301 NC POST LICENSING EXAM 2024 Practice Questions

Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?

A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?

The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty of

The duties owed from the agent to the principal are BEST described by which of the following?

Which of the following BEST describes subagent?

Which of the following statements is TRUE regarding agency agreements?

Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?

George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example of

Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?

Who is required to disclose material facts?

Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?

Which of the following statements regarding agents duties under real estate license law is TRUE?

When it comes to standards for selling agents, which of the following statements is TRUE?

Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered as

Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example of

Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?

Which of the following BEST describes the common law of agency?

Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?

Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:

All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPT

All the following are considered categories of material fact EXCEPT

A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.

Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?

When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state that

Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?

Which of the following statements BEST describes the agency options available for real estate firms?

Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?

Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?

A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described as

According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest is

Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?

Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?

Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?

All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.

The Working With Real Estate Agents disclosure form is only used in residential sales transactions

When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.

The agent checks the appropriate blanks for the agency options, not the buyer and seller.

Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.

Regarding agency disclosure, informed consent means an affirmative answer is required.

First substantial contact is the point in time when the broker and consumer first meet face to face.

At what point in the meeting with a seller can the broker provide any brokerage services to the seller?

Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship

%1 301 NC POST LICENSING EXAM 2024 Practice Questions %2%3 These practice questions are designed to help you prepare for the 301 NC POST LICENSING EXAM 2024. Each question is followed by the correct answer to aid in your study and understanding of the material. %4---Q1: All of the following are actions that the North Carolina Real Estate Commission (NCREC) can take against a broker/provisional broker license EXCEPTA1: A) confiscate.Q2: Ariel has just received her North Carolina real estate license in the mail after passing the state licensing exam. What is the status of Ariels license at this time?A2: B) Inactive provisional brokerQ3: Parkers issue date on his real estate license is March 18, 2020. When will Parker need to renew his license?A3: C) By midnight of June 30, 2020Q4: Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller?A4: C) A comparative market analysisQ5: Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs?A5: C) Penny may perform the CMA for the tenants.Q6: If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000?A6: C) $204,787Q7: An agents duties to third parties include all the following EXCEPTA7: B) obedience.Q8: Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time?A8: C) Austin must disclose that the hot water heater is not working because it is a material fact.Q9: Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE?A9: A) Courtney needs to be advised to still conduct a full home inspection.Q10: A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the sellers counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the sellers counteroffer. The seller then goes on to purchase another house based on the buyers acceptance of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the sellers home. Which of the following statements is correct?A10: D) The selling agent is responsible for the misrepresentation.Q11: The real estate brokers fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a sellers willingness to sell and a buyers willingness to buy, is the duty ofA11: B) disclosure.Q12: The duties owed from the agent to the principal are BEST described by which of the following?A12: D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligenceQ13: Which of the following BEST describes subagent?A13: A) Literally the agent of an agent, a person designated or employed by an agent to perform all or part of the agents assigned tasks or services on behalf of the agents principalQ14: Which of the following statements is TRUE regarding agency agreements?A14: B) Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time.Q15: Which of the following statements BEST describes North Carolina Unfair Deceptive Practices Act?A15: B) This law prohibits unfair or deceptive acts or practices in commerce and applies to the sale or rental of real estate and to real estate brokers.Q16: George knows that the property is about to be rezoned for commercial use, which will greatly increase the value of the property. George does not share this information with the seller and offers to buy the property for himself as an investment. George closes on the property with the seller and then after the rezoning has been finalized, George sells the property at a substantial profit. This is an example ofA16: A) self-dealing.Q17: Lanzo is in the process of listing a house for sale and tells the seller that he will stage the house, steam clean the carpets, and hire a professional cleaning crew to clean prior to showing the house. Once the seller signed the listing agreement, Lanzo failed to provide these services. Lanzo may be guilty of which of the following?A17: A) Making false promisesQ18: Who is required to disclose material facts?A18: C) Listing agents and selling agentsQ19: Francis listed a property for sale and did not investigate the property for material facts because he relied on the sellers statement that there was nothing wrong with the property. It was later discovered that there was a substantial leak in the roof that was easily detectable. In this situation, Francis could be held liable for which of the following?A19: B) Negligent misrepresentation or omission.Q20: Which of the following statements regarding agents duties under real estate license law is TRUE?A20: A) A brokers duties under license law when dealing with parties to a transaction apply regardless of the brokers agency relationship to such parties.Q21: When it comes to standards for selling agents, which of the following statements is TRUE?A21: B) Generally, a selling agent may rely on the accuracy of property information provided by a listing agent.Q22: Alfonso tells a prospective buyer that, in his opinion, the property they are about to view is the most beautiful