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301 POST NC Real Estate Exam Review Questions With 100% Correct Answers 2024
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301 POST NC Real Estate Exam Review Questions With 100% Correct Answers
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301 POST NC Real Estate Exam ReviewQuestions With 100% Correct Answers
Whoimustidiscloseimaterialifactsianditoiwhom?i-iCorrectiAnswer-
Onlyirealiestateibrokersimustidiscoveriandidiscloseimaterialifactsitoiever
yone.
AlliofitheifollowingiareitrueiEXCEPT:
a)iailistingiagentihasiaihigheridutyitoidiscoveriandidiscloseimaterialifactsi
becauseitheyihaveigreateriaccessitoitheipropertyiandiinformationifromit
heiseller
b)iaibrokeriwhoireliesisolelyioniwhatitheiriclientitellsithemidoesisoiatithei
riperil.
c)ibuyeriagentsicanirelyionitheilistingicompany'sirepresentationsiandiha
veinoidutyitoidiscoveriandidisclose
d)ibuyeriagentsicanirelyionitheilistingicompany'sirepresentationsiandiha
vei-iCorrectiAnswer-
c)ibuyeriagentsicanirelyionitheilistingicompany'sirepresentationsiandiha
veinoidutyitoidiscoveriandidisclose
Minimally,ihowimanyipartiesiareithereiinianiagencyirelationshipiandiwh
atiareitheyicallediunderiagencyilaw?i-iCorrectiAnswer-
Thereimustibeiatileastitwoiparties,ioneiisitheiagentianditheiotheriisitheipr
incipal
,Realiestateicompaniesimayiworkiwithiconsumersiunderiwhichiofitheifoll
owingiagencyioptions?
a)irepresentingionlyitheipropertyiowner
b)irepresentingionlyitheibuyerioritenant
c)irepresentingibothipartiesiasiaidualiagent
d)ialliofitheiabovei-iCorrectiAnswer-d)ialliofitheiabove
TheiUnfairiandiDeceptiveiPracticesiActiprohibitsimisrepresentations,io
missionsiofimaterialifact,iandimisleadingiadvertisingiiniaitradeioribusine
ssiandiappliesito:i-iCorrectiAnswer-RealiEstateiBrokers
Beforeiaibrokerimayirepresentiaiseller,itheibrokerimustihaveialliofitheifol
lowingitoicomplyiwithiRECirulesiEXCEPT:
a)itheibrokerimustihaveiprovidediandirevieweditheiWWREAiDisclosureia
ndiobtaineditheiseller'sisignature,iifipossible
b)itheibrokerimayihaveianioralilistingiagreementiwithitheiselleriforinotim
oreithani10idays
c)itheiagencyiagreementiwithitheisellerimustibeiiniwritingibeforeitheibro
kerimayiprovideianyibrokerageiservices
d)itheiwritteniagencyiagreementishouldibeisignedibyibothitheiselleriandi
theiagenti-iCorrectiAnswer-
b)itheibrokerimayihaveianioralilistingiagreementiwithitheiselleriforinotim
oreithani10idays
,Aibuyeriasksitheilistingiagentiwhetheriallitheiappliancesiareiinigoodiwor
kingiorder.iTheilistingiagentisaysiyes,ialthoughiheihasn'tipersonallyichec
kedianyiofitheiappliances.iTheibuyerilateridiscoversitheidishwasheridoes
n'tiwork.iWhichiofitheifollowingiisitrue?
a)itheibrokeriisiguiltyiofinegligentiomission
b)itheibrokeriisiguiltyiofiwillfulimisrepresentation
c)itheibrokeriisiguiltyiofinegligentimisrepresentation
d)itheibrokeriisn'tiliableiforianiinnocent,icasualistatementianditheiburde
niwasionitheibuyeritoiverifyitheipropertyiconditioniduringihisidueidiligen
ce.i-iCorrectiAnswer-
c)itheibrokeriisiguiltyiofinegligentimisrepresentation
Aibrokeriactingiasiaibuyeriagentiunderiaiwrittenibuyeriagencyiagreemen
tiknowsitheifollowingiaboutitheiribuyer-clientiwhichiisiaimaterialifact?
a)itheibuyeriisiwillingitoiofferi$10,000imoreithanilistiprice
b)itheibuyeriappearsitoihaveisignificantiassets,ibutiisihighlyileveraged
c)itheibuyerimustipurchaseiandicloseiwithini45idays
d)itheibuyerilosesitheirijobitwoiweeksibeforeisettlementi-
iCorrectiAnswer-
d)itheibuyerilosesitheirijobitwoiweeksibeforeisettlement
Sellerihiresilistingicompanyiandionitheipropertyidisclosureistatementisa
ysithatitheipropertyiisiconnecteditoicityiwateriandisewer.iTheisellerikno
wsithatisheihasicityiwateriandithaticityiseweriisiavailable,ibutisheineveric
onnectediandiisistillioniseptic.iListingiagentimakesinoiattemptitoiverifyia
ndiadvertisesitheipropertyiasihavingicityiwateriandisewer.iWhoiisiguiltyi
, ofimisrepresentation?i-iCorrectiAnswer-
Theiselleriisiguiltyiofiwillfulimisrepresentationianditheilistingiagentiisigui
ltyiofinegligentimisrepresentation
Aibrokerihasiaicurrentibuyer-
clientiwhoiwantsitoiseeiaipropertyiformerlyilistedibyitheibroker,ibutinow
ilistedibyiaidifferenticompany.iAccordingitoitheiNCREC,iwhatishouldithei
brokeridiscloseitoitheiribuyer-clientiaboutitheiseller?i-iCorrectiAnswer-
Theibrokerishoulditellitheiribuyer-
clientiwhatitheyiknowiaboutitheisellerithatimayiinfluenceioriaffectitheib
uyer'sidecision
Airealiestateicompanyiwhoseipolicyiisithatiitirepresentsionlyitheibuyerio
riselleriiniaitransactioniisiactingias:i-iCorrectiAnswer-Aniexclusiveiagent
Aiprovisionalibrokeriatiherifirstilistingipresentationinoticesisomeicracksii
nitheifoundationiwalliduringitheiwalk-
through,ibutidoesn'tiaskiheriselleriaboutithemiandisaysinothingiiniagenti
remarks.iSellerichecksi"noirepresentation"ionitheipropertyidisclosureifo
rm.iWhoimayibeiguiltyiofiomission?i-iCorrectiAnswer-
Theilistingiagentiwasiawareiofiaipotentialiproblem,iyetifaileditoiinquireif
urtheriorisayianythingitoiprospectiveibuyers.
WhichiofitheifollowingistatementsiisiFALSE?
a)iaicompanyimayibeicivillyiliableiforitheiactionsiofiitsiaffiliatedilicensees
'iactionsiunderiagencyilaw
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