301 NC POST LICENSING EXAM 2024
COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED AND 100%
CORRECT ANSWERS ACTUAL
BRAND-NEW EXAM ALREADY
GRADED A+
````What are prepaid expense items? -
....ANSWER...Items to be divided proportionately
between the buyer and seller that the seller hasn't fully
used
*Prepaid expense items are paid for before they are due.
A reconciliation must be made at closing between the
parties.
What's the purpose of a sales contract? -
....ANSWER...To document the agreement between a
buyer and seller in a real estate sales transaction
````Hope made an offer on Eugene's property, and he
accepted her offer as a back-up. Does Hope still need to
1
,pay an earnest money deposit? -
....ANSWER...Yes, she still needs to pay a full earnest
money deposit
**A back-up buyer still needs to pay an earnest money
deposit, which must be deposited within
three banking days of the back-up offer being executed
even if the offer is in the secondary position. However,
the back-up buyer has the option to terminate and receive
the earnest money back at any time without liability, so
long as the buyer terminates before the seller provides
notice of primary status.
`````Which of the following changes to a borrower's loan
would NOT require a new lender-provided borrower's CD
to be sent to the borrower? -
....ANSWER...The borrower had to purchase
additional homeowners' insurance
*The changes that require a new borrower's CD to be
generated and sent to the borrower include an increase in
APR, a change in loan product, or the addition of a
prepayment penalty. The borrower being required to
purchase additional insurance would not affect the
borrower's CD.
2
,What is a quiet title suit? - ....ANSWER...A lawsuit that
asks the court to determine who has claim on the
property
In contract law, undue influence differs from duress
in that duress includes ______. - ....ANSWER...Use or
threat of force
3
, Can an inactive agent be paid a referral commission if
they were active at the time they made the referral? -
....ANSWER...Yes. If and only if they were active at
time of referral
Must Dual Agency be in writing? -
....ANSWER...Before an offer is made, Yes. Dual agency
must be in writing and signed by both parties
At a listing appointment, the agent should be gathering
all information for listing and what? -
....ANSWER...Advertising
May a BIC and their Provisional Broker enter into dual
agency together? - ....ANSWER...No. Because the BIC
oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" -
....ANSWER...Prior to first offer
Tiffany, an investor, wants to net 12% profit after paying
a brokerage commission of 7%. If her original purchase
price was $349,000, what's the minimum offer she can
4
COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED AND 100%
CORRECT ANSWERS ACTUAL
BRAND-NEW EXAM ALREADY
GRADED A+
````What are prepaid expense items? -
....ANSWER...Items to be divided proportionately
between the buyer and seller that the seller hasn't fully
used
*Prepaid expense items are paid for before they are due.
A reconciliation must be made at closing between the
parties.
What's the purpose of a sales contract? -
....ANSWER...To document the agreement between a
buyer and seller in a real estate sales transaction
````Hope made an offer on Eugene's property, and he
accepted her offer as a back-up. Does Hope still need to
1
,pay an earnest money deposit? -
....ANSWER...Yes, she still needs to pay a full earnest
money deposit
**A back-up buyer still needs to pay an earnest money
deposit, which must be deposited within
three banking days of the back-up offer being executed
even if the offer is in the secondary position. However,
the back-up buyer has the option to terminate and receive
the earnest money back at any time without liability, so
long as the buyer terminates before the seller provides
notice of primary status.
`````Which of the following changes to a borrower's loan
would NOT require a new lender-provided borrower's CD
to be sent to the borrower? -
....ANSWER...The borrower had to purchase
additional homeowners' insurance
*The changes that require a new borrower's CD to be
generated and sent to the borrower include an increase in
APR, a change in loan product, or the addition of a
prepayment penalty. The borrower being required to
purchase additional insurance would not affect the
borrower's CD.
2
,What is a quiet title suit? - ....ANSWER...A lawsuit that
asks the court to determine who has claim on the
property
In contract law, undue influence differs from duress
in that duress includes ______. - ....ANSWER...Use or
threat of force
3
, Can an inactive agent be paid a referral commission if
they were active at the time they made the referral? -
....ANSWER...Yes. If and only if they were active at
time of referral
Must Dual Agency be in writing? -
....ANSWER...Before an offer is made, Yes. Dual agency
must be in writing and signed by both parties
At a listing appointment, the agent should be gathering
all information for listing and what? -
....ANSWER...Advertising
May a BIC and their Provisional Broker enter into dual
agency together? - ....ANSWER...No. Because the BIC
oversees the PBs transactions, this would be a conflict of
interest
When must all agency be "Written" -
....ANSWER...Prior to first offer
Tiffany, an investor, wants to net 12% profit after paying
a brokerage commission of 7%. If her original purchase
price was $349,000, what's the minimum offer she can
4
