NC Post Licensing – 303 Questions and Answers Already Passed
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Course
NC Post Licensing – 303
Institution
NC Post Licensing – 303
NC Post Licensing – 303 Questions and
Answers Already Passed
What is the purpose of an agency disclosure form?
To inform clients about the nature of the agency relationship and the duties owed
How should a real estate professional handle a situation where they represent both the buyer ...
NC Post Licensing – 303 Questions and
Answers Already Passed
What is the purpose of an agency disclosure form?
✔✔ To inform clients about the nature of the agency relationship and the duties owed
How should a real estate professional handle a situation where they represent both the buyer and
the seller in the same transaction?
✔✔ Disclose dual agency to both parties and obtain their written consent
What is required for a real estate contract to be legally binding?
✔✔ It must be in writing, have mutual agreement, and be signed by both parties
What does a fiduciary duty entail in a real estate transaction?
✔✔ Acting in the best interest of the client with honesty and full disclosure
What are the key components of a lease agreement?
✔✔ Terms of rent, lease duration, responsibilities of both landlord and tenant, and any special
conditions
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,How is a broker typically compensated for their services?
✔✔ Through a commission based on the sale or rental price of the property
What is the importance of maintaining accurate transaction records?
✔✔ To comply with legal requirements and provide evidence in case of disputes
What action should a real estate agent take if they suspect a client is involved in illegal activity?
✔✔ Report the suspicion to the appropriate authorities and document the concern
What is the role of the closing attorney in a real estate transaction?
✔✔ To review documents, facilitate the transfer of ownership, and ensure all legal requirements
are met
What should a property management company include in their management plan?
✔✔ Policies for tenant screening, rent collection, property maintenance, and handling disputes
What is the purpose of a property appraisal in a real estate transaction?
2
, ✔✔ To determine the market value of the property
What should a real estate agent do if a client wants to make changes to an existing contract?
✔✔ Draft an addendum or amendment to reflect the changes and have all parties sign it
What is the significance of the Fair Housing Act in real estate transactions?
✔✔ To prevent discrimination based on race, color, religion, sex, national origin, disability, or
familial status
How does a broker ensure compliance with trust account regulations?
✔✔ By keeping detailed records of all transactions and ensuring that client funds are held
separately from the broker’s funds
What should be included in a property management report?
✔✔ Financial summaries, maintenance updates, tenant issues, and occupancy rates
What is the role of earnest money in a real estate offer?
✔✔ To demonstrate the buyer’s commitment to the purchase and to secure the offer
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