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301 NC POST LICENSING EXAM Negligent Misrepresenta
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301 NC POST LICENSING EXAM Negligent Misrepresenta
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301 NC POST LICENSING EXAMNegligent 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
The provision in a listing agreement that may obligate seller to pay a commission after the
agreement has expired is called? Override Clause or Extender Clause
A listing agreement is said to be what, if the principle dies during the agreement? Automatically
Terminated
If a Seller refuses to sign an offer for less than list price, is a commission due? No. It is not
due, until Seller agrees upon the price and signs
What are considered Trigger items in Regulation Z? Any numbers or numerical characters
Is a CMA mandatory when listing a property? Yes. It is an agent's duty to perform a CMA
for Seller
What would a "Latent" material fact be? A very well hidden fact... (Behind Walls)
Is a broker with multiple buyers considered a dual agent? No, A dual agent represents both
principles in a single transaction
Does the WWREA brochure have an option for Seller Sub Agency? Yes. it is a check box
on the last page
May an unlicensed employee designate an agent for dual agency? Yes. If there is a company
policy stating this
May a Principle refuse to sign the WWREA? Yes. Agent just needs to write "Refused to
sign"
When measuring the square footage of stairs always remember to? Include the square footage on
the first floor, and include the square footage on the 2nd floor as well
A CMA is not a representation of Value but is a? Representation of a range of suggested
selling price
May an agent do a CMA/BPO for a bank? No. Agents cannot perform either for the purposes
of a loan or mortgage. This must be done by appraisers
Typically if a Seller is not that motivated to sell the price would tend to be... At the higher
range of the CMA
In Qualifying Ratios what is included in the Front End? Principle payment, Interest, Taxes
Insurance, PMI & HOA
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