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301 POST NC Real Estate Exam Review Questions With 100% Correct Answers 2024 $14.49   Add to cart

Exam (elaborations)

301 POST NC Real Estate Exam Review Questions With 100% Correct Answers 2024

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  • Course
  • 301- North Carolina Post Licensing
  • Institution
  • 301- North Carolina Post Licensing

301 POST NC Real Estate Exam Review Questions With 100% Correct Answers

Preview 4 out of 54  pages

  • October 28, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 301- North Carolina Post Licensing
  • 301- North Carolina Post Licensing
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301 POST NC Real Estate Exam Review
Questions 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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