301 NC POST LICENSING EXAM, PRACTICE

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301 NC POST LICENSING EXAM, PRACTICE

EXAM AND STUDY GUIDE NEWEST

ACTUAL EXAM 400 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS)

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301 NC POST LICENSING EXAM

Atala is driving by a property that is listed for sale by Best Homes Realty and calls the telephone number on the for-sale sign. LaTosha answers the phone and Atala asks what the price of the property is. At this time, does LaTosha have to present the brochure "Working with Real Estate Agents"?

• No, because first substantial contact has not occurred.
• Yes, because first substantial contact has occurred.
• Yes, because LaTosha must present the brochure at initial contact.
• No, because LaTosha is not required to present the brochure over the

phone. - ANSWER- A) No, because first substantial contact has not occurred.

The Working with Real Estate Agents brochure provides the consumer with all the following information EXCEPT

• useful information about the various services real estate agents can

provide buyers and sellers.

• it will indicate that you must choose a firm for representation and that

you may never represent yourself. 1 / 4

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• the various types of agency relationships that may be available to a

consumer.

• it will help explain how real estate agents are paid. - ANSWER- B) it

will indicate that you must choose a firm for representation and that you may never represent yourself.

The Working with Real Estate Agents brochure explains to both buyers and sellers the firm acting as a dual agent. In dual agency, the brochure states all the following EXCEPT

• if dual agency has not already been agreed upon by either the buyer

or the seller and later they want to agree to dual agency, the firm can amend the agency agreement.

• it will be difficult for a dual agent to advance the interests of both

buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. The firm's loyalty is divided between parties with competing interests.

• although the dual agent owes the buyer and seller the same duties,

they cannot prohibit dual agents from divulging certain confidential information about them to the other party.

• although the dual agent owes the buyer and seller the same duties,

they can prohibit dual agents from divulging certain confidential information about them to - ANSWER- C) although the dual agent owes the buyer and seller the same duties, they cannot prohibit dual agents from divulging certain confidential information about them to the other party.

Brokers must understand that before they can assist a prospective buyer with locating a property, the broker must have 2 / 4

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• a disclosure in writing to the prospective buyer that the broker will be

working with the buyer as a seller's agent or subagent.

• either an express written buyer-agency agreement or an express oral

buyer-agency agreement.

• an express oral disclosure to the prospective buyer that the broker

will be working with the buyer as a seller's agent or subagent.

• either an express oral or written buyer-agency agreement with the

buyer or disclosed in writing to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent. - ANSWER- D) either an express oral or written buyer-agency agreement with the buyer or disclosed in writing to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent.

Which of the following statements is FALSE regarding buyer and tenant representation agreements?

• When a broker wants to bind a buyer or tenant or to restrict the

buyer's or tenant's right to work with other agents, then the agreement must be in writing.

• A broker shall not continue to represent a buyer or tenant without a

written, signed agreement when such agreement is required by Commission rules.

• The broker can have an express oral agreement with a buyer or tenant

but it must be nonexclusive and cannot have a time period associated with the oral agreement.

• A broker can continue to represent a buyer or tenant with an express

oral representation agreement up until closing. At that time, the representation agreement will need to be reduced to writing. - ANSWER- D) A broker can continue to represent a buyer or tenant with 3 / 4

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an express oral representation agreement up until closing. At that time, the representation agreement will need to be reduced to writing.

Quay is affiliated with Best Homes Realty and is meeting with Raphael to discuss purchasing a property in the area. At what point in the relationship do they need to reduce their representation agreement to writing?

• Right before Raphael closes on the property
• When Raphael wants to make an offer on a property
• When Quay and Raphael first meet
• When Raphael tells Quay his desire to be in a house in the next 30

days - ANSWER- B) When Raphael wants to make an offer on a property

Which of the following statements BEST describes first substantial contact?

• The point in time when a consumer begins to act as though an agency

relationship exists or to disclose their particular needs, desires, or wants about property to be sold or purchased or any confidential personal information about them

• The point in time when the broker and consumer first speak on the

phone

• The point in time when the broker and consumer first meet in person
• The point in time when the buyer and seller go under contract -

ANSWER- A) The point in time when a consumer begins to act as though an agency relationship exists or to disclose their particular needs,

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