7/2/25, 10:00 PM NC 302 Post Licensing
NC 302 POST LICENSING NEWEST EXAM 2025 -2026 \LATEST
VERSION WITH UPDATED QUESTIONS AND ACCURATE
DETAILED ANSWERS \ASSURED PASS ALREADY A+
The principle that the buyer alone is responsible for
NC is a Caveat Emptor state
checking the quality and suitability of goods before a
purchase is made.
All inspections
performed Property
investigation
**Loan in place &
All prior to closing: secured Insurance
secured
Appraisal completed
**Repairs completed
**Walk-through
**Any cancellation for any reason by the buyer after
the DD period will result in a forfeit of both DD fees
and earnest money deposits
Restrictive covenants
Septic/sewer
Percolation Tests - for soil suitability
Buyer;s DD includes: Sewer connections require a certification of
connection permit Community water
system/community sewer system is a MATERIAL
FACT
***
Flood
Insurance Issues: certifications
FEMA flood
plain
**CLUE REPORTS!!
The attorney's opinion letter
Title insurance
Backed by title insurance policy (Lender & Owner)**
/ 1/42
,7/2/25, 10:00 PM NC 302 Post Licensing
Mortgages & Deeds
Clearing Title Defects & of Trust Affidavits on
Encumbrances:
Mechanic's Liens
Transfer of leases and deposits
Deed
Affidavit regarding
mechanic's liens Bills of
Seller's Doc Prep:
sale for personal
property Leases &
related docs
Lender's payoff
verification Proof
of repairs
Financing docs
Title insurance policy
Buyer's doc preps: Property insurance
policy Wood
infestation termite
report Property
Survey
Review the docs -- AGENT TO REVIEW CLOSING DISCLOSURE
Sign the docs
Conducting the closing Record the
transaction
Fund the
transaction
Report distributions to IRS (1099)
No distributions until recording
Good Funds Act Not the same as closing or
settlement Must verify all
funds over 5k
Funds may be transferred from the brokerage escrow
Transfer of Funds
account to the settlement agent (attorney) no more
than 10 days prior to the anticipated settlement date
/ 2/42
,7/2/25, 10:00 PM NC 302 Post Licensing
Real estate settlement
procedures act Enacted in
1974
800+ pages
Two purposes
RESPA in mind
DISCLOSURE
ELIMINATE KICKBACKS
Enforced by CFPB
1-4 Residential Property Disclosure (Written to
eliminate kickbacks) RESPA applies to
federally related mortgage loans
Does not apply to cash, vacant land, commercial transactions,
seller carrybacks
Within 3 days of loan application,
borrower gets: Loan Estimate:
Loan costs
Initial Application Disclosures: Required APR Info (TILA)
Consumer Settlement
Costs Booklet "Your home
loan toolkit"
LENDERS are responsible for knowing which transactions are
Who is responsible for loan covered
estimate: Real Estate Brokers are NOT liable for the accuracy of a
loan estimate but should have a GENERAL
understanding
Borrower has provided:
Legal
name
An application occurs when: Gross
income
SSN for credit
report
Property
address
Estimate of property value (purchase
price on the contract) Amount of
mortgage loan requested
/ 3/42
, 7/2/25, 10:00 PM NC 302 Post Licensing
Prior to the loan estimate, credit report
the ONLY charge a lender
can make is for a:
No Variation:
Lender fees
Services chosen by
lender 10%
variation
Permissible Variations: Settlement
agent fees
Recording fees
Unlimited
Variation
Prepaid
interest
Property
insurance
Escrows &
impounds
3rd party
services
**Escrow Account
Other RESPA Provisions: Restrictions Use of
a closing disclosure
Kickbacks between settlement service providers
Banking
As far as RESPA is
services Open
concerned, anything of
house
value to settlement service
services
providers (does NOT have
Home
to be money)
warranty
Appraisal company
Referral fees between licensees
Crediting commissions to clients for payment of costs
The receipt of bonuses or additional compensation by
RESPA does NOT prohibit of
a licensee from someone other than a settlement
affect:
service provider
ALL BONUSES, COMMISSIONS AND REBATES MUST
/ 4/42
NC 302 POST LICENSING NEWEST EXAM 2025 -2026 \LATEST
VERSION WITH UPDATED QUESTIONS AND ACCURATE
DETAILED ANSWERS \ASSURED PASS ALREADY A+
The principle that the buyer alone is responsible for
NC is a Caveat Emptor state
checking the quality and suitability of goods before a
purchase is made.
