301 NC POST LICENSING EXAM, PRACTICE EXAMS AND STUDY GUIDE EXAM, Exams of Nursing

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301 NC POST LICENSING EXAM,

PRACTICE EXAMS AND STUDY GUIDE

EXAMS WITH ACTUAL CORRECT

QUESTIONS AND ANSWERS (NEWEST)

2024 ALREADY GRADED A+

301 NC POST LICENSING EXAM

Marcus, a broker with Best Team Realty, is meeting with Naomi about listing her property for sale. At what point in the relationship do they need to reduce their representation agreement to writing? A) At the time when Marcus and Naomi first meet B) At the time when Naomi shares the motivation for her wanting to sell her home C) Up until an offer is made on the property D) At the time when Marcus and Naomi form their agency relationship

D) At the time when Marcus and Naomi form their agency relationship

When first substantial contact with a prospective buyer or seller occurs by telephone or other electronic means that make it impractical to give the person the written brochure, the broker is required to do which of the following? A) At the earliest opportunity but no later than seven days from the date of first substantial contact, mail, or transmit a copy of the brochure to the consumer and review it with them at the earliest opportunity. B) The broker must cease all communication with the consumer until they can meet in person with the broker to review the brochure. C) The broker must remain neutral and only discuss material facts about properties until the consumer can meet with the broker in person to discuss the brochure. D) At the earliest opportunity but no later than three days from the date of first substantial contact, mail, or transmit a copy of the brochure to the consumer and review it with them at the

D) At the earliest opportunity but no later than three days from the date of first substantial contact, mail, or transmit a copy of the brochure to the consumer and review it with them at the earliest opportunity.

Carlos calls a real estate office to obtain a price of a property and indicates that he would like to buy the property since he needs to be moved in and starting his new job within the month. At this time, the broker presents the information in the "Working with Real Estate Agents" brochure. All of the following should occur EXCEPT A) the broker needs to inform Carlos to not reveal any confidential or personal information to any

broker until he decides who to hire as his agent. B) at the earliest opportunity, the broker needs to transmit to Carlos a copy of the brochure. C) the broker needs to contact Carlos and review the brochure again once Carlos has a copy. D) the broker has seven days to transmit a copy of the brochure to Carlos.

D) the broker has seven days to transmit a copy of the brochure to Carlos.

Atala is driving by a property that is listed for sale by Best Homes Realty and calls the telephone number on the for-sale sign. LaTosha answers the phone and Atala asks what the price of the property is. At this time, does LaTosha have to present the brochure "Working with Real Estate Agents"? A) No, because first substantial contact has not occurred. B) Yes, because first substantial contact has occurred. C) Yes, because LaTosha must present the brochure at initial contact. D) No, because LaTosha is not required to present the brochure over the phone.

A) No, because first substantial contact has not occurred.

The Working with Real Estate Agents brochure provides the consumer with all the following information EXCEPT A) useful information about the various services real estate agents can provide buyers and sellers. B) it will indicate that you must choose a firm for representation and that you may never represent yourself. C) the various types of agency relationships that may be available to a consumer. D) it will help explain how real estate agents are paid.

B) it will indicate that you must choose a firm for representation and that you may never represent yourself.

The Working with Real Estate Agents brochure explains to both buyers and sellers the firm acting as a dual agent. In dual agency, the brochure states all the following EXCEPT A) if dual agency has not already been agreed upon by either the buyer or the seller and later they want to agree to dual agency, the firm can amend the agency agreement. B) it will be difficult for a dual agent to advance the interests of both buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. The firm's loyalty is divided between parties with competing interests. C) although the dual agent owes the buyer and seller the same duties, they cannot prohibit dual agents from divulging certain confidential information about them to the other party. D) although the dual agent owes the buyer and seller the same duties, they can prohibit dual agents from divulging certain confidential information about them to

C) although the dual agent owes the buyer and seller the same duties, they cannot prohibit dual agents from divulging certain confidential information about them to the other party.

Brokers must understand that before they can assist a prospective buyer with locating a property, the broker must have A) a disclosure in writing to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent. B) either an express written buyer-agency agreement or an express oral buyer-agency agreement.

C) an express oral disclosure to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent. D) either an express oral or written buyer-agency agreement with the buyer or disclosed in writing to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent.

D) either an express oral or written buyer-agency agreement with the buyer or disclosed in writing to the prospective buyer that the broker will be working with the buyer as a seller's agent or subagent.

Which of the following statements is FALSE regarding buyer and tenant representation agreements? A) When a broker wants to bind a buyer or tenant or to restrict the buyer's or tenant's right to work with other agents, then the agreement must be in writing. B) A broker shall not continue to represent a buyer or tenant without a written, signed agreement when such agreement is required by Commission rules. C) The broker can have an express oral agreement with a buyer or tenant but it must be nonexclusive and cannot have a time period associated with the oral agreement. D) A broker can continue to represent a buyer or tenant with an express oral representation agreement up until closing. At that time, the representation agreement will need to be reduced to writing.

D) A broker can continue to represent a buyer or tenant with an express oral representation agreement up until closing. At that time, the representation agreement will need to be reduced to writing.

Quay is affiliated with Best Homes Realty and is meeting with Raphael to discuss purchasing a property in the area. At what point in the relationship do they need to reduce their representation agreement to writing? A) Right before Raphael closes on the property B) When Raphael wants to make an offer on a property C) When Quay and Raphael first meet D) When Raphael tells Quay his desire to be in a house in the next 30 days

B) When Raphael wants to make an offer on a property

Which of the following statements BEST describes first substantial contact? A) The point in time when a consumer begins to act as though an agency relationship exists or to disclose their particular needs, desires, or wants about property to be sold or purchased or any confidential personal information about them B) The point in time when the broker and consumer first speak on the phone C) The point in time when the broker and consumer first meet in person D) The point in time when the buyer and seller go under contract

A) The point in time when a consumer begins to act as though an agency relationship exists or to disclose their particular needs, desires, or wants about property to be sold or purchased or any confidential personal information about them

A broker and REALTOR® notices a for-sale sign at a home in his neighborhood. The home is listing with a brokerage company other than his. The broker is allowed to contact the seller by email to solicit the listing.

False

Soliciting listings of other firms or brokers violates the NAR Code of Ethics and could result in a civil lawsuit.

