NC 302 POST LICENSING 2025 EXAM
QUESTIONS WITH COMPLETE
SOLUTIONS!!
1 of 189
Definition
Must treat buyers fairly and equally
Cannot disclose the terms & conditions of an offer without the
offerOR's consent
Not the same as an outline of acceptable seller terms
Give this one a try later!
, Disclosure of terms & Disclosure of terms &
conditions is permitted conditions requires seller
without consent approval
Disclosure of terms & Disclosure of terms &
conditions is mandatory conditions requires
consent
Don't know?
2 of 189
Term
Initial Application Disclosures:
Give this one a try later!
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
Don't create contracts
Don't provide the
forms Don't approve
contracts
Create rules regarding the provisions contracts must
contain Give licenses and regulates licenses
The standard vacant land contract should NOT be used to transfer
parcels where subdividing is involved
Subdivided land requires compliance with subdivision laws and statutes
, Within 3 days of loan application,
borrower gets: Loan Estimate:
Loan costs
Required APR Info (TILA)
Consumer Settlement Costs
Booklet "Your home loan toolkit"
Don't know?
3 of 189
Term
Single Lady buys the property and then gets married. When
she sells the property 10 years later, who signs the deed,
listing agreement,
contract, etc.?
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Both the lady and her husband Only her husband
Neither the lady nor her husband Only the lady
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4 of 189
Definition
Timeline is negotiable
want to consult an attorney
, Buyer has an obligation to maintain property,
If buyer can't close, there is termination of possession
Give this one a try later!
In the event of a dispute Buyer possession before
once in a trust account closing
The required disclosures Transfer for closing
Don't know?
5 of 189
Term
The biggest impact for brokers:
Give this one a try later!
The lender must provide the The lender must provide the
CD to the borrower on the CD to the borrower
day of immediately after
settlement signing
The lender must provide
The lender must provide the
the CD (closing
CD to the borrower at least
disclosure to the
10 calendar days prior to
borrower's at least 3
settlement
BUSINESS days prior to
settlement
Don't know?
QUESTIONS WITH COMPLETE
SOLUTIONS!!
1 of 189
Definition
Must treat buyers fairly and equally
Cannot disclose the terms & conditions of an offer without the
offerOR's consent
Not the same as an outline of acceptable seller terms
Give this one a try later!
, Disclosure of terms & Disclosure of terms &
conditions is permitted conditions requires seller
without consent approval
Disclosure of terms & Disclosure of terms &
conditions is mandatory conditions requires
consent
Don't know?
2 of 189
Term
Initial Application Disclosures:
Give this one a try later!
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
Don't create contracts
Don't provide the
forms Don't approve
contracts
Create rules regarding the provisions contracts must
contain Give licenses and regulates licenses
The standard vacant land contract should NOT be used to transfer
parcels where subdividing is involved
Subdivided land requires compliance with subdivision laws and statutes
, Within 3 days of loan application,
borrower gets: Loan Estimate:
Loan costs
Required APR Info (TILA)
Consumer Settlement Costs
Booklet "Your home loan toolkit"
Don't know?
3 of 189
Term
Single Lady buys the property and then gets married. When
she sells the property 10 years later, who signs the deed,
listing agreement,
contract, etc.?
Give this one a try later!
Both the lady and her husband Only her husband
Neither the lady nor her husband Only the lady
Don't know?
4 of 189
Definition
Timeline is negotiable
want to consult an attorney
, Buyer has an obligation to maintain property,
If buyer can't close, there is termination of possession
Give this one a try later!
In the event of a dispute Buyer possession before
once in a trust account closing
The required disclosures Transfer for closing
Don't know?
5 of 189
Term
The biggest impact for brokers:
Give this one a try later!
The lender must provide the The lender must provide the
CD to the borrower on the CD to the borrower
day of immediately after
settlement signing
The lender must provide
The lender must provide the
the CD (closing
CD to the borrower at least
disclosure to the
10 calendar days prior to
borrower's at least 3
settlement
BUSINESS days prior to
settlement
Don't know?
