301- North Carolina Post Licensing Questions with Complete Verified Solutions 2024/2025, Exams of Business Administration

Download 301- North Carolina Post Licensing Questions with Complete Verified Solutions 2024/2025 and more Exams Business Administration in PDF only on Docsity! 301- North Carolina Post Licensing Questions with Complete Verified Solutions 2024/2025 Can an inactive agent be paid a referral commission if they were active at the time they made the referral? Yes. If and only if they were active at time of referral Must Dual Agency be in writing? 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? Advertising May a BIC and their Provisional Broker enter into dual agency together? No. Because the BIC oversees the PBs transactions, this would be a conflict of interest When must all agency be "Written" Prior to first offer Are all in-house transactions Dual Agency? No. The exceptions would be Seller Sub Agency or Unrepresented Buyers Can The Real Estate Commission fine brokers? No. They can only reprimand, suspend, and revoke licenses Who can sue agents civilly for monetary compensation? Principles of a transaction If Dual Agency is not disclosed is a commission due? 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? Contractual Obligations What must all agency agreements have? A beginning and ending date Oral to Oral & Written to Written describe what? The permissions needed to show a property as a "Dual Agent" What should every agent bring to a listing appointment? Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items) Who gets paid in an Exclusive Right to Sell listing agreement? The listing agent, regardless of who brings a buyer, and likely the buyer agent Who gets paid in an exclusive listing agreement? Whomever brings a buyer Who can sell a property in an Open listing? Any actively licensed agent In a net listing money above the asking price is paid to whom? Listing Agent Who is the actual agent to the principle in a transaction? The Firm (Individual agents are sub agents to seller) No M.O.G. is needed for what 3 listings? Lease to purchase, 1st Dwelling, and Foreclosure When should WWREA be explained / signed? At first substantial contact If you miss the 6/10 Deadline for CE what must you do to re-activate your license? Complete latest General Update (4 Hours), and 3 CE Classes (4 hours each) Total of 16 hours Under NC License Law who can be held responsible for reporting Material Facts? Only Agents... (License Law) Under Civil /Criminal law who can be held responsible for reporting Material Facts? Principles Name the 4 types of Material Facts Facts about the property, facts that relate to the property, facts relating to the ability to close the transaction, and facts of special importance Who must Material Facts be disclosed to? All parties, including 3rd Parties regardless of who you represent Who can The Real Estate Commission fine? Time Share Developers Willfull Omission means You knew but you didn't disclose Willfull Misrepresentation means You lied, by speaking wrong information Negligent Omission means You should have known, but did not Negligent Misrepresentation means You should have known, but spoke wrong information May a principle be held responsible for mis-information as it relates to a material fact? Yes. Typically civilly or criminally