302 NC POST LICENSING EXAM CONTRACTS AND CLOSING
NEWEST 2024 ACTUAL EXAM 160 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A
1. What is the purpose and use of this form? - answer-Allows buyer to move in before closing
instead of spending money on a hotel
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
2. Who are the two professionals that a buyer and seller may want to consult with before using this
form? - answer-Insurance and Attorney Professionals
Seller needs to modify their ownership
Insurance can say: sorry , not covered
Need Renters insurance for the buyer
Landlord Policy for the seller
NC 302 Postlicensing Contracts & Closings Pg. 198
Working with Addenda
FHA/VA Financing Addendum
4 What funds constitute "any penalty by forfeiture"? - answer-The earnest money. Buyer still gets their
EMD back.
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
3. What is the earliest time under which a buyer can take possession using this form? - answer-8am
the dated date.
NC 302 Postlicensing Contracts & Closings Pg. 201
,Working with Addenda
Buyer Possession Before Closing Agreement
4. Does the buyer using this form agree to pay - answer-yes. Right to occupy the house through rent
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
5. What additional obligations does a buyer assume when they utilize this form? - answer-Utilities,
Maintenance
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
6. What obligations does the seller retain regarding the property even though it is occupied by the buyer
- answer-Risk.
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
7. What happens if the buyer can't or doesn't close? - answer-Go through normal eviction process
NC 302 Postlicensing Contracts & Closings Pg. 211
Additional Provisions Addendum Form 2A11-T - answer-
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum - answer-Separate statue for vacation rentals
,NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum - answer-Time frame rent 90 days or less.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
4 What is the best way to complete the agreed-upon repairs and / or improvement sections? -
answerClear language, depends on how significant they are.
Caution adding long list of items.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
5 Does a seller have to use a licensed contractor for repairs and / or improvements? - answer-
Does not require. Unless personally requested. What is agreed upon as far as minor repairs (replace
carpet, paint walls) will be added later as an addendum to the contract.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
6 What does "workmanlike manner" mean? - answer-Workman like manner- what the buyer
will accept as acceptable
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
7 What other document should be obtained if the transaction involves a manufactured home? -
answerAffidavit of Fixture document needed
, LOOK at No.5 VIN Number
How do you know you own a manufactured home? You take title to it.
Issued by DMV.
Is a material fact
Affidavit of Fixture needed
Copy of title
Bill of sale needs to show up on the closing disclosure
NC 302 Postlicensing Contracts & Closings Pg. 216
Working with Addenda
Agreement to Amend the Contract Form 4-T
Why was this form created? - answer-WARNING: ALL PARTIES, INCLUDING ANY LENDER, AND
SETTLEMENT AGENT, MUST BE PROVIDED A COPY OF THIS AGREEMENT
Changes to the contract,
NC 302 Postlicensing Contracts & Closings Pg. 216
Working with Addenda
Agreement to Amend the Contract Form 4-T
2 What specific items does the Agreement to Amend the contract form allow to be altered in the original
contract? - answer-such as
Purchase Price
Earnest Money
Earnest money Deposit Date
Building Deposit
DD Fee
Due Diligence Period
NC 302 Postlicensing Contracts & Closings Pg. 216
NEWEST 2024 ACTUAL EXAM 160 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED
A
1. What is the purpose and use of this form? - answer-Allows buyer to move in before closing
instead of spending money on a hotel
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
2. Who are the two professionals that a buyer and seller may want to consult with before using this
form? - answer-Insurance and Attorney Professionals
Seller needs to modify their ownership
Insurance can say: sorry , not covered
Need Renters insurance for the buyer
Landlord Policy for the seller
NC 302 Postlicensing Contracts & Closings Pg. 198
Working with Addenda
FHA/VA Financing Addendum
4 What funds constitute "any penalty by forfeiture"? - answer-The earnest money. Buyer still gets their
EMD back.
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
3. What is the earliest time under which a buyer can take possession using this form? - answer-8am
the dated date.
NC 302 Postlicensing Contracts & Closings Pg. 201
,Working with Addenda
Buyer Possession Before Closing Agreement
4. Does the buyer using this form agree to pay - answer-yes. Right to occupy the house through rent
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
5. What additional obligations does a buyer assume when they utilize this form? - answer-Utilities,
Maintenance
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
6. What obligations does the seller retain regarding the property even though it is occupied by the buyer
- answer-Risk.
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
7. What happens if the buyer can't or doesn't close? - answer-Go through normal eviction process
NC 302 Postlicensing Contracts & Closings Pg. 211
Additional Provisions Addendum Form 2A11-T - answer-
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum - answer-Separate statue for vacation rentals
,NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum - answer-Time frame rent 90 days or less.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
4 What is the best way to complete the agreed-upon repairs and / or improvement sections? -
answerClear language, depends on how significant they are.
Caution adding long list of items.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
5 Does a seller have to use a licensed contractor for repairs and / or improvements? - answer-
Does not require. Unless personally requested. What is agreed upon as far as minor repairs (replace
carpet, paint walls) will be added later as an addendum to the contract.
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
6 What does "workmanlike manner" mean? - answer-Workman like manner- what the buyer
will accept as acceptable
NC 302 Postlicensing Contracts & Closings Pg. 211
Working with Addenda
Additional Provisions Addendum
7 What other document should be obtained if the transaction involves a manufactured home? -
answerAffidavit of Fixture document needed
, LOOK at No.5 VIN Number
How do you know you own a manufactured home? You take title to it.
Issued by DMV.
Is a material fact
Affidavit of Fixture needed
Copy of title
Bill of sale needs to show up on the closing disclosure
NC 302 Postlicensing Contracts & Closings Pg. 216
Working with Addenda
Agreement to Amend the Contract Form 4-T
Why was this form created? - answer-WARNING: ALL PARTIES, INCLUDING ANY LENDER, AND
SETTLEMENT AGENT, MUST BE PROVIDED A COPY OF THIS AGREEMENT
Changes to the contract,
NC 302 Postlicensing Contracts & Closings Pg. 216
Working with Addenda
Agreement to Amend the Contract Form 4-T
2 What specific items does the Agreement to Amend the contract form allow to be altered in the original
contract? - answer-such as
Purchase Price
Earnest Money
Earnest money Deposit Date
Building Deposit
DD Fee
Due Diligence Period
NC 302 Postlicensing Contracts & Closings Pg. 216
