301 NC POST LICENSING EXAM, PRACTICE EXAMS AND STUDY GUIDE EXAMS WITH QUESTIONS AND ANSWERS LATEST UPDATE//301 NC Postlicensing

301 NC POST LICENSING EXAM, PRACTICE EXAMS AND STUDY GUIDE EXAMS WITH QUESTIONS AND ANSWERS LATEST UPDATE//301 NC Postlicensing

An agent's duties to third parties include all the following EXCEPT A) fairness. B) obedience. C) disclosure of material fact. D) honesty. - CORRECT ANSW-B) obedience.

Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement, Derrin mentions that the hot water heater has not worked for a couple of weeks and is not planning on repairing it since he is selling the home. Derrin tells Austin that he cannot share that information with anyone as it might affect the sale of the home. What is the BEST course of action for Austin at this time? A) If Austin shares the information regarding the hot water heater, he will be in violation of his fiduciary duties, and Derrin can sue him for disclosing confidential information. B) Austin can share the information with people at Best Homes Realty but cannot share it with any firm representing a buyer. C) Austin must disclose that the hot water heater is not working because it is a material fact. D) Austin must obey the seller. Austin and Best Homes Realty owe fiduciary duties to their clien - CORRECT ANSW-C) Austin must disclose that the hot water heater is not working because it is a material fact.

Armin, a broker affiliated with Best Homes Realty, listed a property for sale and conducted an open house. Courtney visited the open house and decided to make an offer. The seller had completed the Residential Property and Owners' Association Disclosure Statement (RPOADS) indicating all defects the seller knows that exist about the property. In this situation, which of the following statements is TRUE? A) Courtney needs to be advised to still conduct a full home inspection. B) Since the seller disclosed all known material facts, they have complied with the Doctrine of Caveat Emptor and Courtney does not need to complete a full home inspection. C) Since the seller disclosed all known material facts that they were aware of, Courtney does not need to complete a full home inspection. D) Armin can assure Courtney that the seller has disclosed all material facts and she does not need to get her own home inspection. - CORRECT ANSW-A) Courtney needs to be advised to still conduct a full home inspection.

A buyer and a seller are negotiating the terms of a possible contract. The seller counteroffers to the buyer, and the buyer wants to think about it overnight. The next day the buyer calls the selling agent and says they would like to accept the seller's counteroffer. Before verifying that the buyer had actually signed the counteroffer, the selling agent calls the listing agent to say the buyer had accepted the seller's counteroffer. The seller then goes on to purchase another house based on the buyer's "acceptance" of their counteroffer. When the selling agent goes to pick up the signed paperwork from the buyer, the buyer states they never signed the counteroffer and do not want to buy the seller's home. Which of the following statements is correct? A) The selling agent is not responsible for the misrepresentation. B) Both the buyer and the selling agent are responsible for the misrepresentation. C) Neither the buyer - CORRECT ANSW-D) The selling agent is responsible for the misrepresentation.

The real estate broker's fiduciary responsibility to keep the principal informed of all facts, including property condition and issues that affect a seller's willingness to sell and a buyer's willingness to buy, is the duty of A) reasonable skill, care, and diligence. B) disclosure. C) obedience. D) accounting. - CORRECT ANSW-B) disclosure.

The duties owed from the "agent" to the "principal" are BEST described by which of the following? A) Obedience, loyalty, accounting, and reasonable care B) Fairness and honesty C) Fairness, honest, obedience, loyalty, accounting, reasonable skill, and care D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligence - CORRECT ANSW-D) Obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill, care, and diligence