Exam (elaborations)
Post-licensing- 301 Broker Relationships and Responsibilities.
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Post-licensing- 301 Broker Relationships and Responsibilities.
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Post-licensing- 301 Broker Relationshipsand Responsibilities
Agency obligations come from 3 sources - CORRECT ANSWER-1. Common law
2. State law
3. Commission law
When a licensee breaches agency obligations, all of the following are potential
consequences: - CORRECT ANSWER-1. Civil liability
2. Criminal liability
3. Ethical violations
4. NCREC Disciplinary actions
The Commission may never _________________ a licensee as part of a
disciplinary action - CORRECT ANSWER-Fine
Fiduciary duties and obligations are important in the real estate industry because
they impact the ____________ that consumer have in working with real estate
professionals. - CORRECT ANSWER-Trust
Firms owe fiduciary duties to their __________________. - CORRECT
ANSWER-Principals aka Clients
Licensees owe duties to the _________ and also to _______________ through
__________________. - CORRECT ANSWER-Licensees owe duties to the
FIRM and also to CLIENTS through SUBAGENCY
OLDCAR- O - CORRECT ANSWER-Obedience
OLDCAR-L - CORRECT ANSWER-Loyalty
OLDCAR-D - CORRECT ANSWER-Disclosure
OLDCAR-C - CORRECT ANSWER-Confidentiality
, OLDCAR-A - CORRECT ANSWER-Accounting
OLDCAR-R - CORRECT ANSWER-Reasonable Skill, Care and Diligence
Real Estate licensees are required to follow the instructions and direction of the
____________ unless those instructions are_______________ - CORRECT
ANSWER-Real Estate licensees are required to follow the instructions and
direction of the CLIENT unless those instructions are ILLEGAL.
If the instruction is illegal then a real estate professional should take the following
action....... - CORRECT ANSWER-Terminate the relationship
Typical agency relationships in real estate DO NOT permit the agent to..... -
CORRECT ANSWER-1. Make the decisions for he client
2. Sign client's name
3. Make offers or accept on behalf of client
Obligation of loyalty requires a Real Estate professional to put the ___________
interest above all others, including _____________- - CORRECT
ANSWER-Obligation of loyalty requires a Real Estate professional to put the
CLIENTS interest above all others including YOUR OWN.
A licensee has many obligations of Disclosure, disclosures include..... -
CORRECT ANSWER-1. Agency explanations
2. Material Facts
3. Interests in the transactions
4. Status as a licensee
A licensee must keep confidential all of the following of their client..... -
CORRECT ANSWER-1. Motivations
2. Finances
3. Objectives of Pricing or eventual amt willing to pay or accept.
4. Personal Information
A licensee has an obligation to ___________________ and
_________________ handled in a real estate transaction- MONEY - CORRECT
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