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302 NC POST LICENSING CONTRACTS
AND CLOSING EXAMS WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED RATIONALES ANSWERS
(NEWEST) 2024 ALREADY GRADED A+
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
B) 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
C) Agent has to present all offers all the way throughout the contract, up to closing
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Mutual Mistakes
A) May allow buyer to rescind the contract and be refunded all monies
B) Mistake of "Material Fact"
C) Does NOT apply to "Mistakes of Law"
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) agreement of parties to terminate
B) full and complete performance
C) material breach
D) none of the above
D) none of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) impossibility of performance
B) operation of law
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C) each party to the contract releases the other from contractual duties
D) ovation
D) ovation
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Novation
B) Pur Autre Vie
C) Proration
D) Lateral Support
A) Novation (the substitution of a new contract in place of an old one)
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) RESPA
B) Subsequent Modification
C) Reservation
D) Prima Facie
B) Subsequent modification
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Preemptive Right
B) Non Recourse Note
C) Accord & Satisfaction
D) CERCLA
C) Accord & Satisfaction
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Affidavit
B) Non Recourse Note
C) Cartway Proceeding
D) Cancellation
D) Cancellation
NC 302 Postlicensing Contracts & Closings
What is the person to whom an agreement or contract is assigned?
A) Assignee
B) Assignor
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C) Assignar
D) Assignment
A) Assignee
NC 302 Postlicensing Contracts & Closings
One who makes an assignment
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment
C) Assignor
NC 302 Postlicensing Contracts & Closings
The method or manner by which a right or a contract is transferred from one person to another.
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment
D) Assignment
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Generally assignable unless contract prohibits
D) Assignment is auditable
C) Generally assignable unless contract prohibits
NC 302 Postlicensing Contracts & Closings
What is the BEST answer?
In Contract Assignments, there are:
A) Assignors & Assignees
B) Trustors & Trustees
C) Payors & Payees
D) Mortgagor & Mortgagee
A) Assignors & Assignees
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignor remains secondarily liable
C) Assignor in contract prohibits
D) Assignee remains secondarily liable
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B) Assignor remains secondarily liable
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Assignor in contract prohibits
D) Assignee is primarily liable
D) Assignee is primarily liable
NC 302 Postlicensing Contracts & Closings
Appropriate signatures
A) All Co-Owners must sign the contract 1
B) Must use the full legal name of all entities
C) Identify people by their individual Full Legal Names 2
D) All of the above
NC 302 Postlicensing Contracts & Closings
NC 302 Postlicensing Contracts & Closings
NC 302 Postlicensing Contracts & Closings
Names NOT to Use in the Contract
A) Owner of Record
B) Nicknames
C) Combined Mr. & Mrs. "Smith"
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Marital Life Estates
A) Spousal signatures are required on all SALES CONTRACTS
B) Signatures are required even with ownership in Severalty
Buyer options in the event of the non signature
Contract Rescission
Specific Performance
NC 302 Postlicensing Contracts & Closings
After a couple separates, before the divorce gets finalized, couples become Tennants in the Entireties.
After divorce, couples become Tennants in Common.
A)
NC 302 Postlicensing Contracts & Closings pg. 184
1. All Purchase contracts should be signed by
All owners of the property
302 NC POST LICENSING CONTRACTS
AND CLOSING EXAMS WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED RATIONALES ANSWERS
(NEWEST) 2024 ALREADY GRADED A+
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
B) 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
C) Agent has to present all offers all the way throughout the contract, up to closing
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Mutual Mistakes
A) May allow buyer to rescind the contract and be refunded all monies
B) Mistake of "Material Fact"
C) Does NOT apply to "Mistakes of Law"
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) agreement of parties to terminate
B) full and complete performance
C) material breach
D) none of the above
D) none of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) impossibility of performance
B) operation of law
,2|Page
C) each party to the contract releases the other from contractual duties
D) ovation
D) ovation
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Novation
B) Pur Autre Vie
C) Proration
D) Lateral Support
A) Novation (the substitution of a new contract in place of an old one)
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) RESPA
B) Subsequent Modification
C) Reservation
D) Prima Facie
B) Subsequent modification
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Preemptive Right
B) Non Recourse Note
C) Accord & Satisfaction
D) CERCLA
C) Accord & Satisfaction
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Affidavit
B) Non Recourse Note
C) Cartway Proceeding
D) Cancellation
D) Cancellation
NC 302 Postlicensing Contracts & Closings
What is the person to whom an agreement or contract is assigned?
A) Assignee
B) Assignor
,3|Page
C) Assignar
D) Assignment
A) Assignee
NC 302 Postlicensing Contracts & Closings
One who makes an assignment
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment
C) Assignor
NC 302 Postlicensing Contracts & Closings
The method or manner by which a right or a contract is transferred from one person to another.
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment
D) Assignment
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Generally assignable unless contract prohibits
D) Assignment is auditable
C) Generally assignable unless contract prohibits
NC 302 Postlicensing Contracts & Closings
What is the BEST answer?
In Contract Assignments, there are:
A) Assignors & Assignees
B) Trustors & Trustees
C) Payors & Payees
D) Mortgagor & Mortgagee
A) Assignors & Assignees
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignor remains secondarily liable
C) Assignor in contract prohibits
D) Assignee remains secondarily liable
, 4|Page
B) Assignor remains secondarily liable
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Assignor in contract prohibits
D) Assignee is primarily liable
D) Assignee is primarily liable
NC 302 Postlicensing Contracts & Closings
Appropriate signatures
A) All Co-Owners must sign the contract 1
B) Must use the full legal name of all entities
C) Identify people by their individual Full Legal Names 2
D) All of the above
NC 302 Postlicensing Contracts & Closings
NC 302 Postlicensing Contracts & Closings
NC 302 Postlicensing Contracts & Closings
Names NOT to Use in the Contract
A) Owner of Record
B) Nicknames
C) Combined Mr. & Mrs. "Smith"
D) All of the above
D) All of the above
NC 302 Postlicensing Contracts & Closings
Marital Life Estates
A) Spousal signatures are required on all SALES CONTRACTS
B) Signatures are required even with ownership in Severalty
Buyer options in the event of the non signature
Contract Rescission
Specific Performance
NC 302 Postlicensing Contracts & Closings
After a couple separates, before the divorce gets finalized, couples become Tennants in the Entireties.
After divorce, couples become Tennants in Common.
A)
NC 302 Postlicensing Contracts & Closings pg. 184
1. All Purchase contracts should be signed by
All owners of the property