All inspections
performed Property
investigation
**Loan in place &
All prior to closing: secured Insurance
secured
Appraisal completed
**Repairs completed
**Walk-through
**Any cancellation for any reason by the buyer after
the DD period will result in a forfeit of both DD fees
and earnest money deposits
Restrictive covenants
Septic/sewer
Percolation Tests - for soil suitability
Buyer;s DD includes: Sewer connections require a certification of
connection permit Community water
system/community sewer system is a MATERIAL
FACT
***
Flood
Insurance Issues: certifications
FEMA flood
plain
**CLUE REPORTS!!
The attorney's opinion letter
Title insurance
Backed by title insurance policy (Lender & Owner)**
/ 1/42
,7/2/25, 10:00 PM NC 302 Post Licensing
Mortgages & Deeds
Clearing Title Defects & of Trust Affidavits on
Encumbrances:
Mechanic's Liens
Transfer of leases and deposits
Deed
Affidavit regarding
mechanic's liens Bills of
Seller's Doc Prep:
sale for personal
property Leases &
related docs
Lender's payoff
verification Proof
of repairs
Financing docs
Title insurance policy
Buyer's doc preps: Property insurance
policy Wood
infestation termite
report Property
Survey
Review the docs -- AGENT TO REVIEW CLOSING DISCLOSURE
Sign the docs
Conducting the closing Record the
transaction
Fund the
transaction
Report distributions to IRS (1099)
No distributions until recording
Good Funds Act Not the same as closing or
settlement Must verify all
funds over 5k
Funds may be transferred from the brokerage escrow
Transfer of Funds
account to the settlement agent (attorney) no more
than 10 days prior to the anticipated settlement date
/ 2/42
,7/2/25, 10:00 PM NC 302 Post Licensing
Real estate settlement
procedures act Enacted in
1974
800+ pages
Two purposes
RESPA in mind
DISCLOSURE
ELIMINATE KICKBACKS
Enforced by CFPB
1-4 Residential Property Disclosure (Written to
eliminate kickbacks) RESPA applies to
federally related mortgage loans
Does not apply to cash, vacant land, commercial transactions,
seller carrybacks
Within 3 days of loan application,
borrower gets: Loan Estimate:
Loan costs
Initial Application Disclosures: Required APR Info (TILA)
Consumer Settlement
Costs Booklet "Your home
loan toolkit"
LENDERS are responsible for knowing which transactions are
Who is responsible for loan covered
estimate: Real Estate Brokers are NOT liable for the accuracy of a
loan estimate but should have a GENERAL
understanding
Borrower has provided:
Legal
name
An application occurs when: Gross
income
SSN for credit
report
Property
address
Estimate of property value (purchase
price on the contract) Amount of
mortgage loan requested
/ 3/42
, 7/2/25, 10:00 PM NC 302 Post Licensing
Prior to the loan estimate, credit report
the ONLY charge a lender
can make is for a:
No Variation:
Lender fees
Services chosen by
lender 10%
variation
Permissible Variations: Settlement
agent fees
Recording fees
Unlimited
Variation
Prepaid
interest
Property
insurance
Escrows &
impounds
3rd party
services
**Escrow Account
Other RESPA Provisions: Restrictions Use of
a closing disclosure
Kickbacks between settlement service providers
Banking
As far as RESPA is
services Open
concerned, anything of
house
value to settlement service
services
providers (does NOT have
Home
to be money)
warranty
Appraisal company
Referral fees between licensees
Crediting commissions to clients for payment of costs
The receipt of bonuses or additional compensation by
RESPA does NOT prohibit of
a licensee from someone other than a settlement
affect:
service provider
ALL BONUSES, COMMISSIONS AND REBATES MUST
/ 4/42
