Exam (elaborations)
REAL ESTATE POST LICENSING 301 - WORKING AS A LIMITED SERVICES BROKER & MULTIPLE LISTING
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REAL ESTATE POST LICENSING 301 - WORKING AS A LIMITED SERVICES BROKER & MULTIPLE LISTING
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REAL ESTATE POST LICENSING 301 - WORKING AS ALIMITED SERVICES BROKER & MULTIPLE LISTING
SERVICE AND ISSUES CHAPTERS
Tracy is affiliated with Green Acres Realty and recently listed a property. Shortly after
signing the listing agreement on behalf of the firm, Tracy passes away. Which of the
following statements would be true regarding the listing agreement?
A) The terms of the listing agreement will be carried out by Tracy's estate.
B) The listing agreement would have to be terminated by a civil lawsuit.
C) The listing agreement is still valid.
D) The listing agreement is terminated when Tracy dies. - Answers-
When the broker produces a buyer ready, willing, and able to buy under the terms
specified in the listing contract, the broker remains entitled to a brokerage fee even if
the transaction fails due to all of the following EXCEPT
A) the seller insists on sale terms and conditions not stated in the listing contract.
B) the seller has a defect in title.
C) the buyer fails to obtain loan approval after they have gone under contract with the
seller.
D) the seller will be unable to deliver possession within a reasonable time. - Answers-
Alicia is the listing agent for Tiffany, the seller. Alicia needs to indicate the price and
terms Tiffany is willing to accept in the listing agreement. The listing agreement includes
a place for the seller to indicate if they would be willing to accept USDA loan terms.
Which of the following statements BEST describes what Alicia needs to tell Tiffany
regarding the buyer obtaining a USDA loan?
A) Alicia needs to tell Tiffany that USDA borrowers are unstable buyers since they are
low-income buyers.
B) Alicia cannot advise Tiffany on the price and terms in a listing contract.
C) Alicia first needs to determine if the property qualifies for USDA financing.
D) Alicia needs to check all forms of financing available on the listing agreement and not
consult Tiffany. - Answers-
Jeffery is listing his home with Diane who is affiliated with Best Team Realty. Diane
needs to indicate the price and terms that Jeffery is willing to accept in the listing
agreement. The listing agreement includes a place for the seller to indicate if they would
be willing to accept FHA or VA loan terms. Which of the following statements BEST
describes what Diane needs to tell Jeffery regarding the buyer obtaining FHA or VA loan
terms?
A) Diane needs to tell Jeffery that FHA or VA buyers are not very stable buyers since
they are required to provide little or no down payment.
,B) Diane needs to share a copy of the FHA/VA financing addendum that would
accompany an offer where the buyer is obtaining FHA or VA financing and review it with
Jeffery.
C) Diane needs to check all forms of financing available on the listing agreement and
not consult Jeffery.
D) Diane cannot advise Jeffery on the price and terms in a listing c - Answers-
Which of the following types of agency agreements can have an automatic renewal so
long as the consumer may terminate with notice at the end of any contract period and
any subsequent renewals?
A) No agency agreement is allowed to have an automatic renewal.
B) Property management agreements.
C) Listing agreements.
D) Buyer agency agreements. - Answers-
Catherine is affiliated with Best Homes Realty and is completing the exclusive right to
sell listing agreement with Tony who is selling his home due to a job transfer. On the
signature page, she fills out her name, firm name and address, contact information, date
and signs on behalf of the firm. What other information does Catherine need to provide
regarding herself or her firm?
A) Catherine needs to provide the expiration date of her license.
B) Catherine needs to provide her real estate license number.
C) Catherine needs to provide her sales volume numbers for the past 12 months.
D) Catherine needs to provide whether her license is a provisional broker or full broker
license. - Answers-
Betul, a broker affiliated with Green Acres Realty, is in a listing meeting with Justin.
Justin decides he would like to work with Betul and Green Acres Realty. According to
North Carolina Real Estate Commission rules, what does Betul need to do in order to
create an agency relationship with Justin?
A) Betul can have an oral agreement with Justin until closing and then must be reduced
to writing at that time.
B) Betul can have an oral agreement with Justin until the due diligence period and then
must be reduced to writing at that time.
C) Betul needs to have a signed listing agreement with Justin from the beginning of their
relationship.
D) Betul can have an oral agreement with Justin until they receive an offer on his
property and then must be reduced to writing at that time. - Answers-
Which of the following statements is TRUE regarding list price and terms?
