NC Post Licensing 302 JJ Exam Questions With Correct Answers

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