NC Post Licensing 302 Exam Questions With Correct Answers

NC Post Licensing 302 Exam Questions
With Correct Answers
Which ||of ||the ||following ||statements ||best ||describes ||a ||buyer ||performing ||due ||diligence
||during ||a ||North ||Carolina ||real ||estate ||transaction? ||- ||CORRECT ||ANSWER✔✔-The ||buyer
||meets ||with ||a ||lender ||to ||get ||pre-qualified, ||arranges ||a ||home ||inspection ||and ||appraisal,


||asks ||questions, ||and ||investigates ||any ||other ||areas ||of ||the ||property ||the ||buyer ||feels ||may


||need ||it.




One ||advantage ||of ||telling ||the ||buyers' ||agents ||that ||there ||are ||multiple ||offers ||on ||a ||property
is ||_______. ||- ||CORRECT ||ANSWER✔✔-It ||gives ||buyers ||an ||incentive ||to ||create ||a ||better ||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 ||accept?


Round ||to ||nearest ||whole ||dollar. ||- ||CORRECT ||ANSWER✔✔-$420,301
||




Which ||one ||of ||these ||scenarios ||accurately ||depicts ||how ||to ||handle ||earnest ||money? ||-
||CORRECT ||ANSWER✔✔-Lisa, ||a ||closing ||attorney, ||is ||permitted ||to ||deposit ||disputed ||earnest
||money ||funds ||with ||the ||courts ||pending ||dispute ||settlement.




The ||Slorahns ||are ||purchasing ||a ||property ||in ||Wilmington ||and ||are ||concerned ||about ||the
||title. ||They ||want ||to ||have ||a ||title ||search ||performed. ||Who ||can ||perform ||a ||title ||search? ||-


