301- NC Post Licensing
If you miss the 6/10 Deadline for CE what must you do to re-activate your license?
Complete latest General Update (4 Hours), and 3 CE Classes (4 hours each) Total of 16 hours
As a dual agent, the agent's duties are reduced to what?
Contractual Obligations
What should every agent bring to a listing appointment?
Deed, Plot Map, Tax Info, RPD, MOG, Listing Agreement (Several Other items)
When measuring the square footage of stairs always remember to?
Include the square footage on the first floor, and include the square footage on the 2nd floor as well
No M.O.G. is needed for what 3 listings?
Lease to purchase, 1st Dwelling, and Foreclosure
In a net listing money above the asking price is paid to whom?
Listing Agent
Is a broker with multiple buyers considered a dual agent?
No, A dual agent represents both principles in a single transaction
May an agent do a CMA/BPO for a bank?
No. Agents cannot perform either for the purposes of a loan or mortgage. This must be done by appraisers
May a BIC and their Provisional Broker enter into dual agency together?
No. Because the BIC oversees the PBs transactions, this would be a conflict of interest
If a Seller refuses to sign an offer for less than list price, is a commission due?
No. It is not due, until Seller agrees upon the price and signs
Are all in-house transactions Dual Agency?
No. The exceptions would be Seller Sub Agency or Unrepresented Buyers
If Dual Agency is not disclosed is a commission due?
No. Therefore it is imperative to disclose dual agency before any offers are written
Can The Real Estate Commission fine brokers?
No. They can only reprimand, suspend, and revoke licenses
All Oral Agency Agreements are...?
Non-Exclusive
Under NC License Law who can be held responsible for reporting Material Facts?
Only Agents... (License Law)
The provision in a listing agreement that may obligate seller to pay a commission after the agreement has expired is called?
Override Clause or Extender Clause
To figure out if a buyer is eligible for a loan based on Back End criteria, the formula is what?
PITII + HOA + Recurring Monthly Debts Divided by Gross Monthly Income
To figure out if a buyer is eligible for a loan based on Front End criteria, the formula is what?
PITII + HOA Divided by Gross Monthly Income
In Qualifying Ratios what is included in the Front End?
Principle payment, Interest, Taxes Insurance, PMI & HOA
Under Civil /Criminal law who can be held responsible for reporting Material Facts?
Principles
Who can sue agents civilly for monetary compensation?
Principles of a transaction
When must all agency be "Written"
Prior to first offer
A CMA is not a representation of Value but is a?
Representation of a range of suggested selling price
Who is the actual agent to the principle in a transaction?
The Firm (Individual agents are sub agents to seller)
Who gets paid in an Exclusive Right to Sell listing agreement?
The listing agent, regardless of who brings a buyer, and likely the buyer agent
Which Comparables hold the most weight?
The ones with the fewest adjustments
Oral to Oral & Written to Written describe what?
The permissions needed to show a property as a "Dual Agent"
Who can The Real Estate Commission fine?
Time Share Developers
Who gets paid in an exclusive listing agreement?
Whomever brings a buyer
May a Principle refuse to sign the WWREA?
Yes. Agent just needs to write "Refused to sign"
Can an inactive agent be paid a referral commission if they were active at the time they made the referral?
Yes. If and only if they were active at time of referral
May an unlicensed employee designate an agent for dual agency?
Yes. If there is a company policy stating this
Is a CMA mandatory when listing a property?
Yes. It is an agent's duty to perform a CMA for Seller
May a principle be held responsible for mis-information as it relates to a material fact?
Yes. Typically civilly or criminally
Does the WWREA brochure have an option for Seller Sub Agency?
Yes. it is a check box on the last page
Willfull Omission means
You knew but you didn't disclose
Willfull Misrepresentation means
You lied, by speaking wrong information
Negligent Omission means
You should have known, but did not
Negligent Misrepresentation means
You should have known, but spoke wrong information
If a Seller wants to net exactly $50,000 but must pay 7% commission, plus a $1200 settlement fee, then what price must the property sell at?
50,000+1200=51,200 then 51,200 divided by 93% = $55,053.76
How many days before disputed Earnest Monies go to Clerk of Court?
90 Days
What must all agency agreements have?
A beginning and ending date
What would a "Latent" material fact be?
A very well hidden fact... (Behind Walls)
At a listing appointment, the agent should be gathering all information for listing and what?
Advertising
Who must Material Facts be disclosed to?
All parties, including 3rd Parties regardless of who you represent
On a CMA all adjustments are made to which property? Subject or Comparable?
Always to the comparable
Who can sell a property in an Open listing?
Any actively licensed agent
What are considered Trigger items in Regulation Z?
Any numbers or numerical characters
When should WWREA be explained / signed?
At first substantial contact
Typically if a Seller is not that motivated to sell the price would tend to be...
At the higher range of the CMA
A listing agreement is said to be what, if the principle dies during the agreement?
Automatically Terminated
Must Dual Agency be in writing?
Before an offer is made, Yes. Dual agency must be in writing and signed by both parties
If a Seller refuses to pay the listing agent commission due, and there was a valid listing agreement in place, and the agent procured a buyer, what can the listing agent do?
File suit in a civil court against the Seller
What are the Qualifying Ratios for a conventional loan?
28% / 36%
In Qualifying Ratios what is included in the Back End?
Everything from the front end + Recurring Debt Payments
What are the 3 types of Agency?
Exclusive, Non-Exclusive, and Dual
Name the 4 types of Material Facts
Facts about the property, facts that relate to the property, facts relating to the ability to close the transaction, and facts of special importance
All Agency Agreements must include what disclaimer?
Fair Housing Disclaimer
