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NSAR EXAM ACTUAL
EXAM WITH CORRECT SOLUTIONS.
Legal Mortgage - correct answer- First Mortgage
What is a mortgage? - correct answer- A conveyance or transfer of property to the mortagee (lender) as security, redeemable to mortgagee (borrower) upon payment in full
- D's of agency discloser - correct answer- Decide, Disclose,
Document, Do
- primary fiduciary duties - correct answer- Disclose,
Competency, Accountability, Loyalty, Confidentiality, Obedience
Disclose - correct answer- All pertinent and material facts to client when providing services
Compentency - correct answer- Excessive reasonable care and skill in carrying out duties on behalf of client 1 / 2
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Obediance - correct answer- Obey lawful instructions of the client
Accountability - correct answer- Account for all monies and property entrusted with the brokerage by that client
Confidentiality - correct answer- Not disclose information about the client that would adversely impact that client, unless legally obligated to do so
Loyalty - correct answer- Remain loyal to that client and protect & promote his/her interesting
NSREC bylaw sets out ______ requirements in Artice 3 of Standards of Business Practice. ______ MUST be in writing & attempt to obtain acknowledgement from client/party - correct answer- Disclosure
Comparative Market Analysis (CMA) - correct answer- Not designed to estimate market value, but to establish realistic listing price
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