NC Test Prep Unit XIII - Property Valuation & Appraisal (N)

All of the following statements by a buyer to a seller's agent would exemplify "first substantial contact" except

• how long the buyer has been living in his present house.

• what the buyer wants to pay.

• what type of property the buyer needs.

• how much the buyer will have to borrow.

A licensee of a firm cannot be a designated agent representing the buyer in a transaction if

• the agent has already received confidential information from the seller in the transaction.

• the agent has represented a seller in earlier transactions.

• the agent has already received approval to be a dual agent.

• All of the above.

What approvals are necessary, if any, to practice designated agency?

• Verbal consent of both parties, followed by written consent prior to closing.

• Prior express approval of both principals obtained upon the formation of the relationship and reduced to writing as required.

• Prior written approval of the buyer.

• No specific approvals are necessary if the firm has a written policy authorizing designated agency.

In North Carolina, when may a broker represent both parties in a real estate transaction?

• Never.

• When the broker has obtained prior written consent of both parties.

• Only when the broker is acting as a designated agent in a firm.

• Only when the principal broker has agreed to the transaction.

An agent in a firm cannot be a designated agent representing one principal's interest if

• the agent has already received confidential information from the other principal party.

• the buyer refuses to authorize dual agency.

• the agent is a broker-in-charge and supervises the provisional broker representing the other party in the transaction.

• all of the above.

Dual agency in real estate transactions:

• is illegal.

• may not be practiced without consent of the customer in the transaction.

• may not be practiced without consent of the seller.

• may not be practiced without written consent of both parties to the transaction.

During telephone discussions with a buyer, a seller's agent has reached the point where the buyer is interested in making an offer. To comply with the NCREC rule on agency disclosure, the agent must now provide:

• a verbal disclosure.

• a verbal disclosure followed by a written disclosure mailed within three days.

• a verbal disclosure followed by a confirming disclosure completed within seven days.

• a written notification of dual agency.

A broker-in-charge may not represent a party in a dual agency transaction:

• under any circumstances.

• if a provisional broker under his or her supervision represents the other party.

• even if both principal parties give written authorization.

• without the prior verbal consent of the principals.

In North Carolina, a designated agent is:

• an agent designated to represent either the buyer or seller in a firm's dual agency situation.

• a subagent to the seller.

• a cooperating agent.

• an agent representing a buyer or a seller within the same firm.

At what point must a North Carolina seller's agent disclose his agency relationship to a buyer in writing?

• Immediately upon first contact.

• Upon first substantial contact.

• Prior to showing any properties.

• Prior to completing an offer.