NC POST LICENSING 301 PRACTICE
COMPREHENSIVE TEST PAPER QUESTIONS
AND SOLUTIONS GRADED A+ FULLY
UPDATED
⩥ Classifying contracts:
Bilateral & Unilateral.
Answer: Bilateral - two promises (both parties bound to do
something)
Unilateral - Only one party is bound
⩥ Classifying Contracts:
Executed & Executory.
Answer: Executed - All tasks performed (After closing)
Executory - tasks remaining to be done (before closing)
⩥ Statute of Frauds.
Answer: Everything needs to be in writing
,⩥ DREAM OILS (Statute of Frauds).
Answer: Deeds
Restrictive covenants
Easements
Assignments
Mortgages
Options
Installment Land Contracts
Leases - longer than 3 years
Sales Contracts
⩥ Offer & Acceptance.
Answer: Seller (OfferEE) & Buyer (OfferOR) -- ORs GIVE,
EEs RECEIVE
OfferOR may revoke or withdraw the offer anytime prior to
acceptance
OfferEE can accept, reject or counter -- and when they counter,
they are now the offerEE
This counter offer VOIDS original offer
All offers must be communicated
,Deliver all offers immediately but never later than 3 days
⩥ Retention of Records 58A.108.
Answer: A broker must provide copies of transaction documents:
- To the Firm or Sole Proprietorship (BIC) with which they are
affiliated
- Within 3 days
- Keep records for 3 years after
Closing
Termination of Agency
Disbursement of Trust Monies
WHICHEVER OCCURS LAST
Brokers and BIC are responsible for keeping records in a
transaction
These are CALENDAR days, not business days
You don't count the day it was executed/received (if received
Tuesday, have to upload by Friday)
⩥ Buyer's Rights w/ an offer.
Answer: A buyer has the absolute right of withdraw/revoke
Even if offer stated it would be held open longer
, The withdraw must be communicated to the other party and/or
their agent
⩥ An offer is terminated any time:.
Answer: Counter offer
Rejection by the offeree
Revocation by the offeror
Destruction of the property (Think hurricane)
Death or insanity of the offeror
⩥ Agent Guidelines w/ offers.
Answer: A listing broker or agent is required to respond in
writing that an offer was submitted if the cooperating broker
who submitted the offer so requests
The listing broker or agent must respond in the affirmative
unless the seller has provided written notification waiving the
obligation to have the offer presented
Agent has to present all offers all the way throughout the
contract, up to closing
⩥ Creation of a counter offer.
COMPREHENSIVE TEST PAPER QUESTIONS
AND SOLUTIONS GRADED A+ FULLY
UPDATED
⩥ Classifying contracts:
Bilateral & Unilateral.
Answer: Bilateral - two promises (both parties bound to do
something)
Unilateral - Only one party is bound
⩥ Classifying Contracts:
Executed & Executory.
Answer: Executed - All tasks performed (After closing)
Executory - tasks remaining to be done (before closing)
⩥ Statute of Frauds.
Answer: Everything needs to be in writing
,⩥ DREAM OILS (Statute of Frauds).
Answer: Deeds
Restrictive covenants
Easements
Assignments
Mortgages
Options
Installment Land Contracts
Leases - longer than 3 years
Sales Contracts
⩥ Offer & Acceptance.
Answer: Seller (OfferEE) & Buyer (OfferOR) -- ORs GIVE,
EEs RECEIVE
OfferOR may revoke or withdraw the offer anytime prior to
acceptance
OfferEE can accept, reject or counter -- and when they counter,
they are now the offerEE
This counter offer VOIDS original offer
All offers must be communicated
,Deliver all offers immediately but never later than 3 days
⩥ Retention of Records 58A.108.
Answer: A broker must provide copies of transaction documents:
- To the Firm or Sole Proprietorship (BIC) with which they are
affiliated
- Within 3 days
- Keep records for 3 years after
Closing
Termination of Agency
Disbursement of Trust Monies
WHICHEVER OCCURS LAST
Brokers and BIC are responsible for keeping records in a
transaction
These are CALENDAR days, not business days
You don't count the day it was executed/received (if received
Tuesday, have to upload by Friday)
⩥ Buyer's Rights w/ an offer.
Answer: A buyer has the absolute right of withdraw/revoke
Even if offer stated it would be held open longer
, The withdraw must be communicated to the other party and/or
their agent
⩥ An offer is terminated any time:.
Answer: Counter offer
Rejection by the offeree
Revocation by the offeror
Destruction of the property (Think hurricane)
Death or insanity of the offeror
⩥ Agent Guidelines w/ offers.
Answer: A listing broker or agent is required to respond in
writing that an offer was submitted if the cooperating broker
who submitted the offer so requests
The listing broker or agent must respond in the affirmative
unless the seller has provided written notification waiving the
obligation to have the offer presented
Agent has to present all offers all the way throughout the
contract, up to closing
⩥ Creation of a counter offer.