property in the neighborhood. Even if the property would be considered to many as being very unattractive, the nature of Alfonsos statement would be considered asA22: D) puffing.Q23: Jessica is a broker working for a property management company that manages Getty Luxury Apartments. Jessica promises a prospective tenant that the apartment will be repainted and have the carpet replaced before the tenant moves in. Jessica fails to have the work done after the lease is signed. This is an example ofA23: A) making false promises.Q24: Joseph, a broker affiliated with Right Homes Realty, lists a property for sale. Which of the following statements BEST describes the relationship between Joseph and the seller?A24: D) Right Homes Realty is the agent of the seller and Joseph is the subagent of the seller.Q25: Which of the following BEST describes the common law of agency?A25: A) Case law establishing the responsibilities of a person who acts for anotherQ26: Elena hires Mendel and his firm to list her property for sale. They agree that Mendel will hold an open house for the first two weekends the property is on the market. Mendel creates an open house flyer and sends it to the printer with the square footage being listed at 2,100 square feet instead of the actual square footage of 1,200 square feet. Mendel does not notice the error. A buyer attends one of the open houses and makes an offer on the property. Later, the error is discovered by the appraiser. In this situation, which of the following statements is TRUE?A26: A) Mendel can be held liable for inaccurate advertising.Q27: Spencer has listed a home with Gigi and her firm for $190,000, and Gigi suggests to a prospective buyer customer that they submit a low offer because of the sellers urgent need to sell. The buyer offers $175,000, and the seller accepts it. In this situation:A27: D) Gigi has violated her agency relationship with the seller.Q28: All of the following statements regarding payment of an agent in a real estate transaction is true EXCEPTA28: D) When a seller agrees to pay a buyer agents firm, the payment automatically creates an agency relationship between the seller and the buyer agents firm.Q29: All the following are considered categories of material fact EXCEPTA29: C) the sellers reasons for selling.Q30: A licensee does not have actual knowledge of a material fact and consequently does not disclose the fact, but a reasonably prudent licensee should reasonably have known of such fact. In this case, the licensee may be guilty of which of the following if they fail to disclose this fact to a buyer, seller, landlord, or tenant, even though the licensee acted in good faith in the transaction.A30: D) Negligent omissionQ31: Travis is holding an open house and Sarah stops by to view the home. Sarah starts to tell Travis how much she would be willing to pay for the property when she makes an offer. At this point, Travis discloses that he and his firm are representing the seller only, then notifies Sarah of her agency options. The seller has already agreed to dual agency. If Sarah wants to make an offer on the property and she agrees to dual agency as well, this would be an example of which of the following?A31: D) Intentional, disclosed dual agencyQ32: When a broker is selling a property they have an ownership interest in, they need to disclose they have a real estate license, and the North Carolina Real Estate Commission rules state thatA32: D) the broker cannot represent a buyer or offer to represent a buyer in the purchase of a property the broker has an ownership interest in.Q33: Who decides whether a listing firm will cooperate with other firms to procure a buyer for the property?A33: D) SellerQ34: Which of the following statements BEST describes the agency options available for real estate firms?A34: A) Seller agency, buyer agency, dual agency, and a form of dual agency called designated agencyQ35: Best Homes Realty was hired by a buyer to represent them in purchasing a property. The buyer wanted to have exclusive representation at all times. What type of agency would BEST describe the relationship between Best Homes Realty and the buyer?A35: A) Buyer agencyQ36: Dream Homes Realty is showing a buyer client a property listed with Dream Homes Realty. According to licensing law, which of the following statements is TRUE?A36: C) Dream Homes Realty will need informed consent of both principals.Q37: A property is listed for sale with one firm and the buyer of that property is procured by a different firm. This type of transaction is BEST described asA37: D) cooperating sale.Q38: According to North Carolina Real Estate Commission rules regarding a broker representing a buyer or offering to represent a buyer in a property the broker has an ownership interest isA38: B) illegal because the broker has an obvious conflict of interest.Q39: Which of the following statements are TRUE regarding the different agency arrangements possible when firms are cooperating in a real estate transaction?A39: A) The cooperating or selling broker who procures the buyer may be operating as the agent of the buyer or the subagent of the seller.Q40: Hector is one of four members-managers of a limited liability company (LLC) that owns a commercial building and has decided to sell the building. Hector, as a manager of the owner-LLC, markets the property as For Sale by Owner. Jonah contacts Hector to view the property. Upon meeting Jonah at the property, Hector explains that he is a member-manager of the owner-LLC and that he has a broker license. Which of the following statements is FALSE regarding the possible relationship between the buyer and the seller?A40: B) Since it is a commercial property and not a residential property, Hector can represent or offer to represent Jonah.Q41: Greta, a broker, and her two sisters decide to sell a property they own in their individual names as tenants in common. Because Greta has a license and is local, her sisters ask her to handle the marketing and sale of the property, not in her broker capacity, but as one of the co-owners in a For Sale by Owner situation. Greta advertises the property and discloses she is a broker-owner. Which of the following statements is TRUE regarding the relationship with the buyer?A41: C) Greta may not represent or offer to represent a buyer.Q42: All seller agents are required to disclose their agency status in writing to a prospective buyer at the time the purchase agreement is signed by the buyer.A42: FalseQ43: The Working With Real Estate Agents disclosure form is only used in residential sales transactionsA43: FalseQ44: When the buyer or seller signs the Working With Real Estate Agents disclosure form, they are entering into an agency agreement with the firm.A44: FalseQ45: The agent checks the appropriate blanks for the agency options, not the buyer and seller.A45: TrueQ46: Before a licensee in North Carolina provides any brokerage services to a buyer, the licensee must review the information in the Working with Real Estate Agents brochure.A46: TrueQ47: Regarding agency disclosure, informed consent means an affirmative answer is required.A47: TrueQ48: First substantial contact is the point in time when the broker and consumer first meet face to face.A48: FalseQ49: At what point in the meeting with a seller can the broker provide any brokerage services to the seller?A49: D) When the seller signs a listing agreement with the brokerage firmQ50: Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing?A50: D) At the time when Marcus and Naomi form their agency relationship