North Carolina Real Estate Broker Exam — All Questions
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Under North Carolina law, when must a broker first review the Working With Real Estate Agents Disclosure with a consumer?
- a.Only at the closing table
- b.Only after a written offer is prepared
- c.Whenever the broker feels it is appropriate
- d.At first substantial contact with the consumer✓
North Carolina requires brokers to review the Working With Real Estate Agents Disclosure with a buyer or seller at first substantial contact, meaning before the consumer shares confidential information. Waiting until closing or until an offer is written would defeat the disclosure's purpose of explaining agency options early. The timing is set by Commission rule, not left to the broker's discretion.
In North Carolina, dual agency is permitted only when:
- a.Both the buyer and seller give informed written consent✓
- b.The broker discloses it verbally at closing
- c.The transaction involves commercial property only
- d.It is never permitted under any circumstances
North Carolina allows dual agency, where a firm represents both buyer and seller in the same transaction, only with the informed written consent of both parties. Verbal disclosure at closing is insufficient because consent must be informed and in writing before the conflict arises. Dual agency is not restricted to commercial deals and is not categorically prohibited in North Carolina.