North Carolina License LawIntermediateNorth Carolina Exam
When a NC broker advertises a listing price for a property, who has the authority to set or change the list price?
AThe broker based on market analysis
BThe property owner (seller), with the broker's advisory inputCorrect
CThe NCREC based on comparable sales data, under standard practice
DThe listing firm's broker-in-charge
Why The property owner (seller), with the broker's advisory input Is Correct
Answer B: The property owner (seller), with the broker's advisory input
The seller (property owner) has the right to determine the listing price for their property. The broker may provide advice and market analysis, but the pricing decision belongs to the seller.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
State-Specific Concepts
License Law
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