AgencyIntermediateNorth Carolina Exam

The 'Working with Real Estate Agents' brochure in North Carolina explains:

AMortgage financing options

BThe different types of agency relationships availableCorrect

CClosing cost calculations

DProperty tax appeal procedures, under standard practice

Why The different types of agency relationships available Is Correct

Answer B: The different types of agency relationships available

The WWREA brochure explains seller's agency, buyer's agency, dual agency, and designated agency so consumers can make an informed choice about representation.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

Key Agency Terms in This Question

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

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Key Terms to Know

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

Agency

A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

Math Concepts

Closing Costs

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Agency Law Guide

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