NC POST LICENSING 301 PRACTICE
CERTIFICATION ASSESSMENT ACTUAL
QUESTIONS WITH COMPLETE ANSWERS
100 PERCENT VERIFIED LATEST
⩥ Contract.
Answer: Deliberate agreement between 2 or more competent
parties supported by legal consideration to perform or abstain
from performing some act.
OR
A promise or a set of promises which the law will enforce
⩥ Essential Elements of a contract - - meeting of the minds
CLAP.
Answer: consideration -- mutual exchange of anything of value
(purchase price)
legal act
agree mutually
parties competent
,⩥ Illegal purchase.
Answer: Capacity -- lacking legal mental capacity/drunk
Contracts with children are legal
Competent people with capacity are bound
For legal capacity questions, consult an attorney
Person who lacks capacity has ability to make the contract
voidable, NOT the competent party
⩥ Handling of EM deposit.
Answer: Deposited to a trust or escrow account no later than 3
banking days
⩥ Broker may transfer EM from his escrow to attorney's no
more than ____ days prior to the anticipated settlement date.
Answer: 10
⩥ If license becomes inactive or expired, it is okay to still
receive a commission so long as.
Answer: the license was active at the time it was earned
,⩥ Parole evidence rule.
Answer: addenda overrules contract
⩥ Consideration.
Answer: Anything of value can be bartered
⩥ MOG.
Answer: Proved property
Vacant land
MOG does NOT need to be provided by owner's of unimproved
property
⩥ What does attorney need?.
Answer: 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.
, Answer: They go to court to solve the dispute
⩥ You have a contract when _____.
Answer: acceptance has been communicated
⩥ EMD can be written to who?.
Answer: Buyer's firm, listing firm, attorney
⩥ Void.
Answer: a contract that lacks an element/never existed
⩥ Voidable.
Answer: Usually based on a lack of capacity
⩥ Role of closing attorney.
Answer: Coordinate the process
Issues validity of title opinions
Prepares closing documents
Conducts closing
Usually selected and paid for by buyer
CERTIFICATION ASSESSMENT ACTUAL
QUESTIONS WITH COMPLETE ANSWERS
100 PERCENT VERIFIED LATEST
⩥ Contract.
Answer: Deliberate agreement between 2 or more competent
parties supported by legal consideration to perform or abstain
from performing some act.
OR
A promise or a set of promises which the law will enforce
⩥ Essential Elements of a contract - - meeting of the minds
CLAP.
Answer: consideration -- mutual exchange of anything of value
(purchase price)
legal act
agree mutually
parties competent
,⩥ Illegal purchase.
Answer: Capacity -- lacking legal mental capacity/drunk
Contracts with children are legal
Competent people with capacity are bound
For legal capacity questions, consult an attorney
Person who lacks capacity has ability to make the contract
voidable, NOT the competent party
⩥ Handling of EM deposit.
Answer: Deposited to a trust or escrow account no later than 3
banking days
⩥ Broker may transfer EM from his escrow to attorney's no
more than ____ days prior to the anticipated settlement date.
Answer: 10
⩥ If license becomes inactive or expired, it is okay to still
receive a commission so long as.
Answer: the license was active at the time it was earned
,⩥ Parole evidence rule.
Answer: addenda overrules contract
⩥ Consideration.
Answer: Anything of value can be bartered
⩥ MOG.
Answer: Proved property
Vacant land
MOG does NOT need to be provided by owner's of unimproved
property
⩥ What does attorney need?.
Answer: 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.
, Answer: They go to court to solve the dispute
⩥ You have a contract when _____.
Answer: acceptance has been communicated
⩥ EMD can be written to who?.
Answer: Buyer's firm, listing firm, attorney
⩥ Void.
Answer: a contract that lacks an element/never existed
⩥ Voidable.
Answer: Usually based on a lack of capacity
⩥ Role of closing attorney.
Answer: Coordinate the process
Issues validity of title opinions
Prepares closing documents
Conducts closing
Usually selected and paid for by buyer