True

Akio is a real estate broker working for Best Homes Realty. He is looking to get more listings and has utilized many marketing tools that have not ended up getting him any additional business. A fellow agent in his firm tells him about an email promotion they did that helped them get five new listings. Akio decides he would like to try out the same email campaign. Which law or rule does Akio need to adhere to when sending email solicitations? A) Do Not Call Registry Act B) "Junk Fax" laws and rules C) Do Not Email Registry Act D) CAN-SPAM Act

D) CAN-SPAM Act

Katherine, a new real estate broker and REALTOR®, decided to walk around her neighborhood to see if anyone was interested in selling their home. Several of the neighbors have their home listed for sale. If Katherine approached the neighbors who currently have their homes listed for sale with other companies who are members of the REALTOR® association, she would be in violation of which of the following? A) REALTOR® Commission Rules B) REALTOR® Code of Ethics C) North Carolina Fair Housing Laws D) NCREC Rules

B) REALTOR® Code of Ethics

Zelda, a real estate broker, is planning on sending out an email to all her neighbors to solicit their listing. Which of the following subject lines would be okay for Zelda to use? A) "Let's get together for lunch!" B) "Have you seen the latest neighborhood newsletter?" C) "Hey, I haven't seen you in a while." D) "I would like to meet soon to talk about listing your home."

D) "I would like to meet soon to talk about listing your home."

All of the following must be considered in ensuring compliance with the CAN-SPAM Act EXCEPT A) the message must not be identified as advertisement. B) the header information cannot be false or misleading. C) the subject line cannot be deceptive. D) the message must include a valid, physical postal address.

A) the message must not be identified as advertisement.

In Beautiful City, the top five brokerage firms got together to discuss how the real estate market is doing after the recent recession. Some of the firms shared that their profits were down as compared to years past. They all decided to raise their fees for listing properties and that way they could all increase profits

for the upcoming year. This would be an example of which of the following? A) Price fixing B) Unfair competitive practices C) Set pricing D) Boycotting

A) Price fixing

All of the following topics are okay to discuss at a local REALTOR® association meeting EXCEPT A) planning a tech fair for all members. B) raising money and gifts for the holiday season. C) offering computer training for all members. D) setting fees that all affiliated members must charge consumers.

D) setting fees that all affiliated members must charge consumers.

Green Acres Realty has been in business for many years. A new company, For Sellers Only, has been charging much less than Green Acres Realty charges to list and sell homes. At a recent company meeting, the owner of Green Acres Realty instructed their agents not to show any listings that were being sold by For Sellers Only. Which of the following statements is MOST likely true? A) Such conduct would likely be a boycotting violation under the Sherman Antitrust Act. B) Such conduct is considered an acceptable and normal business practice. C) Such conduct would be considered illegal steering. D) Such conduct is legal because Green Acres Realty has the right as a brokerage firm to choose the companies with which it wants to work.

A) Such conduct would likely be a boycotting violation under the Sherman Antitrust Act.

Rico, a broker with Green Acres Realty, just had a listing go under contract and he wants to send out an email to all the neighbors telling them the good news. When he sends out the "just sold" email, he needs to consider which of the following laws or rules? A) CAN-SPAM Act B) Do Not Email Registry Act C) Do Not Call Registry Act D) "Junk Fax" laws and rules

A) CAN-SPAM Act

Marissa, a broker with Green Acres Realty, wants to call homeowners who live in the Bradford Luxury Homes neighborhood to solicit their listing with her firm. Which of the following is exempt from checking the Do Not Call Registry? A) For Sale by Owner B) Expired listing who previously listed with Smart Moves Realty and the listing expired less than seven days ago. C) Marissa has a buyer-principal interested in seeing the For Sale by Owner listed property and Marissa is calling in her role as a buyer's agent. D) Expired listing who previously listed with Better Homes Realty and the listing expired 90 days ago

C) Marissa has a buyer-principal interested in seeing the For Sale by Owner listed property and Marissa is calling in her role as a buyer's agent.

Cho, a real estate broker, is out to dinner with a best friend, Jo. Jo did not want to mix business with friendship and decided to list her house with a different brokerage firm than Cho's. During dinner, Jo continues to complain about what a terrible job her listing firm is doing to get her home sold. What is Cho's BEST response? A) I've sold one of their listings before and had some of the same issues. B) I'm sorry you feel they are not doing a good job. Have you spoken to the listing agent about your concerns? C) I've heard they are a terrible company and understand those issues happen all the time. D) I'm sorry you feel they are not doing a good job; I would be happy to list your property.

B) I'm sorry you feel they are not doing a good job. Have you spoken to the listing agent about your concerns?

Best Homes Realty had a bad experience with Founders Law Firm, one of the local real estate law firms. The owners of Best Homes Realty got together with three of the other top real estate firms in the area and spread the word not to use Founders Law Firm. This would be an example of which of the following? A) Unfair competitive practices B) Blockbusting C) Price fixing D) Boycotting

D) Boycotting

Samuel, a real estate broker and REALTOR®, is looking to list some properties for sale in his neighborhood. He notices that the property across the street from him is listed for sale with another company. According to the REALTOR® Code of Ethics, which of the following statements is correct? A) Samuel can email the seller of that property and solicit their listing because they live in the same neighborhood. B) Samuel cannot call the seller to solicit their listing because it could be in violation of the Do-Not-Call laws and rules. C) Samuel cannot reach out to the seller because he cannot solicit the business of a property owner who has an active exclusive listing. D) Samuel can speak to the seller at a neighborhood party and ask them if they are interested in listing with his firm. This way he would not be violating the Do Not Call laws and rules.

C) Samuel cannot reach out to the seller because he cannot solicit the business of a property owner who has an active exclusive listing.

The seller's deed will help determine if there are any liens against the property.

False

The Residential Property Disclosure Act requires a listing agent to provide the seller with the appropriate disclosure form and to help the seller in proper completion of the form.

False

Additional duties of the listing agent in connection with the Residential Property Disclosure Act include all the following EXCEPT A) assist the seller in assessing the property by gathering property data. B) explain to the seller that a broker is not required to disclose material facts about the property if the seller chooses to answer all the questions "no representation." C) identify items of possible concern and review with the seller their options for addressing such items. D) provide the seller with copies of both Residential Property and Owners' Association Disclosure Statement and the Mineral and Oil and Gas Rights Disclosure Statement.

B) explain to the seller that a broker is not required to disclose material facts about the property if the seller chooses to answer all the questions "no representation."

Deidra is meeting with a seller to discuss listing their property for sale. All of the following will need to be accomplished at this prelisting meeting EXCEPT A) inspect the property and verify information. B) measure the lot to determine square footage. C) explain agency relationship and company policy/services. D) assist the seller with various disclosure forms.

