NC 302 Post Licensing Exam Questions
With Correct Answers
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)
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
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
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"
Beware ||Dual ||Agency ||is ||Communication ||is ||IMMEDIATE ||- ||CORRECT ||ANSWER✔✔-When ||a
||dual ||agent ||has ||been ||informed ||that ||the ||seller ||has ||accepted ||an ||offer ||is ||already
||considered ||communicated ||to ||the ||buyer
Methods ||of ||communicating ||acceptance: ||- ||CORRECT ||ANSWER✔✔-Oral
Personal ||delivery
Mail ||or ||FedEx
Electronic ||communication
The ||mailbox ||rule ||- ||CORRECT ||ANSWER✔✔-: ||We ||measure ||delivery ||from ||when ||it ||is ||SENT,
||not ||RECEIVED ||(Page ||280)
Mutual ||Mistakes ||- ||CORRECT ||ANSWER✔✔-Mistake ||of ||"Material ||Fact" ||- ||read ||pg. ||283 ||- ||284
May ||allow ||buyer ||to ||rescind ||the ||contract ||and ||be ||refunded ||all ||monies
Does ||NOT ||apply ||to ||"Mistakes ||of ||Law"
Fraud ||& ||Misrepresentation ||- ||CORRECT ||ANSWER✔✔-Fraud ||makes ||contracts ||voidable
Willful ||misrepresentations ||or ||omissions
Of ||material ||facts
Make ||the ||contract ||voidable ||by ||the ||person ||deceived
Unfair ||or ||deceptive ||trade ||practices ||act: ||- ||CORRECT ||ANSWER✔✔-A ||misleading ||opinion ||or
||false ||inducement
With Correct Answers
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)
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
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
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"
Beware ||Dual ||Agency ||is ||Communication ||is ||IMMEDIATE ||- ||CORRECT ||ANSWER✔✔-When ||a
||dual ||agent ||has ||been ||informed ||that ||the ||seller ||has ||accepted ||an ||offer ||is ||already
||considered ||communicated ||to ||the ||buyer
Methods ||of ||communicating ||acceptance: ||- ||CORRECT ||ANSWER✔✔-Oral
Personal ||delivery
Mail ||or ||FedEx
Electronic ||communication
The ||mailbox ||rule ||- ||CORRECT ||ANSWER✔✔-: ||We ||measure ||delivery ||from ||when ||it ||is ||SENT,
||not ||RECEIVED ||(Page ||280)
Mutual ||Mistakes ||- ||CORRECT ||ANSWER✔✔-Mistake ||of ||"Material ||Fact" ||- ||read ||pg. ||283 ||- ||284
May ||allow ||buyer ||to ||rescind ||the ||contract ||and ||be ||refunded ||all ||monies
Does ||NOT ||apply ||to ||"Mistakes ||of ||Law"
Fraud ||& ||Misrepresentation ||- ||CORRECT ||ANSWER✔✔-Fraud ||makes ||contracts ||voidable
Willful ||misrepresentations ||or ||omissions
Of ||material ||facts
Make ||the ||contract ||voidable ||by ||the ||person ||deceived
Unfair ||or ||deceptive ||trade ||practices ||act: ||- ||CORRECT ||ANSWER✔✔-A ||misleading ||opinion ||or
||false ||inducement
