NC Post Licensing 302 JJ Exam Questions And Answers (Verified And Updated)

NC Post Licensing 302 JJ Exam Questions And Answers (Verified And Updated) NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must provide copies of transaction documents: A) Within a day of receiving B) Within 3 days of receiving C) Within 5 days of receiving D) Within 14 days of receiving - answerB) Within 3 days of receiving A broker must provide copies of transaction documents:- To the Firm or Sole Proprietorship (BIC) with which they are affiliated- Within 3 days NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for A) Service Agreements B) Professional Conduct C) Safety Procedures D) FIRPTA - answerA 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) An offer is terminated anytime by A) Counter offer B) Rejection by the offeror C) Revocation by the offeree D) Discovery of convicted rapist in the area - answerA) Counter offer NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for ______ from the conclusion of a transaction. A) 1 year B) 3 years C) 4 years D) 5 years - answerB) 3 years NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for A) 5 years B) personal account records C) all transaction records and trust account records D) none of the above - answerC) all transaction records and trust account records NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for A) all closings for 5 years B) Start of Agency and Disbursement of Trust Monies C) Termination of Agency and Disbursement of Trust Monies D) Start of Agency and Handling of Option Fees and Earnest Money - answerC) Termination of Agency and Disbursement of Trust Monies NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for A) uncanceled checks and bookkeeping systems B) non-expenditures C) non-general account ledgers D) trust or escrow account records - answerD) trust or escrow account records NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for A) bookkeeping and expenditures B) canceled checks and non-general account ledgers C) transaction files and personal deposits D) All of the above - answerA) bookkeeping and expenditures NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for 3 years for A) bookkeeping, expenditures, and canceled checks, whichever occurs first B) transaction files, personal deposits, and general account ledgers, whichever occurs last C) closing, Termination of agency and deposits whichever occurs first D) closing, Termination of agency, disbursement of trust monies, whichever occurs last - answerD) Keep records for 3 years after Closing Termination of Agency Disbursement of Trust Monies WHICHEVER OCCURS LAST NC 302 Postlicensing Contracts & Closings Agent Guidelines w/ offers A) 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