NC POST 303 QUESTIONS AND
ANSWERS 100% PASS
What must a broker do if they discover a mistake in a property deed?
Notify the client and recommend correcting the error through legal means.
What is required for a broker to represent both the buyer and the seller in a transaction?
Obtain wri...
NC POST 303 QUESTIONS AND
ANSWERS 100% PASS
What must a broker do if they discover a mistake in a property deed?
✔✔ Notify the client and recommend correcting the error through legal means.
What is required for a broker to represent both the buyer and the seller in a transaction?
✔✔ Obtain written consent from both parties and disclose the dual agency relationship.
What should a broker include in a rental agreement for residential properties?
✔✔ Terms of the lease, rent amount, duration, and responsibilities of both parties.
How long must a broker retain transaction records after closing?
✔✔ Three years.
What is the broker’s responsibility when dealing with a non-English speaking client?
✔✔ Provide a translation of important documents or services through a qualified interpreter if
needed.
1
,What should a broker do if they receive a check for earnest money made out incorrectly?
✔✔ Contact the buyer to correct the check and ensure it is made out properly before deposit.
What type of insurance is a broker required to maintain?
✔✔ Errors and omissions insurance.
What action must a broker take if a client wants to terminate their agency agreement?
✔✔ Follow the terms of the agreement and provide written confirmation of the termination.
What should a broker do if they suspect a property has been improperly modified?
✔✔ Investigate the modification and disclose any findings to potential buyers.
What information must be provided in a closing disclosure to the buyer?
✔✔ The final settlement costs, including loan terms and closing fees.
What steps should a broker take to ensure compliance with fair housing laws?
✔✔ Provide equal service to all clients and avoid discriminatory practices.
2
,What is the purpose of a property disclosure statement?
✔✔ To inform potential buyers of known issues or defects with the property.
How should a broker handle a situation where a seller wants to make changes to the property
after a purchase agreement is signed?
✔✔ Obtain written agreement from the buyer for any changes and update the contract if
necessary.
What must a broker do if they suspect a transaction may involve fraudulent activity?
✔✔ Report the suspicion to the appropriate authorities and the North Carolina Real Estate
Commission.
What information should a broker provide to clients about the home inspection process?
✔✔ Explain the purpose of the inspection, what it includes, and how to handle any issues found.
What is required for a broker to legally advertise a property?
✔✔ Ensure that the advertisement is accurate and includes the broker’s name and contact
information.
3
, How should a broker manage conflicts between personal interests and professional
responsibilities?
✔✔ Disclose any conflicts to clients and take steps to ensure they do not affect professional
duties.
What is the broker’s role in ensuring a smooth closing process?
✔✔ Coordinate between all parties, ensure all necessary documents are completed, and address
any issues that arise.
What should a broker do if a buyer or seller does not respond to communication?
✔✔ Document the attempts to communicate and proceed according to the terms of the
agreement or legal requirements.
What document must a broker provide to a client to confirm the agency relationship?
✔✔ A written agency disclosure form.
How soon must a broker deposit earnest money into an escrow account?
✔✔ Within three banking days.
4
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