B) measure the lot to determine square footage.

Boris is gathering data at the prelisting meeting regarding the acreage of the lot. Which of the following statements is TRUE regarding how Boris will determine the acreage? A) Boris can obtain the acreage from the seller's deed. B) Boris needs to hire a surveyor and have the acreage determined. C) Boris needs to measure the lot and calculate the acreage. D) Boris needs to ask the seller to hire a surveyor and have the acreage determined.

A) Boris can obtain the acreage from the seller's deed.

The North Carolina Real Estate Commission (NCREC) suggests for real estate agents to do all the following when meeting with the seller EXCEPT A) remember to meet with the seller in a neutral location. B) review the Commission's Safety Guide for helpful tips. C) remember to take the appropriate safety precautions during any meeting with prospective sellers. D) remember to take the appropriate safety precautions before any meeting with prospective sellers.

A) remember to meet with the seller in a neutral location.

At the prelisting meeting, the broker needs to discuss the brokerage fee. What does the broker need to determine prior to attending the prelisting meeting regarding the firm's fee? A) If the firm has come to an agreement with other firms about what the standard fee will be in the area B) If the firm has checked the latest Commission rules regarding what firms should charge sellers C) If the firm has a policy that indicates what the listing fee will be and if it is negotiable D) If the firm has determined the latest trends in what all firms are charging sellers

C) If the firm has a policy that indicates what the listing fee will be and if it is negotiable

Caroline is selling her property and is deciding what personal property she wants to sell with the property. Hugo, her real estate broker, should recommend which of the following? A) Hugo needs to tell Caroline to leave all personal property with the house since it is now considered real property. B) Hugo needs to tell Caroline they need to list all the personal property she is selling with the property in the property data sheet and the listing agreement. C) Hugo needs to tell Caroline she can leave whatever personal property she would like to once they have gone under contract with the buyer. D) Hugo needs to tell Caroline to remove all personal property from the property because the lender will not allow personal property to be in the sales contract.

B) Hugo needs to tell Caroline they need to list all the personal property she is selling with the property in the property data sheet and the listing agreement.

Isla is meeting with Hector to discuss listing his property for sale. As they are walking through the property, Isla is inquiring about the television screens that are mounted on the wall in the family room and the playroom. Which of the following statements would be TRUE? A) Isla must tell Hector that they are considered fixtures and therefore are considered part of real property. If Hector wants to take them, he can, as long as he excepts them from the listing agreement and the sales contract. B) Isla must tell Hector he must take the television screens off the walls because they are personal property and he must take them with him. C) Isla must tell Hector that the buyer must ask for television screens in the sales contract if the buyer is intending for Hector to leave them since they are considered personal property. D) Isla must tell Hector that he has to leave the television screens since they are mounted on th

A) Isla must tell Hector that they are considered fixtures and therefore are considered part of real property. If Hector wants to take them, he can, as long as he excepts them from the listing agreement and the sales contract.

A real estate agent has been called by a seller to meet about possibly listing the seller's home for sale. According to the North Carolina Real Estate Commission (NCREC) the real estate agent: A) Can use whatever preprinted form their firm decides they would like to use as the listing agreement with the seller, NCREC does not have rules regarding listing agreements. B) Can use whatever preprinted form their firm decides they would like to use at the listing agreement with the seller as long as it conforms with the requirements of NCREC rules. C) Must use the Standard form provided by the North Carolina Real Estate Commission as the listing agreement with the seller. D) Must use the Standard Form 101 - Exclusive Right to Sell Listing Agreement created by the North Carolina Association of REALTORS® as the listing agreement with the seller.

B) Can use whatever preprinted form their firm decides they would like to use at the listing agreement with the seller as long as it conforms with the requirements of NCREC rules.

What are Norah's duties when she is verifying acreage of the lot? A) Norah must hire a surveyor and have the acreage determined. B) Norah needs to ask the seller to hire a surveyor and have the acreage determined.

C) Norah can advertise acreage as long as she has a general idea of the total acreage. D) Norah should walk the lot with the seller and locate corners and property lines.

D) Norah should walk the lot with the seller and locate corners and property lines.

While Nele is presenting the agency disclosure brochure, she discusses her firm's compensation policies and Lanzo asks her if they are charging the customary fee. Which would be the BEST way for Nele to respond to Lanzo's question? A) Our firm is charging the standard fee. B) I don't know what other firms are charging, each firm sets their own fees. C) I have not checked with the latest data to see what all the other firms have agreed to charge. D) I need to check with my firm to see if they are willing to charge the standard commission.

B) I don't know what other firms are charging, each firm sets their own fees.

Kristin has an appointment with Logan, a broker at Green Acres Realty, to discuss listing her property at 2398 Black Top Lane. Logan is expected to accomplish which of the following at their prelisting meeting? A) Discuss how the property will be marketed B) Conduct a full home inspection on the property C) Complete all the disclosures on behalf of the seller D) Personally measure the lot to verify square footage

A) Discuss how the property will be marketed

Which BEST describes "living area"? A) The portion of a dwelling that is intended for human occupancy and which is heated by a permanently installed heating system, finished and ceiling height at least seven feet, and directly accessible from other "living area" B) The portion of a dwelling that is intended for human occupancy and which is heated and cooled by a permanently installed system, finished and ceiling height at six feet four inches, and directly accessible from other "living area" C) The portion of a dwelling that is intended for human occupancy and which is heated and cooled by a permanently installed system, finished and ceiling height at least seven feet, and directly accessible from other "living area" D) The portion of a dwelling that is intended for human occupancy and which is heated by a permanently installed heating system, finished and ceiling height at least six feet four inches, and directly ac

A) The portion of a dwelling that is intended for human occupancy and which is heated by a permanently installed heating system, finished and ceiling height at least seven feet, and directly accessible from other "living area"

According to the Residential Property Disclosure Act, most sellers of residential properties must complete the Residential Property and Owners' Association Disclosure Statement. Who created this disclosure form? A) North Carolina General Assembly B) North Carolina Real Estate Commission

C) North Carolina legislature D) North Carolina Association of REALTORS®

B) North Carolina Real Estate Commission

As they are walking through the property, Corean is pointing out several things regarding the property and asking Ryder questions about his property. What is one of the items that Corean is inquiring about during this phase of the prelisting meeting? A) What Ryder's needs and desires are regarding time of sale and what he would be willing to accept as a sales price B) Which personal property will sell with the property and which fixtures Ryder will be removing C) How Ryder would like his property marketed D) How much Ryder will net at closing

B) Which personal property will sell with the property and which fixtures Ryder will be removing

Payden is preparing for his first listing as a real estate broker. He has confirmed his prelisting meeting with Octavia, the seller. Octavia is planning on selling her current single-family home and then will be buying a townhome in the same area. Payden is gathering several documents to make his prelisting meeting with the seller go smoothly. One of the documents he has gathered for the meeting is: A) A copy of the Octavia's liens against the property. B) A copy of the state law required disclosure forms. C) A copy of the restrictive covenants for the neighborhood. D) A copy of the Octavia's deed.

