nc real estate license exam study notes

Which of the following would NOT be considered a benefit of 'designated agency?

Allows the agent to have limited duties

Which is the only circumstance under which an agent can be let off with a warning if he or she breaches their duties?

If it was done unintentionally and was a first time offender

In which of the following situations can a broker not be assigned as a designated agent?

If the broker has received confidential information from the other party in a transaction

Broker Jorge meets Emelda, a property owner, and provides her with the disclosure form. Emelda, unsure of her stance, refuses to sign it. What must Jorge do next?

Jorge should retain a copy stating melda's refusal to acknowledge receipt and review of the disclosure form.

Which of the following is the correct practice to limit an agent's duties in a dual agency?

Limiting the duties of loyalty, skill, care and diligence

Which laws do the doctrine of caveat emptor hold up to?

The common law

What does it mean to sell a property 'as is?

The seller wishes to sell the house without any repairs or changes.

How does North Carolina deal with the duties of a designated agent?

They will be held to the same standard as an individual agent representing a buver or a seller.

Yelena authorizes Paul to manage her property within set bounds. Paul reviews the agreement but feels the need to exceed it as a token of goodwill. While engaging with third parties, Paul starts presenting research beyond information approved by Yelena. Since this is working, profitably, Yelena, though fully aware, does not take any action to stop Paul. In this situation, which of the following statements is true?

Yelena may now be responsible for Paul's actions as she implicitly granted him apparent authority.

Is an oral dual agency agreement possible?

Yes, it is possible, but the written consent should be given no later than when the first otter to buy or sell has been made

Under what circumstance is housing for elderly people with disabilities not exempt from target housing?

if a child under the age of six inhabits or is expected to inhabit the property

The Rule 21 NCAC 58A.0104(n) prohibits a dedicated broker from revealing confidential information regarding one party to another. Under which of the following conditions would the broker be obliged to disclose that information?

if disclosure of that information is required by statute or rule.

How does the consumer and agents know who is in charge of designating agents to a party?

it should be mentioned in the firm's polic.

Which of the following would NOT be considered "first substantial contact"?

when the broker shares property details including location, amenities, and set-up