CORRECT ||ANSWER✔✔-The ||closing ||attorney
||




````What ||are ||accrued ||expense ||items? ||- ||CORRECT ||ANSWER✔✔-Items ||to ||be ||divided
||proportionately ||between ||the ||buyer ||and ||seller ||that ||the ||seller ||owes




Which ||of ||the ||following ||actions ||is ||a ||North ||Carolina ||broker ||who's ||acting ||as ||an ||agent ||in ||a
||transaction ||permitted ||to ||do? ||- ||CORRECT ||ANSWER✔✔-Complete ||a ||pre-printed ||offer ||when
||directed ||to ||do ||so ||by ||the ||transaction ||parties.

,`````The ||Back-Up ||Addendum ||should ||be ||used ||when ||______. ||- ||CORRECT ||ANSWER✔✔-The
||seller ||wants ||to ||accept ||a ||secondary ||offer




North ||Carolina ||licensee ||Tara ||is ||completing ||the ||Offer ||to ||Purchase ||and ||Contract, ||Standard
||Form ||2-T, ||for ||her ||married ||buyer ||clients ||Bob ||and ||Maggie ||McKenzie, ||who ||are ||listed ||in


||LinkedIn ||and ||Facebook ||as ||Robert ||"Bobby ||Mack" ||McKenzie ||and ||Margaret ||(née ||Harper)


||McKenzie. ||Their ||legal ||names ||are ||Robert ||H. ||McKenzie ||and ||Margaret ||E. ||McKenzie. ||How


||should ||Tara ||list ||their ||names ||in ||the ||contract? ||- ||CORRECT ||ANSWER✔✔-Robert ||H.
||McKenzie ||and ||wife, ||Margaret ||E. ||McKenzie




North ||Carolina ||buyer ||Travis ||needed ||to ||obtain ||a ||mortgage ||loan ||to ||purchase ||another
||property ||that's ||under ||contract. ||Which ||of ||these ||statements ||applies ||in ||this ||situation? ||-


||CORRECT ||ANSWER✔✔-The ||Loan ||paragraph ||in ||Standard ||Form ||12-T ||notes ||the ||buyer ||is
||entitled ||to ||apply ||for ||a ||mortgage ||loan. ||This ||paragraph ||is ||NOT ||a ||contingency. ||If ||Travis


||isn't ||approved ||and ||doesn't ||find ||that ||out ||until ||after ||the ||due ||diligence ||period ||expires,


||he'll ||lose ||his ||earnest




*The ||Loan ||paragraph ||in ||Standard ||Form ||12-T ||notes ||that ||the ||buyer ||is ||entitled ||to ||apply
||for ||and ||seek ||approval ||for ||a ||loan. ||The ||buyer's ||obligation ||to ||purchase ||the ||property ||is


||NOT ||contingent ||on ||obtaining ||a ||loan. ||The ||buyer ||should ||work ||with ||the ||lender ||to ||try ||to


||determine ||whether ||it's ||likely ||the ||buyer ||will ||be ||approved ||for ||the ||loan ||before ||the ||due


||diligence ||period ||expires. ||If ||the ||buyer ||isn't ||approved ||before ||the ||expiration, ||the ||buyer


||may ||terminate ||the ||contract ||and ||have ||the ||earnest ||money ||returned.




______ ||lending ||was ||a ||contributing ||factor ||to ||the ||housing ||collapse ||in ||the ||mid-2000s ||-
CORRECT ||ANSWER✔✔-Predatory
||




If ||the ||property ||tax ||proration ||is ||$4.50 ||per ||day, ||the ||settlement ||date ||is ||March ||13, ||the
||buyer ||and ||seller ||have ||not ||negotiated ||a ||different ||proration ||method, ||and ||it's ||not ||a ||leap


||year, ||what ||amount ||will ||be ||charged ||to ||the ||seller ||and ||to ||the ||buyer ||respectively ||for


taxes? ||- ||CORRECT ||ANSWER✔✔-$324 ||to ||the ||seller ||and ||$1,318.50 ||to ||the ||buyer
||

,Which ||of ||the ||following ||statements ||regarding ||electronic ||transactions ||in ||North ||Carolina ||is
||true? ||- ||CORRECT ||ANSWER✔✔-A ||client ||may ||request ||hard-copy ||records ||even ||if ||the
||parties ||agreed ||to ||use ||electronic ||signatures ||and ||records.




You're ||a ||listing ||broker ||managing ||multiple ||offers. ||You ||should ||avoid ||doing ||which ||of ||the
||following? ||- ||CORRECT ||ANSWER✔✔-Injecting ||your ||personal ||opinion ||as ||to ||which ||is ||the
||best ||offer




Kendra ||made ||an ||offer ||on ||Sam's ||property. ||Sam ||rejected ||Kendra's ||offer, ||but ||made ||a
||counter-offer. ||Kendra ||is ||now ||considering ||the ||counter. ||What ||role ||does ||Kendra ||currently


have ||in ||this ||scenario? ||- ||CORRECT ||ANSWER✔✔-Offeree
||




**The ||seller ||considering ||a ||buyer's ||offer ||is ||an ||offeree, ||but ||if ||that ||seller ||makes ||a ||counter-
offer, ||then ||the ||seller ||becomes ||the ||offeror, ||and ||the ||buyer ||becomes ||an ||offeree



Which ||of ||the ||following ||is ||considered ||a ||vice ||of ||consent ||in ||North ||Carolina? ||- ||CORRECT
ANSWER✔✔-Duress
||




North ||Carolina ||buyer ||Max ||wanted ||to ||pay ||the ||due ||diligence ||fee ||and ||initial ||earnest
||money ||deposit ||by ||personal ||check. ||Which ||of ||the ||following ||statements ||is ||correct ||in ||this


||situation? ||- ||CORRECT ||ANSWER✔✔-Both ||fees ||may ||be ||paid ||by ||personal ||check, ||but ||each
||must ||be ||paid ||separately ||in ||checks ||made ||out ||to ||different ||people.




Which ||of ||the ||following ||individuals ||may ||act ||as ||the ||escrow ||agent ||in ||a ||real ||estate ||closing?
- CORRECT ||ANSWER✔✔-Sarah, ||a ||representative ||from ||the ||escrow ||department ||at ||the
|| ||


||buyer's ||lender

, A ||_______ ||occurs ||when ||the ||seller ||may ||not ||have ||enough ||funds ||to ||pay ||the ||costs ||of
||selling ||the ||property, ||even ||if ||a ||buyer ||pays ||the ||full ||purchase ||price. ||- ||CORRECT


ANSWER✔✔-Short ||sale
||




After ||North ||Carolina ||buyer ||Henry ||accompanied ||his ||inspector ||on ||the ||property, ||he
||received ||a ||call ||from ||his ||agent, ||Clark. ||Apparently, ||either ||Henry ||or ||his ||inspector ||had ||left


||a ||window ||open. ||When ||it ||stormed, ||the ||wooden ||window ||sill ||warped ||and ||was ||ruined.


||Who ||is ||responsible ||for ||this ||damage ||under ||the ||terms ||of ||Standard ||Form ||2-T? ||- ||CORRECT


||ANSWER✔✔-The ||buyer ||must ||pay ||for ||it, ||because ||he's ||responsible ||for ||paying ||to ||repair
||any ||property ||damage ||(with ||some ||exceptions) ||that ||occurs ||during ||a ||property


||investigation, ||whether ||it's ||caused ||by ||the ||buyer ||or ||the ||buyer's ||contractor.




A ||real ||estate ||transaction ||has ||a ||closing ||date ||of ||May ||20. ||The ||seller, ||who's ||responsible ||for
||closing ||costs ||up ||to ||but ||not ||including ||the ||day ||of ||closing, ||has ||already ||paid ||annual


||property ||taxes ||of ||$1,949. ||How ||will ||the ||closing ||statement ||reflect ||the ||proration ||for ||the


||seller? ||Use ||a ||calendar ||year ||proration, ||and ||round ||to ||the ||nearest ||dollar. ||- ||CORRECT


ANSWER✔✔-Credited ||$1,207
||




Which ||of ||the ||following ||is ||NOT ||a ||valid ||reason ||for ||an ||offer ||termination ||in ||North
Carolina? ||- ||CORRECT ||ANSWER✔✔-Improper ||forms
||




**In ||addition ||to ||the ||incorrect ||answers, ||rejection, ||expiration, ||revocation, ||or ||destruction ||of
||property ||may ||terminate ||an ||offer.




Which ||of ||the ||following ||is ||NOT ||something ||a ||buyer ||can ||do ||or ||investigate ||during ||the
||buyer's ||due ||diligence ||period ||under ||North ||Carolina's ||Standard ||Form ||2-T? ||- ||CORRECT


||ANSWER✔✔-The ||buyer ||should ||review ||the ||seller's ||finances ||or ||have ||a ||financial ||advisor
||review ||them ||to ||ensure ||the ||seller ||can ||go ||through ||with ||the ||transaction




Which ||of ||the ||following ||bits ||of ||data ||is ||crucial ||in ||a ||proration? ||- ||CORRECT ||ANSWER✔✔-
The ||number ||of ||days ||in ||the ||proration ||period