A) Llisting agent needs to hire and pay for a licensed real estate appraiser to perform an
appraisal on the property in order to properly advise the seller on listing price.
B) The listing agent has no duty to advise the seller on listing price because it would be
a violation of their fiduciary duties to the seller.
,C) The listing agent needs to have personally prepared an appraisal on the property for
the seller before advising them on listing price.
D) The listing agent needs to have completed some form of analysis to determine
probable sales price for the seller before advising them on listing price. - Answers-
Lonnie has recently listed his property for sale with Jesse Jones, sole proprietorship.
Soon after they sign the listing agreement Jesse dies. Which of the following statements
would be TRUE regarding the listing agreement?
A) The listing agreement is still valid.
B) The listing agreement would have to be terminated by a civil lawsuit.
C) The terms of the listing agreement will be carried out by Jesse's estate.
D) The listing agreement is terminated when Jesse dies. - Answers-
Emilio is looking for a real estate broker to assist him with the purchase of a property. All
the following agency agreement options would be available to him EXCEPT
A) Emilio could sign an exclusive buyer agency agreement with one firm.
B) Emilio could agree to an express oral agency agreement that is open-ended and did
not obligate him for any time period.
C) Emilio could agree to an express oral agency agreement until he writes an offer.
D) Emilio could agree to an exclusive oral agency agreement until he writes an offer. -
Answers-
Mason is in process of completing his buyer presentation appointment with Claire and
they are discussing the term of the written buyer agency agreement. Claire is looking to
purchase a large office building. According to North Carolina Real Estate Commission
(NCREC) rules, what are the requirements for the term of a written commercial buyer
agency agreement?
A) The written commercial buyer agency agreement must be for a definite period of time
with no automatic extension.
B) A written commercial buyer agency agreement is never required in a commercial real
estate transaction.
C) The written commercial buyer agency agreement can be open-ended.
D) The written commercial buyer agency agreement can have an automatic extension. -
Answers-
Which of the following statements is TRUE regarding the North Carolina Real Estate
Commission (NCREC) and use of standard forms used with consumers in a real estate
transaction?
A) NCREC does not provide mandated agency agreements for residential transactions,
only for commercial real estate.
B) All brokers must use the NCREC mandated agency agreements for both commercial
and residential transactions.
, C) NCREC does not provide mandated agency agreements for any real estate
transactions.
D) All brokers must use the NCREC mandated agency agreements for residential
transactions. - Answers-
Asher currently has an oral buyer agency agreement with Gavin. If Asher wants to bind
Gavin for a period of time or wants to restrict Gavin from working with other real estate
firms, what will Asher need to do?
A) Asher and Gavin will need to enter into a formal oral buyer agency agreement.
B) Asher and Gavin will need to enter into a written exclusive buyer agency agreement.
C) Asher and Gavin can have an exclusive agency relationship when their express
agreement is oral.
D) Asher and Gavin can have an exclusive oral agreement up to the time Gavin wants
to make an offer. - Answers-
Paul, a real estate broker, has received a phone call from a prospective buyer inquiring
about a list price for a property listed for sale. Paul asks if she already has a written
buyer agency agreement with another firm and she indicates that, yes, in fact she does
have a written agreement with Home Town Realty. What should Paul do at this
situation?
A) Paul should encourage the prospective buyer to sign an exclusive agency agreement
with him since she can be in as many exclusive agency agreements as she wishes
because they are not legally binding.
B) Paul should delay entering into an agency agreement with the prospective buyer until
the existing agency agreement expires or it is legally terminated.
C) Paul should encourage the buyer to terminate her existing buyer agency agreement
with her current firm and agree to work with Paul.
D) Paul has a fiduciary duty to warn the prospective buyer that Home Town Realty doe -
Answers-
Which of the following statements is TRUE regarding the North Carolina Real Estate
Commission (NCREC) recommendations regarding length of listing period?
A) Exclusive right to sell listing contracts for excessive periods of time are discouraged.
B) NCREC makes no recommendations regarding listing agreements.
C) Exclusive right to sell listing contracts for commercial properties need to be 12
months in length.
D) Exclusive right to sell listing contracts for residential properties need to be 6 months
in length. - Answers-
Claire has interviewed several commercial real estate brokerage firms and has decided
to list her three warehouse buildings with Young and Smith Realty. What type of listing
agreement is allowed in commercial transactions according to North Carolina Real
Estate Commission rules?
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