NC Post Licensing 302 JJ Exam Questions
With Correct Answers
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 ||- ||CORRECT ||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 ||- ||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)
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 ||- ||CORRECT ||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
D) ||5 ||years ||- ||CORRECT ||ANSWER✔✔-B) ||3 ||years
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||5 ||years
B) ||personal ||account ||records
C) ||all ||transaction ||records ||and ||trust ||account ||records
D) ||none ||of ||the ||above ||- ||CORRECT ||ANSWER✔✔-C) ||all ||transaction ||records ||and ||trust ||
account ||records
,NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||all ||closings ||for ||5 ||years
B) ||Start ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
C) ||Termination ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
D) ||Start ||of ||Agency ||and ||Handling ||of ||Option ||Fees ||and ||Earnest ||Money ||- ||CORRECT ||
ANSWER✔✔-C) ||Termination ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||uncanceled ||checks ||and ||bookkeeping ||systems
B) ||non-expenditures
C) ||non-general ||account ||ledgers
D) ||trust ||or ||escrow ||account ||records ||- ||CORRECT ||ANSWER✔✔-D) ||trust ||or ||escrow ||account ||
records
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||bookkeeping ||and ||expenditures
B) ||canceled ||checks ||and ||non-general ||account ||ledgers
C) ||transaction ||files ||and ||personal ||deposits
D) ||All ||of ||the ||above ||- ||CORRECT ||ANSWER✔✔-A) ||bookkeeping ||and ||expenditures
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
, Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for ||3 ||years ||for
A) ||bookkeeping, ||expenditures, ||and ||canceled ||checks, ||whichever ||occurs ||first
B) ||transaction ||files, ||personal ||deposits, ||and ||general ||account ||ledgers, ||whichever ||occurs ||last
C) ||closing, ||Termination ||of ||agency ||and ||deposits ||whichever ||occurs ||first
D) ||closing, ||Termination ||of ||agency, ||disbursement ||of ||trust ||monies, ||whichever ||occurs ||last ||-
||CORRECT ||ANSWER✔✔-D) ||Keep ||records ||for ||3 ||years ||after
Closing
Termination ||of ||Agency
Disbursement ||of ||Trust ||Monies
WHICHEVER ||OCCURS ||LAST
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 ||- ||CORRECT ||ANSWER✔✔-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 ||- ||CORRECT ||ANSWER✔✔-D) ||All ||of ||the ||above
With Correct Answers
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 ||- ||CORRECT ||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 ||- ||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)
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 ||- ||CORRECT ||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
D) ||5 ||years ||- ||CORRECT ||ANSWER✔✔-B) ||3 ||years
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||5 ||years
B) ||personal ||account ||records
C) ||all ||transaction ||records ||and ||trust ||account ||records
D) ||none ||of ||the ||above ||- ||CORRECT ||ANSWER✔✔-C) ||all ||transaction ||records ||and ||trust ||
account ||records
,NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||all ||closings ||for ||5 ||years
B) ||Start ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
C) ||Termination ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
D) ||Start ||of ||Agency ||and ||Handling ||of ||Option ||Fees ||and ||Earnest ||Money ||- ||CORRECT ||
ANSWER✔✔-C) ||Termination ||of ||Agency ||and ||Disbursement ||of ||Trust ||Monies
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||uncanceled ||checks ||and ||bookkeeping ||systems
B) ||non-expenditures
C) ||non-general ||account ||ledgers
D) ||trust ||or ||escrow ||account ||records ||- ||CORRECT ||ANSWER✔✔-D) ||trust ||or ||escrow ||account ||
records
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for
A) ||bookkeeping ||and ||expenditures
B) ||canceled ||checks ||and ||non-general ||account ||ledgers
C) ||transaction ||files ||and ||personal ||deposits
D) ||All ||of ||the ||above ||- ||CORRECT ||ANSWER✔✔-A) ||bookkeeping ||and ||expenditures
NC ||302 ||Postlicensing ||Contracts ||& ||Closings
, Regarding ||Retention ||of ||Records ||58A.108, ||a ||broker ||must ||keep ||copies ||of ||transaction ||
documents ||for ||3 ||years ||for
A) ||bookkeeping, ||expenditures, ||and ||canceled ||checks, ||whichever ||occurs ||first
B) ||transaction ||files, ||personal ||deposits, ||and ||general ||account ||ledgers, ||whichever ||occurs ||last
C) ||closing, ||Termination ||of ||agency ||and ||deposits ||whichever ||occurs ||first
D) ||closing, ||Termination ||of ||agency, ||disbursement ||of ||trust ||monies, ||whichever ||occurs ||last ||-
||CORRECT ||ANSWER✔✔-D) ||Keep ||records ||for ||3 ||years ||after
Closing
Termination ||of ||Agency
Disbursement ||of ||Trust ||Monies
WHICHEVER ||OCCURS ||LAST
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 ||- ||CORRECT ||ANSWER✔✔-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 ||- ||CORRECT ||ANSWER✔✔-D) ||All ||of ||the ||above
