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301- NC POST LICENSING UPDATED
ACTUAL EXAM WITH CORRECT SOLUTIONS.
Can an inactive agent be paid a referral commission if they were active at the time they made the referral? - correct answer- Yes. If and only if they were active at time of referral
Must Dual Agency be in writing? - correct answer- Before an offer is made, Yes. Dual agency must be in writing and signed by both parties
At a listing appointment, the agent should be gathering all information for listing and what? - correct answer- Advertising
May a BIC and their Provisional Broker enter into dual agency together? - correct answer- No. Because the BIC oversees the PBs transactions, this would be a conflict of interest
When must all agency be "Written" - correct answer- Prior to first offer
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Are all in-house transactions Dual Agency? - correct answer- No. The exceptions would be Seller Sub Agency or Unrepresented Buyers
Can The Real Estate Commission fine brokers? - correct answer- No. They can only reprimand, suspend, and revoke licenses
Who can sue agents civilly for monetary compensation? - correct answer- Principles of a transaction
If Dual Agency is not disclosed is a commission due? - correct answer- No. Therefore it is imperative to disclose dual agency before any offers are written
As a dual agent, the agent's duties are reduced to what? - correct answer- Contractual Obligations
What must all agency agreements have? - correct answer- A beginning and ending date
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