Post Licensing 301 North Carolina Study Questions | 100% Correct Answers | Verified | Latest Update

Post Licensing 301 North Carolina Study Questions | 100% Correct Answers | Verified | Latest Update
Question 1: What are the basic duties that an agent owes a
principal under Agency Law?
Correct answer: OLDCAR or LOADS –
loyalty/confidentiality, obedience, accounting, disclosure,
skill, care and diligence.
Question 2: What is the definition of a fiduciary relationship?
Correct answer: A person who acts for another in a
relationship of trust and who is obligated to act in the other’s
best interests, placing the other’s interests before any selfinterest.
Question 3: Does violating Agency Law also violate Real
Estate License Law?
Correct answer: Yes
Question 4: What are some possible consequences of
violating Agency Law?
Correct answer: revocation or suspension of real estate
license, civil liability, loss of commission
Question 5: Can the Real Estate Commission fine a broker for
violating Real Estate License Law?
Correct answer: No

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