when you pass the exam, your license would hold what

LTP: North Carolina Flashcards

what terminates an offerdeath of the offeror working with real estate agents brochure is required (doesnt matter what type of sale) prior to learning personal/confidential information when you pass the exam, your license would hold what status inactive as a provisional broker A prudent buyers agent would ask a FSBO seller to sign:protection agreement prior to showing the home to a buyer client Which of the following is TRUE regarding real estate forms used by a North Carolina broker?Drafting forms for third parties is illegal for non-attorneys and could result in fine or imprisonment.A broker is working with a buyer under an oral agreement.After showing many properties, the broker prepares an offer and asks the buyer to sign a written buyer agency agreement. The buyer refused to sign the agency agreement. Which of the following is TRUE?the buyer could take the offer and present the offer, excluding the oral buyer agent from the transaction A listing agent procures a ready, willing and able buyer meeting all the terms that the seller requested in the listing agreement. The seller is refusing to sell the property. In this

instance:

the seller is liable for the commission to the listing agent; however is not required to sell Jose recently received five offers for his seller's listed property. In an effort to achieve the highest and best for his seller, he sent, with his seller's permission, a Response to Buyer's Offer to each of the offerors suggesting the

following terms: "The seller would consider offers around

$250,000 with cash or conventional financing, closing within 30 days of contract acceptance." Are his actions acceptable in this situation?yes, the response to the buyer's offer is a method of requesting new offers without the seller committing to accept a new offer meeting those terms A broker is holding an open house for a local builder. At what point must the broker provide the consumer with the Working With Real Estate Agents Brochure?agency disclosure is not immediately required for an open house specific lienreal property tax lien A broker is responsible for which of the following?verifing the accuracy of all entries on the settlement statement to which a reasonable prudent broker the transaction would have actual knowlege of which of the following is a duty owed to a customerfairness which of the following events would trigger the requirement to provide and review working with real estate agents brochure discussing a seller's motivation for placing his home on the market initial contactbuyers agent Which of the following services should a property manager avoid establishing a depreciation schedule

A buyer's agent is working with an oral buyer agency agreement. When shall the buyer's agency agreement be reduced to writing?before the presentation of an offer Which of the following is an unlawful activity of an unlicensed assistant that assists a licensed broker?negotiating lease terms A buyer and seller enter into a lease with an option to purchase.the buyer and seller have entered into two different contracts, and a broker should consult an attorney all agency contracts must holdnon discriminatory language A property manager uses judicial means to remove a tenant from a property for non-payment. Which if the following statements is TRUE?the property manager must give an accounting of the trust funds within 30 days of termination of the lease which of the following statements is most accurate regarding the Exclusive Right to Sell Listing Agreement?The seller has no legal right to terminate the listing agreement during the term of the agreement a buyer signed a copy of the vacation rental addendum that is included in a an offer to purchase and contract. the buyers agent has 3 calendar days to deliver a copy to the buyer Which of the following is a fiduciary duty of a principal-client, but not a customer?loyalty Which of the following is a permitted activity for an unlicensed assistant?show properties listed by the broker to prospectice tenants A licensee is required to disclose the Working With Real Agent's brochure at first substantial contact. Which of the following LEAST illustrates an example of first substantial contact?a buyer tells a licensee that he is considering a purchase in the coming year A broker property manager collects rent and makes repairs for properties managed. After dispersing rent proceeds to the owner, a tenant calls with an urgent repair request. The property owner does not have any money in the trust account for repairs, so the property manager deposits $300 from his operating account into the trust account to cover the cost. Which of the following is TRUE?this is an example of commingling and a violation of trust account guidelines a broker would violate the do no call law when calling a FSO to seek the listing when the seller is on the registry A sole proprietor broker with no associates takes a listing for one year. The broker dies suddenly a few days later.What impact does the broker's death have on the listing agreement?The listing will terminate when a sole practitioner practicing alone dies testate or intestate Which physical characteristic of land best describes a combination of land's permanence and the general long-term nature of improvements?indestructbility A broker has an exclusive buyer agency agreement that includes a 2.5 % commission and any bonuses offered.When must the buyer's agent to disclose the bonus offered for which they are aware before showing?prior to the preparation of the offer

An agent lists a parcel of undeveloped property which is currently zoned for single-family use. The agent knows the property is scheduled to be rezoned for multi-family use.The agent offers to buy the property from tAn agent is working under an oral buyer's agency agreement. The agent knows the buyer is strongly interested in one of the homes seen by the buyer. The buyer is ready to write the offer but refuses to sign a buyer's agency agreement. At

this point the agent may:he seller and tells the seller that he

wants to acquire the property as a long-term investment.Several months later and after the rezoning has taken effect, the agent sells the property for a substantial profit. In

this case the agent:

acted improperly bc this would be considered "self-dealing" and the agent has a duty to disclose the possible conflict of interest A seller answered "no" to all questions on the Residential Property and Owners' Association Disclosure Statement. A property inspection found a latent defect and the seller refused to repair. The seller directed the broker to conceal this information. The broker is required to disclose this information to a prospective buyer.Broker A represents a buyer, and Broker B represents a seller, as exclusive agents in a purchase transaction. What information may Broker A disclose to Broker B and the seller in the transaction?then lender has denied the buyer financing; however, the buyer is pursuing other options An agent knows that the approximate probable sales price of a house is $223,000, but tells the property owner that the home is worth $250,000 in order to obtain a listing. In this

case the agent:

has committed willful misrepresentation A provisional broker should do which of the following when listing a townhouse for sale?determine an estimate of seller net proceeds at various sales prices Which contract best describes the creation of a general agency relationship?independent contractor agreement between a broker and firm Which of the following businesses are NOT required to obtain a firm license?a sole proprietorship with 10 affilated pb Which of the following agency agreements can automatically renew unless notice to terminate is sent to either party?property management agreement Grace located an in-house listing for her buyer client. She and her client were working under an oral buyer agency agreement when they decided to view the property. Prior to showing the property Real Estate Commission rules require which of the following to occur?the broker and the buyer must, minimally, enter into an oral dual agency agreement before viewing the house a buyer makes an oral offer, and the seller unconditionally accepts. the resulting contract is unenforceable A broker lists a new construction home for sale based on the builder's plan, stating the home will be 5,000 square feet. Before closing, an appraiser calculates that the house

is 4,500 square feet. The buyer wants the seller to reduce the price both the listing broker and buyer broker are responsible for misrepresentation