NC Post Licensing 302 Exam Questions with
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Terms in this set (526)
In a real estate transaction, which of The seller's promise to sell
the following is an example of
consideration?
Your automatic check writer wrote a The handwritten number
check for $51.50, but your printer ran
out of toner, so you had to fill in the
handwritten line. In a hurry, you
accidentally wrote, "Fifty-one dollars
and no/100 cents." Which amount
takes priority?
Morgan has agreed to sell his home Dierks' lender funded the loan, and closing took
to Dierks, and they've signed a place
contract. Which of these actions
changes the contract from executory
to executed?
,_______ is an example of circumstances Destruction of property
that are beyond the buyers' control,
meaning they can't practically do
what they've agreed to do, and the
offer terminates.
If a contract is for an illegal purpose, Void
it's ______
Which of the following is NOT a valid Improper forms
reason for an offer termination in
North Carolina?
Which offer would be the most It depends on the seller's needs and motivations
appealing to a seller?
Kirk and his cousin Dewey decided Novation
to buy a vacation home. They
entered into a contract with the
seller, Crystal. Before finalizing the
sale, Dewey wanted out, but he
doesn't want to let his cousin down.
So instead of pulling out altogether,
Dewey convinced his son to replace
him in the purchase contract. Kirk
and Crystal agreed to the
substitution, and Dewey was
released from all his obligations
under the contract. Dewey's son is
now the contracting party. What's
this an example of?
What type of language should be Plain language
used to write contracts?
, When does offer and acceptance When both parties sign a contract with the full
occur? understanding of the terms.
Sylvan, the seller, and Eric, the buyer, Unilateral
have signed an option agreement,
which is an offer to purchase a
specific piece of real estate without
the obligation to buy it. Until Eric
exercises his option to buy, only
Sylvan is bound by the option
agreement; he may not sell the
property to anyone else during the
option period. What type of contract
is this?
Three of these statements about A handwritten insertion can be canceled out by
interpreting contracts are true, and typing over it.
one is not. Which statement is
FALSE?
What is wrong with this statement: Insertions do not have to be typed to be legally
"Handwritten information on a binding.
contract is not legally binding. All
insertions must be typed."?
Desmond has a signed listing Bilateral
agreement with his clients, the
Harpers. In exchange for helping the
Harpers list, market, and sell their
home, the Harpers have agreed to
pay Desmond a commission. What
type of agreement do Desmond and
the Harpers have?
Correct Detailed Answers || Already Graded A +
Recent Update
Save
Terms in this set (526)
In a real estate transaction, which of The seller's promise to sell
the following is an example of
consideration?
Your automatic check writer wrote a The handwritten number
check for $51.50, but your printer ran
out of toner, so you had to fill in the
handwritten line. In a hurry, you
accidentally wrote, "Fifty-one dollars
and no/100 cents." Which amount
takes priority?
Morgan has agreed to sell his home Dierks' lender funded the loan, and closing took
to Dierks, and they've signed a place
contract. Which of these actions
changes the contract from executory
to executed?
,_______ is an example of circumstances Destruction of property
that are beyond the buyers' control,
meaning they can't practically do
what they've agreed to do, and the
offer terminates.
If a contract is for an illegal purpose, Void
it's ______
Which of the following is NOT a valid Improper forms
reason for an offer termination in
North Carolina?
Which offer would be the most It depends on the seller's needs and motivations
appealing to a seller?
Kirk and his cousin Dewey decided Novation
to buy a vacation home. They
entered into a contract with the
seller, Crystal. Before finalizing the
sale, Dewey wanted out, but he
doesn't want to let his cousin down.
So instead of pulling out altogether,
Dewey convinced his son to replace
him in the purchase contract. Kirk
and Crystal agreed to the
substitution, and Dewey was
released from all his obligations
under the contract. Dewey's son is
now the contracting party. What's
this an example of?
What type of language should be Plain language
used to write contracts?
, When does offer and acceptance When both parties sign a contract with the full
occur? understanding of the terms.
Sylvan, the seller, and Eric, the buyer, Unilateral
have signed an option agreement,
which is an offer to purchase a
specific piece of real estate without
the obligation to buy it. Until Eric
exercises his option to buy, only
Sylvan is bound by the option
agreement; he may not sell the
property to anyone else during the
option period. What type of contract
is this?
Three of these statements about A handwritten insertion can be canceled out by
interpreting contracts are true, and typing over it.
one is not. Which statement is
FALSE?
What is wrong with this statement: Insertions do not have to be typed to be legally
"Handwritten information on a binding.
contract is not legally binding. All
insertions must be typed."?
Desmond has a signed listing Bilateral
agreement with his clients, the
Harpers. In exchange for helping the
Harpers list, market, and sell their
home, the Harpers have agreed to
pay Desmond a commission. What
type of agreement do Desmond and
the Harpers have?
