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Post-licensing 301 Exam/128 Questions and Answers $10.49   Add to cart

Exam (elaborations)

Post-licensing 301 Exam/128 Questions and Answers

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  • Post-licensing 301

Post-licensing 301 Exam/128 Questions and Answers

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  • November 5, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Post-licensing 301
  • Post-licensing 301
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Nursephil2023
Post-licensing 301 Exam/128
Questions 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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