B) A copy of the state law required disclosure forms.

Benjamin has advertised a property as having 3,200 square feet. Leo is showing the property to a buyer who ends up making an offer. It was soon discovered that the property only contains 2,300 square feet. In this case, what would the responsibility be of the buyer agent, Leo? A) Leo would be in violation of his fiduciary duties if he did not personally measure a property before a buyer made an offer. B) Leo can typically rely on the square footage reporting of the listing agent unless there is an error that should be obvious to a reasonably prudent broker. C) Leo can always rely on the square footage reporting of the listing agent. D) Leo is required by North Carolina Real Estate Commission (NCREC) to measure all properties prior to a buyer making an offer in order to verify square footage.

B) Leo can typically rely on the square footage reporting of the listing agent unless there is an error that should be obvious to a reasonably prudent broker.

One of the duties that an agent has during the prelisting meeting is to inspect the property and verify information with the seller. Which of the following would be considered during this phase of the meeting? A) Present the comparative market analysis B) Discuss the brokerage fee C) Calculate net profit to the seller D) Inquire as to septic system capacity, if applicable

D) Inquire as to septic system capacity, if applicable

Sellers of all of the following types of transfers or types of properties are exempt from completing the Residential Property and Owners' Association Disclosure Statement (RPOADS) but not exempt from completing the Mineral and Oil and Gas Rights Disclosure Statement EXCEPT A) transfers between parties when both parties agree not to complete a RPOADS. B) relocation company owned properties. C) first sale of a dwelling never inhabited. D) lease with the option to purchase contracts where the lessee occupies or intends to occupy the dwelling.

B) relocation company owned properties.

Boris is in a prelisting meeting with the seller. Boris sees that there is an active leak in the roof while he is inspecting the property and verifying information regarding the property. Which of the following statements is TRUE regarding the leak in the roof? A) Boris must disclose the leak in the roof regardless of whether the seller lists with him or not. B) The seller is the only one that would need to disclose the leak in the roof; Boris would not be required. C) Boris must keep the leak in the roof confidential if he lists the property for sale. D) Boris and the seller must disclose that there is a leak in the roof.

A) Boris must disclose the leak in the roof regardless of whether the seller lists with him or not.

Knowing the balance due on seller's existing mortgages and statuses of mortgages is important because A) the real estate broker needs the information so they can personally call the seller's bank to get final loan payoff for closing. B) the real estate broker needs the information to help advise the seller if this is a good time to sell the property because they could have little or no equity in the property. C) the real estate broker needs the information to help assist the seller with a listing price. D) the real estate broker needs the information to help assist the seller in case they are behind in payments and may be facing foreclosure.

B) the real estate broker needs the information to help advise the seller if this is a good time to sell the property because they could have little or no equity in the property.

Jessica is in the prelisting meeting with the seller and asks for their mortgage balances and statuses. Jessica is going to utilize the information along with the results of her comparative market analysis to do which of the following? A) To help Jessica tell the sellers exactly what their seller net proceeds will be at closing B) To help Jessica tell buyers how much the seller will be able to net since this is a material fact C) To help Jessica decide if the sellers are serious about selling the property D) To help the seller determine if this is a good time to sell their property because they could actually owe more than the market is saying that their home will sell for

D) To help the seller determine if this is a good time to sell their property because they could actually owe more than the market is saying that their home will sell for

It is important to inspect the property by performing a careful "walk-through" inspection of the seller's property in the presence of the seller during the "inspect the property and verify information" phase of the prelisting meeting. The real estate agent and the seller are verifying the physical features of the property in order to do all the following EXCEPT A) to complete the property data sheet. B) to prepare advertising for the property. C) to determine a probable list price for the property. D) to assist the seller in completing the property disclosure form.

C) to determine a probable list price for the property.

Which of the following statements is TRUE regarding bringing a copy of the brochure "Working with Real Estate Agents" to the prelisting meeting with the seller? A) The real estate agent does not need to give a copy to the seller nor do they need to review it with the seller until the seller gets an offer on the property. B) The real estate agent will need to give a copy to the seller and review it when they first meet. C) The real estate agent will need to leave a copy of the brochure with the seller for them to read after the real estate agent leaves. D) The real estate agent will need to give a copy to the seller and review it when they have first substantial contact.

D) The real estate agent will need to give a copy to the seller and review it when they have first substantial contact

The purpose of acquiring a copy of the restrictive covenants would include the following: A) Having covenants available can help the listing agent readily answer questions about the various easements that are currently affecting the property. B) Having covenants available will expedite the transaction later, possibly at a critical point where the buyer has a sufficient interest in the seller's property, the listing agent will be able to readily answer questions about permitted property uses. C) Having covenants available can help the listing agent readily answer questions about the various title issues that are currently affecting the property. D) Having covenants available can help the listing agent readily answer questions about the various liens against the property.

B) Having covenants available will expedite the transaction later, possibly at a critical point where the buyer has a sufficient interest in the seller's property, the listing agent will be able to readily answer questions about permitted property uses.

A real estate agent is in a prelisting meeting with a seller and is conducting the "inspect the property and verify information" phase of the meeting. During this time, the real estate agent will do all of the following EXCEPT A) caution the seller about providing confidential information. B) inquire as to construction/alteration/repair permits. C) note all significant property defects. D) inspect the property.

A) caution the seller about providing confidential information.

A real estate agent who is choosing comparables to prepare a comparative market analysis should consider current active listings.

False

To determine the gross rental multiplier (GRM), divide the sales price of an income-producing property by the gross rental income.

True

Licensees are never allowed to prepare a broker price opinion (BPO) for a fee.

