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Post-licensing 301 Exam/128 Questions and Answers
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Post-licensing 301 Exam/128 Questions and Answers
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Post-licensing 301 Exam/128Questions and Answers
Three sources of Agency obligations - -1. Common Law
2. General Statutes
3. Commission Rules
- Potential consequences when a licensee breaches agency obligations - -1.
Civil liability
2. Criminal liability
3. Ethical liability
4. NCREC disciplinary actions
- The commission may never ____________ a licensee as part of a disciplinary
action - -fine
- Fiduciary duties are important because they impact ________ that
consumers have in working with real estate professionals - -trust
- Fiduciary duties owed to principals - -O: Obedience
L:Loyalty
D: Disclosure
C: Confidentiality
A: Accounting
R: Reasonable care
- Licensees are required to follow the directions of the ________ unless those
instructions are ___________ - -client
unlawful
- If a client gives a licensee illegal instruction, then the licensee should
_______________________________________ - -explain the illegality of the
instructions; may terminate relationship
- Typical agency relationships in real estate DO NOT permit he agent to - -1.
Make decisions for the client
2. Sign for the client
3. Make/accept offers on clients behalf
- The obligation of loyalty requires a licensee to put the _________ interest
above all others, including ____________ - -clients
your own
- Obligations of Disclosure include: - -1. Agency explanation
, 2. Material Facts
3. Interests in the transaction
4. Status as a licensee
- Obligations of Confidentiality include: - -1. Motivations
2. Finances
3. Amount willing to pay/accept
4. Personal Information
- A licensee has an obligation to _____________ and ___________ handled in a
real estate transaction - -safeguard
document
- Licensee is required to not be _____________ and possess reasonable
________________ - -negligent
knowledge and skill
- Material facts must be disclosed to ____________ - -all parties in the
transaction
- A licensee must disclose ____________________ and ______________________ - -
everything you know
everything you should know
- Four categories of Material Facts - -1. Facts about property itself
2. Facts that affect the property
3. Inability of any party to perform
4. Facts known to be of interest to a party
- NC state law exempts a licensee from liability for failing to disclose the
following - -1. Death in a property
2. Serious illness of a previous owner
3. Proximity of sex offenders
- Listing a property "as is" likely means: - -the seller is not considering doing
any repairs upon request
- Foreclosure becomes a material fact in NC when: - -Once legal notice has
been filed or recorded
- What is a misrepresentation - -Any information that is incorrect
- Misrepresentations can be either __________ or __________ - -negligent
willful
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