency Agreements must include what disclaimer? - CORRECT ANSWER: Fair
Housing Disclaimer
All Oral Agency Agreements are...? - CORRECT ANSWER: Non-Exclusive
Are all in-house transactions Dual Agency? - CORRECT ANSWER: No. The exceptions
would be Seller Sub Agency or Unrepresented Buyers
As a dual agent, the agent's duties are reduced to what? - CORRECT ANSWER:
Contractual Obligations
At a listing appointment, the agent should be gathering all information for listing and
what? - CORRECT ANSWER: Advertising
Can an inactive agent be paid a referral commission if they were active at the time they made the referral? - CORRECT ANSWER: Yes. If and only if they were active at time of referral
Can The Real Estate Commission fine brokers? - CORRECT ANSWER: No. They can
only reprimand, suspend, and revoke licenses
Does the WWREA brochure have an option for Seller Sub Agency? - CORRECT
ANSWER: Yes. it is a check box on the last page
How many days before disputed Earnest Monies go to Clerk of Court? - CORRECT
ANSWER: 90 Days
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? -
CORRECT ANSWER: File suit in a civil court against the Seller
If a Seller refuses to sign an offer for less than list price, is a commission due? -
CORRECT ANSWER: No. It is not due, until Seller agrees upon the price and signs
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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? - CORRECT ANSWER:
50,000+1200=51,200 then 51,200 divided by 93% = $55,053.76
If Dual Agency is not disclosed is a commission due? - CORRECT ANSWER: No.
Therefore it is imperative to disclose dual agency before any offers are written
If you miss the 6/10 Deadline for CE what must you do to re-activate your license? -
CORRECT ANSWER: Complete latest General Update (4 Hours), and 3 CE Classes (4
hours each) Total of 16 hours
In a net listing money above the asking price is paid to whom? - CORRECT ANSWER: Listing Agent
In Qualifying Ratios what is included in the Back End? - CORRECT ANSWER:
Everything from the front end + Recurring Debt Payments
In Qualifying Ratios what is included in the Front End? - CORRECT ANSWER: Principle payment, Interest, Taxes Insurance, PMI & HOA
Is a broker with multiple buyers considered a dual agent? - CORRECT ANSWER: No, A dual agent represents both principles in a single transaction
Is a CMA mandatory when listing a property? - CORRECT ANSWER: Yes. It is an
agent's duty to perform a CMA for Seller
May a BIC and their Provisional Broker enter into dual agency together? - CORRECT ANSWER: No. Because the BIC oversees the PBs transactions, this would be a conflict of interest
May a principle be held responsible for mis-information as it relates to a material fact? -
CORRECT ANSWER: Yes. Typically civilly or criminally
May a Principle refuse to sign the WWREA? - CORRECT ANSWER: Yes. Agent just
needs to write "Refused to sign"
May an agent do a CMA/BPO for a bank? - CORRECT ANSWER: No. Agents cannot
perform either for the purposes of a loan or mortgage. This must be done by appraisers
May an unlicensed employee designate an agent for dual agency? - CORRECT
ANSWER: Yes. If there is a company policy stating this
Must Dual Agency be in writing? - CORRECT ANSWER: Before an offer is made, Yes.
Dual agency must be in writing and signed by both parties
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