False

What is one of the similarities between an appraisal and broker price opinion? A) Both utilize the broker opinion report (BOR) B) Both utilize the Uniform Residential Appraisal Report (URAR) C) Both are based on exactly the same valuations concepts and principles D) Both have a goal of determining the value of the property

C) Both are based on exactly the same valuations concepts and principles

Equity Bank is looking for some local real estate brokers to prepare broker price opinions (BPO) for $ per BPO. Chandra is a licensed real estate broker and still on provisional status. What are the steps that Chandra would need to take in order to be qualified to prepare a BPO for a fee? A) Chandra would need to remove her provisional status, have an active license in good standing, be competent, and prepare a BPO that meets the proper requirements. B) Chandra would need to remove her provisional status and then obtain her real estate appraiser license. C) Chandra would need to have an active license in good standing, be competent, and prepare a BPO that meets the proper requirements. D) Chandra currently meets all the requirements and does not need to take any additional steps.

A) Chandra would need to remove her provisional status, have an active license in good standing, be competent, and prepare a BPO that meets the proper requirements.

Earl is a provisional broker and has been affiliated with My Home Realty for over a year where he just earned "Listing Agent of the Year" award. Earl is preparing his pricing presentation for his latest listing appointment. Which of the following statements is TRUE? A) Earl cannot prepare a "comparative market analysis" (CMA) for the seller since he is on provisional status. B) Earl cannot prepare a CMA for the seller because he is a provisional broker and not allowed to prepare CMAs. C) Earl can prepare a CMA for the seller as long as he does not charge a fee, even if he is on provisional status. D) Earl can prepare a pricing strategy report as long as he does not call it a CMA.

C) Earl can prepare a CMA for the seller as long as he does not charge a fee, even if he is on provisional status.

Gilbert works for First Bank and needs to get a broker price opinion (BPO) completed on a property. He reaches out to a real estate broker, Chuck, who is in his networking group to see if he is interested. Which of the following statements is TRUE? A) It would be a violation of North Carolina Real Estate Commission rules to prepare the BPO because only appraisers can prepare BPOs. B) It would be a violation of agency for Chuck to prepare the BPO. C) If Chuck was still on provisional status, he would be able to prepare the BPO for a fee. D) If Chuck was not on provisional status, he would be able to prepare the BPO for a fee.

D) If Chuck was not on provisional status, he would be able to prepare the BPO for a fee.

Vanessa has returned to the seller's home to discuss pricing with them. Vanessa was able to analyze the data she collected from her prelisting meeting with the sellers along with current sales information in the area and is able to present which of the following reports to assist the seller in pricing their home? A) A comparative market analysis report B) An appraisal report C) A value-added report D) A sales data report

A) A comparative market analysis report

Which of the following statements BEST defines a "comparative market analysis" (CMA)? A) A CMA is an opinion of value by a licensed real estate broker. B) A CMA is an estimate of the probable selling price or leasing price. C) A CMA is a report provided by a licensed real estate broker that determines the fair market value of a property. D) A CMA is an appraisal conducted by a licensed real estate broker.

B) A CMA is an estimate of the probable selling price or leasing price.

Oliver has returned to his office after his prelisting meeting with Liam and is in process of gathering data to advise the seller on a listing price. Which of the following reports is Oliver allowed to provide to Liam? A) A determination of value report B) A sales data report C) A broker price opinion report D) An appraisal report

C) A broker price opinion report

Sally has collected data on several recently sold comparable properties. She will take the data on each property sale and will individually compare it to the subject property. Sally will make adjustments to the sale price of each comparable property to reflect differences between the comparable property and the subject property. Which of the following statements is TRUE regarding Sally's adjustments made in her comparative market analysis (CMA) or broker price opinion (BPO)? A) Where the subject property is inferior to the comparable sale property, the sale price of the

comparable property is adjusted upward. B) Where the subject property is inferior to the comparable sale property, the sale price of the comparable property is adjusted downward. C) Where the subject property is inferior to the comparable sale property, the sale price of the subject property is adjusted downward. D) Where the subject property is infer

B) Where the subject property is inferior to the comparable sale property, the sale price of the comparable property is adjusted downward.

Precious is assisting an investor in the purchase of a residential property that is listed for $90,000 and the current owner is charging $700 per month for rent. What formula would Precious use to determine the gross rent multiplier (GRM)? A) Sales price × gross rental income = GRM B) Gross rental income ÷ sales price = GRM C) Sales price ÷ gross rental income = GRM D) GRM × sales price = gross rental income

C) Sales price ÷ gross rental income = GRM

Which of the following statements is TRUE regarding "comparative market analysis" (CMA) and "broker price opinion" (BPO)? A) BPO and CMA are interchangeable terms. B) BPO determines the value of a property and a CMA is an estimate of the probable selling price or leasing price. C) CMA is a report provided by a licensed real broker and a BPO is a report that can only be provided by a licensed real estate appraiser. D) CMA determines the value of a property and a BPO is an estimate of the probable selling price or leasing price.

A) BPO and CMA are interchangeable terms.

Emma is a real estate broker and is offering as part of her buyer representation services to prepare a comparative market analysis (CMA) for all potential buyers. Will Emma be in compliance of licensing law if she provides the CMAs? A) Emma may prepare the CMA for the buyers but is not allowed to charge a fee. B) Emma may perform the CMA for the buyers. C) Emma may not perform the CMA because she can only provide that service for seller-clients, not buyer-clients. D) Emma may perform the CMA for the buyers as long as she charges for the CMA.

B) Emma may perform the CMA for the buyers.

Tara is listing a property for sale. Under the law of agency, what are her duties, if any, regarding comparative marketing analysis (CMA)? A) Tara should not complete the CMA unless she obtains a fee. B) Tara has a duty to serve the client with skill, care, and diligence. C) Tara can complete the CMA only if she gets guidance from an appraiser.

D) Tara should not complete the CMA because she would be telling the seller what to list their property for and that would be a violation of agency.

B) Tara has a duty to serve the client with skill, care, and diligence.

Layne has recently been licensed and not completed all of her postlicensing educational requirements. Downtown Bank has reached out to Layne regarding paying her $200 for preparing a broker price opinion (BPO). In this situation, what can Layne do? A) Layne must decline Downtown Bank's offer because she charges $300 for a BPO. B) Layne must decline Downtown Bank's offer because she is still on provisional status. C) Layne can accept the offer because she meets all the requirements to charge for a BPO. D) Layne can accept the offer because she is willing to reduce her fee from $300 down to $200.

B) Layne must decline Downtown Bank's offer because she is still on provisional status.

Johnny has located several houses to rent in the city he is relocating to next month. He really does not know anything about the city and would really like to hire a real estate broker to assist him with his housing search. He interviews a few brokers and asks them if they are allowed to help him negotiate rental amounts with the property owners. According to license law, will the brokers be allowed to provide a comparative market analysis (CMA) for Johnny if he hires one of them? A) The broker may perform the CMA for the tenants. B) The broker may prepare the CMA for the tenants but is not allowed to charge a fee. C) The broker may perform the CMA for the tenants as long as he charges for it. D) The broker may not perform the CMA for any tenants.

