302 NC POST LICENSING EXAM CONTRACTS AND CLOSING 2024 ACTUAL EXAM 400 QUESTIONS WITH COMPLETE SOLUTIONS

302 NC POST LICENSING EXAM CONTRACTS AND CLOSING
2024 ACTUAL EXAM 400 QUESTIONS WITH COMPLETE
SOLUTIONS
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
C) each party to the contract releases the other from contractual
duties
D) ovation - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔D) Cancellation

NC 302 Postlicensing Contracts & Closings
What is the person to whom an agreement or contract is
assigned?
A) Assignee
B) Assignor
C) Assignar
D) Assignment - CORRECT ANSWER✔✔A) Assignee

NC 302 Postlicensing Contracts & Closings
One who makes an assignment
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔
✔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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔

NC 302 Postlicensing Contracts & Closings - CORRECT
ANSWER✔✔

NC 302 Postlicensing Contracts & Closings - CORRECT
ANSWER✔✔

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 - CORRECT ANSWER✔✔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 - CORRECT ANSWER✔✔

NC 302 Postlicensing Contracts & Closings