NC 302 POST LICENSING EXAM 2026-2027
QUESTIONS AND CORRECT ANSWERS GRADED
A+
Broker may transfer EM from his escrow to attorney's no more than ____ days
prior to the anticipated settlement date
10
If license becomes inactive or expired, it is okay to still receive a commission so
long as
the license was active at the time it was earned
Parole evidence rule
addenda overrules contract
Consideration
Anything of value can be bartered
MOG
Proved property
,Vacant land
MOG does NOT need to be provided by owner's of unimproved property
What does attorney need?
Seller's deed
HOA info
Seller's title info
Contract
All bills to be paid at closing
There is a contract even if DD fee is not paid
They go to court to solve the dispute
You have a contract when _____
acceptance has been communicated
EMD can be written to who?
Buyer's firm, listing firm, attorney
Void
,a contract that lacks an element/never existed
Voidable
Usually based on a lack of capacity
Role of closing attorney
Coordinate the process
Issues validity of title opinions
Prepares closing documents
Conducts closing
Usually selected and paid for by buyer
If licensee has doubts about legal capacity -->
consult an attorney
Pre-licensing for NC
75 hours
Delay of Settlement:
NOT "Time of the essence"
, Relies on multiple entities
14 day delay permitted
Representing another broker without consent
G.S. prohibits a licensee from representing or attempting to represent a real estate
broker other than broker by whom he or she is engaged or associated, without the
express knowledge and consent of the broker with whom he or she is associated
Authority to Advertise
- A broker shall not advertise any brokerage service or the sale, purchase,
exchange, rent or lease of real estate for another or others without the consent of
his or her broker-in-charge and without including in the advertisement the name of
the firm or sole proprietorship with which the broker is affiliated
- A broker shall not advertise or display a for sale or for rent sign on any real estate
without the written consent of the owner or the owner's authorized agent
Blind ads
- A broker shall not advertise the sale, purchase, exchange, rent or least of real
estate for others in a manner indicating the offer to sell, purchase, exchange, rent,
or lease is being made by the broker's principal only
- A person licensed as a limited nonresident commercial broker shall comply with
the provisions of Rule .1809 of this subchapter
LOTS OF QUESTIONS ON OFFER TO PURCHASE AND CONTRACT
QUESTIONS AND CORRECT ANSWERS GRADED
A+
Broker may transfer EM from his escrow to attorney's no more than ____ days
prior to the anticipated settlement date
10
If license becomes inactive or expired, it is okay to still receive a commission so
long as
the license was active at the time it was earned
Parole evidence rule
addenda overrules contract
Consideration
Anything of value can be bartered
MOG
Proved property
,Vacant land
MOG does NOT need to be provided by owner's of unimproved property
What does attorney need?
Seller's deed
HOA info
Seller's title info
Contract
All bills to be paid at closing
There is a contract even if DD fee is not paid
They go to court to solve the dispute
You have a contract when _____
acceptance has been communicated
EMD can be written to who?
Buyer's firm, listing firm, attorney
Void
,a contract that lacks an element/never existed
Voidable
Usually based on a lack of capacity
Role of closing attorney
Coordinate the process
Issues validity of title opinions
Prepares closing documents
Conducts closing
Usually selected and paid for by buyer
If licensee has doubts about legal capacity -->
consult an attorney
Pre-licensing for NC
75 hours
Delay of Settlement:
NOT "Time of the essence"
, Relies on multiple entities
14 day delay permitted
Representing another broker without consent
G.S. prohibits a licensee from representing or attempting to represent a real estate
broker other than broker by whom he or she is engaged or associated, without the
express knowledge and consent of the broker with whom he or she is associated
Authority to Advertise
- A broker shall not advertise any brokerage service or the sale, purchase,
exchange, rent or lease of real estate for another or others without the consent of
his or her broker-in-charge and without including in the advertisement the name of
the firm or sole proprietorship with which the broker is affiliated
- A broker shall not advertise or display a for sale or for rent sign on any real estate
without the written consent of the owner or the owner's authorized agent
Blind ads
- A broker shall not advertise the sale, purchase, exchange, rent or least of real
estate for others in a manner indicating the offer to sell, purchase, exchange, rent,
or lease is being made by the broker's principal only
- A person licensed as a limited nonresident commercial broker shall comply with
the provisions of Rule .1809 of this subchapter
LOTS OF QUESTIONS ON OFFER TO PURCHASE AND CONTRACT