A) The broker may perform the CMA for the tenants.

Javier has been affiliated with Top Notch Property Management for several years. He has managed many properties on behalf of his firm. Elena has decided to allow her current property management agreement to expire with her current firm and hire Javier and Top Notch Property Management to begin managing all her properties. According to licensing law regarding comparative market analysis (CMA), A) Javier may perform the CMA for the client. B) Javier may not perform the CMA for the client because brokers do not perform CMAs for property management. C) Javier may perform the CMA for the client as long as he charges for the CMA. D) Javier may perform the CMA for the client but is not allowed to charge a fee.

A) Javier may perform the CMA for the client.

Abia is in process of gathering data to advise the seller on a listing price. Which of the following reports is Abia allowed to provide to the seller? A) A determination of value report B) An appraisal report C) A comparative market analysis D) A sales data report

C) A comparative market analysis

Penny is affiliated with a real estate firm who works for people who are in need of tenant representation in a real estate transaction. Penny offers as part of her tenant representation services to prepare a comparative market analysis (CMA) for all potential tenants. Will Penny be in compliance of licensing law if she provides the CMAs? A) Penny may perform the CMA for the tenants as long as she charges for it. B) Penny may prepare the CMA for the tenants but is not allowed to charge a fee. C) Penny may perform the CMA for the tenants. D) Penny may not perform the CMA for any tenants.

C) Penny may perform the CMA for the tenants.

If the seller wants to net $100,000, has closing costs of $4,000, a loan payoff of $88,500, and broker commission fee of 6%, what would they need to sell their property for to net $100,000? A) $164, B) $180, C) $204, D) $200,

C) $204,

A seller wants to net $85,000 from a property sale. The seller's outstanding loan balance is $45,320 that will need to be paid off in the sale. Estimated additional closing costs are estimated at $1,550 and the commission rate will be 4.5% of the sales price. What will the seller need to sell the property for in order to net $85,000? A) $136, B) $125, C) $138, D) $139,

C) $138,

A broker is determining what price sellers need to sell their home for to net $78,000. The sellers have a loan payoff of $126,000. The broker has estimated their other closing costs to be $850 and the commission rate is 7%. What price did the broker tell the sellers they would need to sell their home for? A) $220, B) $190, C) $197, D) $211,

A) $220,

A couple purchased a home for $225,000 with $6,200 additional in closing expenses. The seller would like to sell their house for $250,000 and the listing broker estimates that total closing expenses (including 5% brokerage fee) on such a sale would be $14,000. What would the sellers' projected net profit on this sale be? A) $45, B) $32,

C) $11,

D) $4,

D) $4,

A resident of Big City purchased her house for $169,000 and paid an additional $3,500 in closing expenses. She proposes to sell her house for $200,000 and the listing broker estimates that total closing expenses (including 6% brokerage fee) on such a sale would be $17,500. The resident's projected net profit on this sale would be A) $14,000. B) $10,000. C) $45,000. D) $13,500.

B) $10,000.

A homeowner purchased a house for $180,000 and paid an additional $7,500 in closing expenses. The homeowner wants to sell the house for $225,000 and the listing broker estimates that total closing expenses (including 5% brokerage fee) on such a sale would be $13,000. The homeowner's projected net profit on this sale would be A) $45,500. B) $24,500. C) $34,000. D) $32,000.

B) $24,500.

What is the listing agent's BEST option if they are being asked by the seller to set a listing price that is unreasonably high? A) Set the listing price at the higher price because they must provide all fiduciary duties to the seller B) Set the listing price at the higher price because they must obey the seller C) Set the listing price at the higher price because they must stay in compliance with licensing law D) Refuse the listing

D) Refuse the listing

Betty with Green Acres Realty had an appointment with a seller in a short sale situation. Betty reached out to her broker-in-charge to see what the firm's options were regarding signing a listing agreement with the seller. What are Green Acre Realty's options in this situation? A) Betty must list the property because it would be discrimination if she declined the listing. B) Betty must list the property because the North Carolina Real Estate Commission rules mandate she must treat all sellers equally. C) Betty can decline to list the property. D) Betty must tell the seller that they are not allowed to sell the property since it is a short sale.

C) Betty can decline to list the property.

Daisy is eager to sell her property and has asked Xavier, a real estate agent, to help her determine what she would need to sell her house for in order to net $45,000. Xavier has estimated her closing costs to

be $1,550 and he charges 6% of the sales price as a commission fee. Daisy has a loan pay off of $140,000. What price does she need to sell her home for in order to net $45,000? A) $197, B) $198, C) $195, D) $196,

B) $198,

A listing agent has completed the prelisting meeting, prepared a comparative market analysis (CMA), and is now meeting with the seller to discuss a listing price. All of the following factors need to be discussed with the seller EXCEPT A) current market conditions. B) agent's needs. C) estimated closing cost for the buyer. D) seller's needs and wants.

C) estimated closing cost for the buyer.

Esme purchased her house for $180,000 and paid an additional $4,000 in closing expenses. She proposes to sell her house for $230,000 and the listing broker estimates that total closing expenses (including 7% brokerage fee) on such a sale would be $19,000. Esme's projected net profit on this sale would be A) $73,000. B) $60,000. C) $27,000. D) $50,000.

C) $27,000.

Keisha is a residential real estate appraiser and has been called by Willa, a local real estate agent, to prepare a current appraisal for 2057 Easy Street. Willa is in the middle of the listing process with the owner. Under what conditions would Willa want to involve an appraiser prior to listing the property? A) Willa may not feel completely confident of the estimated probable selling price. B) Only an appraiser can help determine the probable selling price. C) North Carolina Real Estate Commission rules require an appraiser to assist in pricing properties. D) North Carolina Licensing Law requires an appraiser to assist in pricing properties.

A) Willa may not feel completely confident of the estimated probable selling price.

