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NC POST-LICENSING 301 UNIT 3 REVIEW WWREA DISCLOSURE
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NC POST-LICENSING 301 UNIT 3 REVIEW WWREA DISCLOSURE
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NC POST-LICENSING 301 UNIT 3 REVIEW WWREADISCLOSURE
North Carolina Real Estate Commission (NCREC) requires that when the disclosure is
provided to the consumer, the broker must do all the following EXCEPT
A) require the consumer to sign.
B) discuss agency relationship options.
C) determine in what capacity, if any, they will work with the consumer.
D) encourage the consumer to sign the disclosure. - Answers- A) require the consumer
to sign.
According to NCREC Rule A.0104, at the first substantial contact with the consumer, a
broker must discuss agency relationship options, determine in what capacity, if any, they
will work with the consumer, and sign the disclosure. It should be noted that the
consumer is not required to sign, acknowledging receipt of the disclosure form, although
they should be encouraged to do so. However, if a consumer refuses to sign the form
acknowledging its receipt, then the broker should note the person's refusal on the form
and retain the form in the transaction file.
At what time must a property management agreement with a property owner be in
writing?
A) At initial contact
B) At the time of its formation
C) Never needs to be in writing
D) At first substantial contact - Answers- B) At the time of its formation
According to NCREC Rule A.0104, every agreement for brokerage services between a
broker and an owner of the property to be the subject of a transaction shall be in writing
and signed by the parties at the time of its formation.
Sharla is looking to move into a new rental house and is meeting with Tawnya at Top
Notch Realty to discuss her rental options. At what point in the relationship do they need
to reduce their representation agreement to writing?
A) When Sharla shares that she must move in the next two weeks
B) When Sharla and Tawnya first meet
C) When Sharla wants to make an offer to lease to the landlord
D) Right before Sharla takes possession of the property - Answers- C) When Sharla
wants to make an offer to lease to the landlord
to NCREC Rule A.0104, every agreement for brokerage services between a broker and
a buyer or tenant shall be express and shall be in writing and signed by the parties
thereto not later than the time one of the parties makes an offer to lease. The
,agreement can be oral up until the time the tenant wants to make an offer and then the
representation agreement (agency agreement) must be reduced to writing.
Viola is affiliated with Pine Top Realty and is hosting an open house on their new listing
at 4970 Beautiful Home Lane. When William enters the house, Viola hands him an
information sheet about the property. William views the home, thanks Viola for the
information, and leaves. They have not had any other conversation while William was
viewing the home. In this situation, which of the following statements is TRUE?
A) Viola is representing the seller and has no requirement to present the Working with
Real Estate Agents disclosure to anyone.
B) Viola is in violation of North Carolina Real Estate Commission rules that require her
to present the Working with Real Estate Agents disclosure because first substantial
contact has occurred.
C) Viola is not in violation of North Carolina Real Estate Commission rules that require
her to present the Working with Real Estate Agents disclosure because first substantial
contact has - Answers- C) Viola is not in violation of North Carolina Real Estate
Commission rules that require her to present the Working with Real Estate Agents
disclosure because first substantial contact has not occurred.
First substantial contact is the point in time when a consumer begins to act as though
an agency relationship exists or to disclose their particular needs, desires, or wants
about property to be sold or purchased or any confidential personal information about
them, such as financial circumstances, family matters, employment situations, etc. First
substantial contact also occurs when the broker begins to speak or act in such a way
that a reasonable person would believe that an agency relationship exists. William did
not share any information with Viola nor did Viola ask William any questions.
Brokers must understand that before they can assist a prospective buyer with locating a
property, the broker must have
A) either an express oral or written buyer-agency agreement with the buyer or disclosed
in writing to the prospective buyer that the broker will be working with the buyer as a
seller's agent or subagent.
B) an express oral disclosure to the prospective buyer that the broker will be working
with the buyer as a seller's agent or subagent.
C) either an express written buyer-agency agreement or an express oral buyer-agency
agreement.
D) a disclosure in writing to the prospective buyer that the broker will be working with
the buyer as a seller's agent or subagent. - Answers- A) either an express oral or
written buyer-agency agreement with the buyer or disclosed in writing to the prospective
buyer that the broker will be working with the buyer as a seller's agent or subagent.
Brokers must understand that before they can assist a prospective buyer with locating a
property, the broker must either have: (1) an express oral or written buyer-agency
agreement with the prospective buyer or (2) disclosed in writing to the prospective buyer
, that the broker will be working with the buyer as a seller's agent or subagent. There are
no other options under the Commission's rule.
When first substantial contact with a prospective buyer or seller occurs by telephone or
other electronic means that make it impractical to give the person the written disclosure,
the broker is required to do which of the following?
A) The broker must cease all communication with the consumer until they can meet in
person with the broker to review the disclosure.
B) At the earliest opportunity but no later than three days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer and
review it with them at the earliest opportunity.
C) At the earliest opportunity but no later than seven days from the date of first
substantial contact, mail, or transmit a copy of the disclosure to the consumer and
review it with them at the earliest opportunity.
D) The broker must remain neutral and only discuss material facts about properties until
the consumer can meet with the broker in p - Answers- B) At the earliest opportunity but
no later than three days from the date of first substantial contact, mail, or transmit a
copy of the disclosure to the consumer and review it with them at the earliest
opportunity.
At the earliest opportunity but no later than three days from the date of first substantial
contact, mail, or transmit a copy of the disclosure to the consumer and review it with
them at the earliest opportunity. The broker should warn the consumer not to reveal any
confidential or personal information to any broker until the consumer decides who to
hire as their agent, as there is no confidentiality until a principal-agent relationship is
created.
When first substantial contact occurs, which of the following documents must be
reviewed between the broker and the consumer?
A) Working within a Real Estate Transaction disclosure
B) Working in Real Estate disclosure
C) Working with Real Estate Agents disclosure
D) Working in North Carolina with Real Estate disclosure - Answers- C) Working with
Real Estate Agents disclosure
According to NCREC Rule A.0104(c), in every real estate sales transaction, a broker
shall, at first substantial contact with a prospective buyer or seller, provide the
prospective buyer or seller with a copy of the publication "Working with Real Estate
Agents" set forth with the broker's name and license number thereon and review the
publication with the buyer or seller in the transaction.
At what point in the process must a broker give and review the agency disclosure to a
prospective seller?
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