NC Post Licensing 302 Exam Questions
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Essential elements of a contract - ANSWER ✔ 1. Mutual Assent
2. Consideration
3. Legal Contractual capacity of the parties
4. Lawful objective and means of accomplishing objective
5. In writing
Offeror vs. Offeree - ANSWER ✔ Offeror makes the offer, offeree accepts
Counteroffer - ANSWER ✔ Rejects the original offer
Methods of acceptance - ANSWER ✔ -Oral communication
- Personal delivery
- Electronically
- mail
Which of the following statements best describes a buyer performing due diligence
during a North Carolina real estate transaction? - 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 _______. - 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. - ANSWER ✔ $420,301
Which one of these scenarios accurately depicts how to handle earnest money? -
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? - ANSWER ✔ The closing attorney
````What are accrued expense items? - 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? - ANSWER ✔ Complete a pre-printed offer when
directed to do so by the transaction parties.
`````The Back-Up Addendum should be used when ______. - 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? -
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? -
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
- 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? - 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? - 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? - 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? - 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? -
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? - 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? - 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. - 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?
- 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. - ANSWER ✔ Credited $1,207
Which of the following is NOT a valid reason for an offer termination in North
Carolina? - 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? -
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? - ANSWER ✔ The
number of days in the proration period
Which of the following must be present in order to prove fraud has occurred? -
ANSWER ✔ Intentionally withholding information
with Correct Detailed Answers ||
Already Graded A +
<Recent Update>
Essential elements of a contract - ANSWER ✔ 1. Mutual Assent
2. Consideration
3. Legal Contractual capacity of the parties
4. Lawful objective and means of accomplishing objective
5. In writing
Offeror vs. Offeree - ANSWER ✔ Offeror makes the offer, offeree accepts
Counteroffer - ANSWER ✔ Rejects the original offer
Methods of acceptance - ANSWER ✔ -Oral communication
- Personal delivery
- Electronically
Which of the following statements best describes a buyer performing due diligence
during a North Carolina real estate transaction? - 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 _______. - 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. - ANSWER ✔ $420,301
Which one of these scenarios accurately depicts how to handle earnest money? -
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? - ANSWER ✔ The closing attorney
````What are accrued expense items? - 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? - ANSWER ✔ Complete a pre-printed offer when
directed to do so by the transaction parties.
`````The Back-Up Addendum should be used when ______. - 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? -
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? -
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
- 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? - 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? - 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? - 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? - 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? -
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? - 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? - 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. - 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?
- 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. - ANSWER ✔ Credited $1,207
Which of the following is NOT a valid reason for an offer termination in North
Carolina? - 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? -
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? - ANSWER ✔ The
number of days in the proration period
Which of the following must be present in order to prove fraud has occurred? -
ANSWER ✔ Intentionally withholding information