Milo is deciding if this is a good time to sell his property and asks the real estate agent to calculate what he needs to sell his home for in order to net $80,000. The agent is charging 5% of the sales price for commission fee, he has a loan to pay off in the amount of $175,000, and the agent estimates other closing costs to be $1,000. What does he need to sell his home for in order to net $80,000? A) $260, B) $267, C) $269, D) $268,

C) $269,

The Joneses are in process of listing their home. They have a follow-up appointment with Charlie who is affiliated with Dream Homes Realty. Charlie has completed his comparative market analysis and is meeting them to discuss the best possible listing price for the property. Which of the following is NOT a factor to be considered at this appointment? A) Agent's needs B) Measuring the property C) Estimating net to seller D) Calculating net profit to seller

B) Measuring the property

Pauline is preparing a comparative market analysis for a property owner. During her research, Pauline does not find any homes that have recently sold in the neighborhood where the subject property is located, and there are not any homes that have recently sold that are comparable to the subject property in the past 18 months. What is BEST step that Pauline can take at this time? A) Pauline could ask the seller to split the fee and hire a licensed real estate appraiser to prepare a current appraisal of the property. B) Pauline must hire an appraiser according to North Carolina Real Estate Commission rules. C) Pauline could tell the seller that she will make her best guess as to a probable selling price. D) Pauline could ask the seller to determine a listing price based on what the seller would like to net from the sale.

A) Pauline could ask the seller to split the fee and hire a licensed real estate appraiser to prepare a current appraisal of the property.

The listing broker has all of the following duties when advising the seller about list price EXCEPT A) the broker should counsel the seller on the legal consequences of a short sale. B) if a "short sale" is likely, the broker should explain the brokerage aspects of a short sale. C) alert the seller to the possible consequences of a "short sale." D) the broker has a responsibility to the seller-client to identify any potential "short sale" situation prior to completing a listing contract and setting a listing price.

A) the broker should counsel the seller on the legal consequences of a short sale.

Emmett is in a meeting with a real estate agent discussing a listing price. The agent is presenting the comparative market analysis, and it shows that there are no good comparables that have recently sold. What is the BEST advice for the agent to give Emmett at this time? A) To have the agent reach out to an attorney to help them understand their liability in this situation B) To have Emmett decide on a listing price without adequate information to assist them. C) To have the agent call the North Carolina Real Estate Commission for guidance D) To have Emmett hire an appraiser to perform a current appraisal on the property

D) To have Emmett hire an appraiser to perform a current appraisal on the property

Antonio, a broker affiliated with Best Homes Realty, is assisting a buyer-client with the purchase of a home. What is Antonio's duty to discover if a listed property will involve a short sale?

A) Antonio needs to ask the listing agent if the property is a short sale. B) Antonio needs to reach out to the lender directly to determine if the property is a short sale. C) Antonio has no duty to discover if the property is a short sale because the information will not affect the buyer. D) Antonio has no duty to the buyer to confirm if a property is a short sale.

A) Antonio needs to ask the listing agent if the property is a short sale.

Lucy has completed the comparative market analysis for the sellers at 3091 Sunny Lane and is meeting with them tonight to discuss listing price. What would be the BEST strategy for Lucy during this meeting? A) Lucy should determine the listing price herself since she is the professional. B) Lucy should suggest listing at the bottom of the comparative market analysis price range if they are in no hurry to sell. C) Lucy should make recommendations based on the needs and desires of the sellers. D) Lucy should suggest listing at the top of the comparative market analysis price range if they are in a hurry to sell.

C) Lucy should make recommendations based on the needs and desires of the sellers.

Declan is a real estate broker affiliated with Best Homes Realty. He is in process of listing a property for sale and is having trouble determining a probable sales price of a property. The property is very unique and there are no other properties like it in the area either recently sold or currently on the market. What is the BEST course of action for Declan at this time? A) Declan can make a guess based on how much he likes the property. B) Declan can ask the owner to hire a licensed residential real estate appraiser to prepare a current appraisal on the property. C) Declan can ask the owner to determine their own listing price based on their financial needs. D) Declan cannot help the seller any further because he is not confident in his own abilities.

B) Declan can ask the owner to hire a licensed residential real estate appraiser to prepare a current appraisal on the property.

A broker, Wyatt, is meeting with the sellers to discuss listing price. The sellers are wondering how long Wyatt thinks it may take for their home to sell. They need to move quickly because of a job transfer. What would be the BEST advice for Wyatt to give to the sellers regarding pricing? A) Wyatt should suggest listing at the bottom of the comparative market analysis price range. B) Wyatt should not make any recommendations. C) Wyatt should be the one to decide the listing price himself since he is the professional. D) Wyatt should suggest listing at the top of the comparative market analysis price range.

A) Wyatt should suggest listing at the bottom of the comparative market analysis price range.

A real estate listing agreement must include a termination date.

True

Although the form does not contain any such provision, agents are cautioned against inserting any prior notice or automatic renewal provision in the form.

True

The protection period is designed to protect the Firm's entitlement to its Fee under certain circumstances following the expiration of the listing agreement.

True

Bobbi Broker works for Blue Firm and is completing an Exclusive Right to Sell Listing Agreement with the seller. How should Bobbi Broker complete the blank identifying the Firm? A) Bobbi Broker B) Insert N/A in the Firm blank C) Blue Firm and Bobbi Broker D) Blue Firm

D) Blue Firm

Which of the following statements is TRUE regarding completing the paragraphs regarding Fixtures and Personal Property? A) Buyer and seller should be specific when negotiating what items will be included in or excluded from the sale. B) The seller is not allowed to include any personal property with the sale; it must be transferred with a Bill of Sale. C) Buyer and seller can decide after they are under contract and prior to closing what fixtures or personal property will remain. D) All fixtures must remain and transfer with the property regardless of what the buyer and seller agree to.

A) Buyer and seller should be specific when negotiating what items will be included in or excluded from the sale.

Which of the following duties is NOT required to be conducted by the Seller? A) Seller agrees to sell and close on their property B) Seller agrees to cooperate with Firm in the marketing and sale of the Property C) Indicate any circumstances of which Seller is aware that might prohibit Seller from conveying fee simple marketable title to the Property like a restrictive covenant violation D) Indicate any circumstances of which Seller is aware that might prohibit Seller from conveying fee simple marketable title to the Property like a known defect in the title to the Property

A) Seller agrees to sell and close on their property

A broker is always entitled to a commission if the broker finds a buyer for a consumer's property.

False

Which of the following statements is TRUE regarding a seller compensation of a real estate firm? A) The listing firm has earned its commission when they produce a ready, willing, and able buyer. B) The listing firm has earned its commission at 5:00 pm on the due diligence date. C) The listing firm has earned its commission as soon as the property goes under contract. D) The listing firm has earned its commission only if the buyer and seller go to closing.

A) The listing firm has earned its commission when they produce a ready, willing, and able buyer.

