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Nc 302 Post Licensing Exam Questions
With Verified Solutions (2025)
Cost & Fees that the buyer pays: - correct-answer-Loan origination fees
Discount point
Interest on loan
Mortgage insurance
Homeowner's insurance
Reserves deposited with lender
Closing attorney fees
Title insurance premium
Recording of mortgage lien
surveys/inspections
Courier fees
Some fees may be POC (Paid outside of closing) - correct-answer-STILL needs to
show up on the CD even though it hasn't yet been paid but NEVER
collected/debited
Mortgage interest paid in arrears: - correct-answer-Closing → loan interest
collected at closing → First payment due one month later
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Items paid in advance & Reserves deposited with lender - correct-answer-
Homeowner's insurance: 1 year + months
Mortgage insurance: upfront + x months
Real estate taxes
Annual insurance bill
Annual mortgage insurance premium
Annual real estate tax bill
Seller paid buyer loan costs - correct-answer-The costs are still charged to the
buyer on the 1st page (they are still buyer loan costs)
On the 2nd page: the seller will be debited this amount and the buyer will receive
a credit
Brokerage retention of earnest money as commission - correct-answer-The
brokerage may retain the EM and credit it towards the commission
The new owners MUST honor existing leases, leases travel with the property (not
the owner) - correct-answer-Exception: vacation rentals
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Prorating rents - correct-answer-The buyer must GET A CREDIT FOR THE TIME
THAT THEY WILL OWN THE PROPERTY (USE A 360 DAY CALENDAR)
Closing Disclosure Tips: - correct-answer-Interest for buyer's loan - buyer has to
pay for the day of closing
Property taxes - seller has to pay for the day of closing
Total due from borrower at closing: purchase price plus closing costs
Total paid already by or on behalf of borrower: all of the items in L -- add them
together
Subtract the two! (p. 177 of adventure guide)
Commission Earned vs. Received - correct-answer-Earned -> Procure a contract
Received -> Fees paid
Contract - correct-answer-Deliberate agreement between 2 or more competent
parties supported by legal consideration to perform or abstain from performing
some act.
OR
A promise or a set of promises which the law will enforce
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Essential Elements of a contract - - meeting of the minds
CLAP - correct-answer-consideration -- mutual exchange of anything of value
(purchase price)
legal act
agree mutually
parties competent
Illegal purchase - correct-answer-Capacity -- lacking legal mental capacity/drunk
Contracts with children are legal
Competent people with capacity are bound
For legal capacity questions, consult an attorney
Person who lacks capacity has ability to make the contract voidable, NOT the
competent party
Handling of EM deposit - correct-answer-Deposited to a trust or escrow account
no later than 3 banking days
Broker may transfer EM from his escrow to attorney's no more than ____ days
prior to the anticipated settlement date - correct-answer-10
Nc 302 Post Licensing Exam Questions
With Verified Solutions (2025)
Cost & Fees that the buyer pays: - correct-answer-Loan origination fees
Discount point
Interest on loan
Mortgage insurance
Homeowner's insurance
Reserves deposited with lender
Closing attorney fees
Title insurance premium
Recording of mortgage lien
surveys/inspections
Courier fees
Some fees may be POC (Paid outside of closing) - correct-answer-STILL needs to
show up on the CD even though it hasn't yet been paid but NEVER
collected/debited
Mortgage interest paid in arrears: - correct-answer-Closing → loan interest
collected at closing → First payment due one month later
,2|Page
Items paid in advance & Reserves deposited with lender - correct-answer-
Homeowner's insurance: 1 year + months
Mortgage insurance: upfront + x months
Real estate taxes
Annual insurance bill
Annual mortgage insurance premium
Annual real estate tax bill
Seller paid buyer loan costs - correct-answer-The costs are still charged to the
buyer on the 1st page (they are still buyer loan costs)
On the 2nd page: the seller will be debited this amount and the buyer will receive
a credit
Brokerage retention of earnest money as commission - correct-answer-The
brokerage may retain the EM and credit it towards the commission
The new owners MUST honor existing leases, leases travel with the property (not
the owner) - correct-answer-Exception: vacation rentals
,3|Page
Prorating rents - correct-answer-The buyer must GET A CREDIT FOR THE TIME
THAT THEY WILL OWN THE PROPERTY (USE A 360 DAY CALENDAR)
Closing Disclosure Tips: - correct-answer-Interest for buyer's loan - buyer has to
pay for the day of closing
Property taxes - seller has to pay for the day of closing
Total due from borrower at closing: purchase price plus closing costs
Total paid already by or on behalf of borrower: all of the items in L -- add them
together
Subtract the two! (p. 177 of adventure guide)
Commission Earned vs. Received - correct-answer-Earned -> Procure a contract
Received -> Fees paid
Contract - correct-answer-Deliberate agreement between 2 or more competent
parties supported by legal consideration to perform or abstain from performing
some act.
OR
A promise or a set of promises which the law will enforce
, 4|Page
Essential Elements of a contract - - meeting of the minds
CLAP - correct-answer-consideration -- mutual exchange of anything of value
(purchase price)
legal act
agree mutually
parties competent
Illegal purchase - correct-answer-Capacity -- lacking legal mental capacity/drunk
Contracts with children are legal
Competent people with capacity are bound
For legal capacity questions, consult an attorney
Person who lacks capacity has ability to make the contract voidable, NOT the
competent party
Handling of EM deposit - correct-answer-Deposited to a trust or escrow account
no later than 3 banking days
Broker may transfer EM from his escrow to attorney's no more than ____ days
prior to the anticipated settlement date - correct-answer-10
