Basics of Agency Relationships

Question 1

Where do agency obligations come from?

Answer 1

1. The Common Law
2. General Statutes
3. Commission rules

Question 2

What are consequences of breaching agency obligations?

Answer 2

1. Civil Liability
2. criminal liability
3. Ethical violation
4. NCREC disciplinary actions

Question 3

The commission can disciple by revoking, suspending, or reprimanding but

Answer 3

They can not fine guy as discipline

Question 4

Fiduciary duties you owe a client?

Answer 4

OLDCAR

Obedience 
LOYALTY 
Disclosure 
Confidentiality 
Accounting 
Reasonable skill and care

Question 5

Must always follow clients rules unless?

Answer 5

Those instructions violate law

Question 6

Agency relationships in real estate do not permit

Answer 6

1. Make decisions for clients
2. Sign clients name
3. Make or except offer on clients behalf

Question 7

Disclosure includes

Answer 7

Agency explanations, material facts, interest in the property, status as a licensee

Question 8

Licensee must keep confidential all of the following

Answer 8

Motivation, finances, objectives of pricing, personal information.

Until relationship ends

Question 9

Who must material facts be disclosed to

Answer 9

All parties involved

Question 10

Exempt material facts are

Answer 10

Death, serious illness, proximity of sex offender