NC Post Licensing 302 JJ Correctly Solved!!

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 - ANSWER B) 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 - ANSWER A 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 - ANSWER A) 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