NC Post Licensing 302 Elite Prep Guide:
Detailed Answer Key, Scenario-Based
Practice Questions & Exam Review Toolkit
Topic 1: Contract Elements & Formation.
Q1. Which of the following is NOT an essential element of a valid real estate contract in North
Carolina?
A) Mutual assent
B) Consideration
C) Notarized signatures
D) Lawful objective
✔ Correct Answer: C
Notarization is not required for a real estate contract to be valid in NC. The five essential
elements are: mutual assent, consideration, legal capacity, lawful objective, and in writing.
Q2. In a standard residential transaction, who is the offeror?
A) The seller
B) The buyer
C) The listing agent
D) The closing attorney
✔ Correct Answer: B
The offeror is the person who makes the offer — typically the buyer. The offeree is the seller.
Q3. A seller receives an offer and signs it with a higher price than originally offered. This is
legally considered:
A) An acceptance
B) A rejection and a counteroffer
C) A void contract
D) An executory agreement
,✔ Correct Answer: B
Any change to price creates a counteroffer, which rejects the original offer and creates a new
offer.
Q4. Which of the following constitutes valid communication of acceptance in NC?
A) Silence, if the offeree previously said “maybe”
B) Text message without the offeror’s consent
C) Personal delivery, mail, or electronic transmission
D) A voicemail left for the offeror’s neighbor
✔ Correct Answer: C
Acceptance may be communicated by oral, personal delivery, mail, or electronic means. Silence
never constitutes acceptance.
Q5. Under the Mailbox Rule, a mailed acceptance is effective when:
A) The offeror receives it
B) The offeree signs it
C) It is placed in the mail outside the offeree’s control
D) The post office delivers a receipt
✔ Correct Answer: C
Once deposited in the mail, acceptance is effective upon mailing. The offeror cannot revoke after
that point.
Q6. An offeror attempts to revoke an offer after the offeree has already mailed an acceptance.
Which is true?
A) Revocation is effective if it arrives first
B) The acceptance remains valid
C) The contract is void until both confirm
D) The offeree must resend acceptance
✔ Correct Answer: B
The Mailbox Rule protects the offeree. The contract is formed at the moment of mailing.
, Q7. Which sequence correctly forms a contract?
A) Offeree accepts → Offeror offers → Communication
B) Offeror offers → Offeree accepts → Acceptance communicated
C) Verbal agreement → Written draft → Notarization
D) Both sign → Attorney approves → Deposit made
✔ Correct Answer: B
Without communication of acceptance, there is no contract.
Q8. What is the seller’s consideration in a real estate contract?
A) Earnest money
B) Promise to pay commission
C) Transfer of the property
D) Home warranty
✔ Correct Answer: C
Consideration is what each party gives. The seller gives the property; the buyer gives the price.
Q9. A 17-year-old buyer signs an offer to purchase. This contract is:
A) Void
B) Voidable by the minor
C) Fully enforceable
D) Voidable by the seller
✔ Correct Answer: B
Minors lack capacity. The minor (not the adult) may void the contract.
Q10. A contract to sell property for an illegal purpose is:
A) Voidable
B) Void
C) Enforceable if signed
D) Executory
✔ Correct Answer: B
Illegal objectives make a contract void from the beginning — no legal effect.
Detailed Answer Key, Scenario-Based
Practice Questions & Exam Review Toolkit
Topic 1: Contract Elements & Formation.
Q1. Which of the following is NOT an essential element of a valid real estate contract in North
Carolina?
A) Mutual assent
B) Consideration
C) Notarized signatures
D) Lawful objective
✔ Correct Answer: C
Notarization is not required for a real estate contract to be valid in NC. The five essential
elements are: mutual assent, consideration, legal capacity, lawful objective, and in writing.
Q2. In a standard residential transaction, who is the offeror?
A) The seller
B) The buyer
C) The listing agent
D) The closing attorney
✔ Correct Answer: B
The offeror is the person who makes the offer — typically the buyer. The offeree is the seller.
Q3. A seller receives an offer and signs it with a higher price than originally offered. This is
legally considered:
A) An acceptance
B) A rejection and a counteroffer
C) A void contract
D) An executory agreement
,✔ Correct Answer: B
Any change to price creates a counteroffer, which rejects the original offer and creates a new
offer.
Q4. Which of the following constitutes valid communication of acceptance in NC?
A) Silence, if the offeree previously said “maybe”
B) Text message without the offeror’s consent
C) Personal delivery, mail, or electronic transmission
D) A voicemail left for the offeror’s neighbor
✔ Correct Answer: C
Acceptance may be communicated by oral, personal delivery, mail, or electronic means. Silence
never constitutes acceptance.
Q5. Under the Mailbox Rule, a mailed acceptance is effective when:
A) The offeror receives it
B) The offeree signs it
C) It is placed in the mail outside the offeree’s control
D) The post office delivers a receipt
✔ Correct Answer: C
Once deposited in the mail, acceptance is effective upon mailing. The offeror cannot revoke after
that point.
Q6. An offeror attempts to revoke an offer after the offeree has already mailed an acceptance.
Which is true?
A) Revocation is effective if it arrives first
B) The acceptance remains valid
C) The contract is void until both confirm
D) The offeree must resend acceptance
✔ Correct Answer: B
The Mailbox Rule protects the offeree. The contract is formed at the moment of mailing.
, Q7. Which sequence correctly forms a contract?
A) Offeree accepts → Offeror offers → Communication
B) Offeror offers → Offeree accepts → Acceptance communicated
C) Verbal agreement → Written draft → Notarization
D) Both sign → Attorney approves → Deposit made
✔ Correct Answer: B
Without communication of acceptance, there is no contract.
Q8. What is the seller’s consideration in a real estate contract?
A) Earnest money
B) Promise to pay commission
C) Transfer of the property
D) Home warranty
✔ Correct Answer: C
Consideration is what each party gives. The seller gives the property; the buyer gives the price.
Q9. A 17-year-old buyer signs an offer to purchase. This contract is:
A) Void
B) Voidable by the minor
C) Fully enforceable
D) Voidable by the seller
✔ Correct Answer: B
Minors lack capacity. The minor (not the adult) may void the contract.
Q10. A contract to sell property for an illegal purpose is:
A) Voidable
B) Void
C) Enforceable if signed
D) Executory
✔ Correct Answer: B
Illegal objectives make a contract void from the beginning — no legal effect.