Brandon is a broker affiliated with Dream Homes Realty. He receives a call from Anja about listing her home. What does Brandon need to determine first before proceeding with an agency relationship with her? A) Brandon should have her sign an exclusive agency agreement before they meet in person. B) Brandon needs to disclose that he is a provisional broker who still needs to complete additional educational requirements. C) Brandon should ask Anja whether she already has an agency agreement with another broker. D) Brandon needs to disclose that his real estate license is on active status.

C) Brandon should ask Anja whether she already has an agency agreement with another broker.

Tom has a listing that expires tonight at midnight and several buyers who have recently viewed the property during his listing period may want to make offers later this week. How will Tom be able to ensure that his firm receives compensation if one of these buyers ends up purchasing the home after the listing expires? A) Tom's firm included a provision that requires a certain act to be done or a certain event to occur before the contract becomes binding. B) Tom's firm included a provision that cancels a specified right upon the occurrence of a certain condition. C) There is no way for Tom's firm to receive a commission outside the listing term. D) Tom's firm included a "protection clause" in the listing agreement that would allow the firm compensation outside the listing term under certain circumstances.

D) Tom's firm included a "protection clause" in the listing agreement that would allow the firm compensation outside the listing term under certain circumstances.

Sommer, a real estate broker, has met a prospective seller in the checkout line of the neighborhood grocery store. Sommer asks if he already has his home listed for sale with another firm and he indicates that, yes, in fact he does have it listed with Greater Area Realty. What should Sommer do at this situation? A) Sommer should delay entering into an agency agreement with the prospective seller until the existing agency agreement expires or it is legally terminated. B) Sommer should follow up with an email to see if he would be willing to change listing firms to list with her firm. C) Sommer should see if he is willing to terminate his agency agreement prior to the expiration date and list with her firm. D) Sommer should ask to visit his home and to give her an opportunity to present the marketing her firm provides and see if he will consider switching listing firms.

A) Sommer should delay entering into an agency agreement with the prospective seller until the existing agency agreement expires or it is legally terminated.

Dorothy and Kirk Brown are in process of selling their property at 202 East Second Street. They hired Top Notch Realty to list their property since the firm has listed and sold several homes in their neighborhood in the last six months. What seller names does the listing agent need to use on the listing

agreement? A) Dorothy and Kirk Brown B) Dot and Kirk Brown. C) Mr. and Mrs. Kirk Brown D) Dorothy Brown and Kirk Brown

D) Dorothy Brown and Kirk Brown

When the broker produces a buyer ready, willing, and able to buy under the terms specified in the listing contract, the broker remains entitled to a brokerage fee even if the transaction fails due to all of the following EXCEPT A) the buyer fails to obtain loan approval after they have gone under contract with the seller. B) the seller will be unable to deliver possession within a reasonable time. C) the seller insists on sale terms and conditions not stated in the listing contract. D) the seller has a defect in title.

A) the buyer fails to obtain loan approval after they have gone under contract with the seller.

Two brokerage firms split a 7% commission equally on a $245,000 property. The selling provisional broker was paid 55% of their firm's share. How much did the provisional broker earn on this sale? A) $4,651 B) $4,716 C) $4,043 D) $4,288

B) $4,716

Which of the following statements is TRUE regarding a reason to state the price and terms of a sale in the listing contract? A) The seller will be required to reject all offers that do not meet the specified terms listed in the listing agreement. B) If the broker subsequently tenders to the seller an offer from a bona fide buyer who agrees to pay the exact price and to buy upon the exact terms as specified in the contract, the broker will have earned a commission even if the seller refuses to accept the offer. C) The seller will be required to sell their property if they receive an offer for price and terms. D) The seller will be forced to wait for an offer that exceeds the specified terms listed in the listing agreement.

B) If the broker subsequently tenders to the seller an offer from a bona fide buyer who agrees to pay the exact price and to buy upon the exact terms as specified in the contract, the broker will have earned a commission even if the seller refuses to accept the offer.

Quinn is selling her home and would like to work exclusively with Samuel and his firm, Home Team Realty. What will Quinn and Samuel need to do to list her property for sale? A) Quinn and Samuel will need to enter into a formal oral exclusive listing agreement. B) Quinn and Samuel will need to enter into a written exclusive right to sell listing agreement. C) Quinn and Samuel can have an exclusive agency relationship when their express agreement is oral. D) Quinn and Samuel can have an oral exclusive agency agreement.

B) Quinn and Samuel will need to enter into a written exclusive right to sell listing agreement.

When co-owners own a property as tenants in common and they want to sell the property, who needs to sign the listing agreement? A) Only one of the co-owners need to sign the listing agreement. B) All of the co-owners need to sign the listing agreement. C) They must have a majority of the co-owners sign the listing agreement. D) At least half of the owners need to sign the listing agreement.

B) All of the co-owners need to sign the listing agreement.

Dylan and Alex own a property as tenancy by the entirety and are listing the property for sale. What does the listing agent, Travis, need to do regarding signatures on the listing agreement? A) Since they are married, one spouse can sign for both of them. B) Both spouses need to sign the listing agreement. C) Travis can sign the listing agreement for the sellers. D) Either Dylan or Alex needs to sign the listing agreement; it takes one of the owners to sell a property but would require both signatures if they were buying a property together.

B) Both spouses need to sign the listing agreement.

Darren recently listed his house for sale. A few weeks into the listing period a tornado tore through the neighborhood and Darren's house was destroyed. Which of the following statements would be TRUE regarding the listing agreement? A) The terms of the listing agreement will be carried out by Darren's insurance company. B) The listing agreement would have to be terminated by a civil lawsuit. C) The listing agreement is terminated when the property is destroyed. D) The listing agreement is still valid.

C) The listing agreement is terminated when the property is destroyed.

Wayne is affiliated with Dream Homes Realty and recently listed a property for Billie. Soon after they sign the listing agreement Dream Homes Realty's firm license expires and they are no longer able to conduct real estate business. Which of the following statements would be TRUE regarding the listing agreement? A) The terms of the listing agreement will be carried out by the North Carolina Real Estate Commission. B) The listing agreement would have to be terminated by a civil lawsuit. C) The listing agreement is still valid. D) The listing agreement is terminated when the firm license expires.

D) The listing agreement is terminated when the firm license expires.

Asher currently has an oral buyer agency agreement with Gavin. If Asher wants to bind Gavin for a period of time or wants to restrict Gavin from working with other real estate firms, what will Asher need to do? A) Asher and Gavin can have an exclusive oral agreement up to the time Gavin wants to make an offer. B) Asher and Gavin will need to enter into a formal oral buyer agency agreement.