1 | Page
| || || | | |
NC 302 POST LICENSING QUESTIONS
AND ANSWERS 2025
Classifying contracts: |
Express & Implied - correct answer- Express: Bilateral,
|| || || || || || ||
executed
||
Intentions stated (orally or written) || || || ||
Implied: Unilateral, executory || ||
|| Inferred from conduct or actions
|| || || ||
Classifying contracts: |
Bilateral & Unilateral - correct answer- Bilateral - two promises
|| || || || || || || || ||
(both parties bound to do something)
|| || || || || ||
Unilateral - Only one party is bound || || || || || ||
Classifying Contracts: |
Executed & Executory - correct answer- Executed - All tasks
|| || || || || || || | ||
performed (After closing)
|| || ||
Executory - tasks remaining to be done (before closing)
|| || || || || || || ||
,2 | Page
| || || | | |
Statute of Frauds - correct answer- Everything needs to be in
|| || || || || || || || || ||
writing
||
DREAM OILS (Statute of Frauds) - correct answer- Deeds || || || || || || || ||
|| Restrictive covenants ||
Easements
Assignments
||
Mortgages
||
Options
||
Installment Land Contracts || ||
|| Leases - longer than 3 years || || || || ||
|| Sales Contracts ||
Offer & Acceptance - correct answer- Seller (OfferEE) & Buyer
|| | || || || || || || ||
(OfferOR) -- ORs GIVE, EEs RECEIVE
|| || || || || ||
OfferOR may revoke or withdraw the offer anytime prior to || || || || || || || || ||
acceptance
||
OfferEE can accept, reject or counter -- and when they counter,
|| || || || || || || || || ||
they are now the offerEE
|| || || || ||
This counter offer VOIDS original offer
|| || || || ||
|| All offers must be communicated
|| || || ||
Deliver all offers immediately but never later than 3 days
|| || || || || || || || ||
,3 | Page
| || || | | |
Retention of Records 58A.108 - correct 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)
|| || || || || ||
Buyer's Rights w/ an offer - correct answer- A buyer has the
|| || || || || || || | | || ||
absolute right of withdraw/revoke
|| || || ||
Even if offer stated it would be held open longer
|| || || || || || || || ||
The withdraw must be communicated to the other party and/or
|| || || || || || || || ||
their agent
|| ||
An offer is terminated any time: - correct answer- Counter offer
|| || || || || || || || || ||
|| Rejection by the offeree || || ||
, 4 | Page
| || || | | |
Revocation by the offeror || || ||
Destruction of the property (Think hurricane) || || || || ||
|| Death or insanity of the offeror || || || || ||
Agent Guidelines w/ offers - correct answer- 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
||
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
|| || || || || ||
Agent has to present all offers all the way throughout the
|| || || || || || || || || ||
contract, up to closing
|| || || ||
Creation of a counter offer - correct answer- Any change in an
|| || || || || || || | || || ||
offer, no matter how small creates a counter offer
|| || || || || || || || ||
Counter offer must be accepted and communicated to the other
|| || || || || || || || ||
party to create a contract
|| || || || ||
Proper use of From 340-T: NCAR Response to Buyer's Offer
|| || || || || || || || ||
A valid contract is formed when a contract is signed, delivered
| || || || || || || || || ||
and communicated - correct answer- "Communicating an offer
|| || || || || || || ||
or an acceptance to a principal's agent is the same as
|| || || || || || || || || || ||
communicating directly to the principal"
|| || || || ||
| || || | | |
NC 302 POST LICENSING QUESTIONS
AND ANSWERS 2025
Classifying contracts: |
Express & Implied - correct answer- Express: Bilateral,
|| || || || || || ||
executed
||
Intentions stated (orally or written) || || || ||
Implied: Unilateral, executory || ||
|| Inferred from conduct or actions
|| || || ||
Classifying contracts: |
Bilateral & Unilateral - correct answer- Bilateral - two promises
|| || || || || || || || ||
(both parties bound to do something)
|| || || || || ||
Unilateral - Only one party is bound || || || || || ||
Classifying Contracts: |
Executed & Executory - correct answer- Executed - All tasks
|| || || || || || || | ||
performed (After closing)
|| || ||
Executory - tasks remaining to be done (before closing)
|| || || || || || || ||
,2 | Page
| || || | | |
Statute of Frauds - correct answer- Everything needs to be in
|| || || || || || || || || ||
writing
||
DREAM OILS (Statute of Frauds) - correct answer- Deeds || || || || || || || ||
|| Restrictive covenants ||
Easements
Assignments
||
Mortgages
||
Options
||
Installment Land Contracts || ||
|| Leases - longer than 3 years || || || || ||
|| Sales Contracts ||
Offer & Acceptance - correct answer- Seller (OfferEE) & Buyer
|| | || || || || || || ||
(OfferOR) -- ORs GIVE, EEs RECEIVE
|| || || || || ||
OfferOR may revoke or withdraw the offer anytime prior to || || || || || || || || ||
acceptance
||
OfferEE can accept, reject or counter -- and when they counter,
|| || || || || || || || || ||
they are now the offerEE
|| || || || ||
This counter offer VOIDS original offer
|| || || || ||
|| All offers must be communicated
|| || || ||
Deliver all offers immediately but never later than 3 days
|| || || || || || || || ||
,3 | Page
| || || | | |
Retention of Records 58A.108 - correct 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)
|| || || || || ||
Buyer's Rights w/ an offer - correct answer- A buyer has the
|| || || || || || || | | || ||
absolute right of withdraw/revoke
|| || || ||
Even if offer stated it would be held open longer
|| || || || || || || || ||
The withdraw must be communicated to the other party and/or
|| || || || || || || || ||
their agent
|| ||
An offer is terminated any time: - correct answer- Counter offer
|| || || || || || || || || ||
|| Rejection by the offeree || || ||
, 4 | Page
| || || | | |
Revocation by the offeror || || ||
Destruction of the property (Think hurricane) || || || || ||
|| Death or insanity of the offeror || || || || ||
Agent Guidelines w/ offers - correct answer- 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
||
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
|| || || || || ||
Agent has to present all offers all the way throughout the
|| || || || || || || || || ||
contract, up to closing
|| || || ||
Creation of a counter offer - correct answer- Any change in an
|| || || || || || || | || || ||
offer, no matter how small creates a counter offer
|| || || || || || || || ||
Counter offer must be accepted and communicated to the other
|| || || || || || || || ||
party to create a contract
|| || || || ||
Proper use of From 340-T: NCAR Response to Buyer's Offer
|| || || || || || || || ||
A valid contract is formed when a contract is signed, delivered
| || || || || || || || || ||
and communicated - correct answer- "Communicating an offer
|| || || || || || || ||
or an acceptance to a principal's agent is the same as
|| || || || || || || || || || ||
communicating directly to the principal"
|| || || || ||
