302 NC POST LICENSING EXAM QUESTIONS
AND CORRECT ANSWERS
CLEAN A 1/1/25 EXAM
,302 NC POST LICENSING EXAM
302 NC POST LICENSING EXAM
QUESTIONS AND CORRECT ANSWERS
Which of the following statements best describes a buyer performing due diligence
during a North Carolina real estate transaction? - 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 _______. - 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. - $420,301
Which one of these scenarios accurately depicts how to handle earnest money? -
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? -
The closing attorney
````What are accrued expense items? - Items to be divided proportionately between
the buyer and seller that the seller owes
302 NC POST LICENSING EXAM
,302 NC POST LICENSING EXAM
Which of the following actions is a North Carolina broker who's acting as an agent
in a transaction permitted to do? - Complete a pre-printed offer when directed to do
so by the transaction parties.
`````The Back-Up Addendum should be used when ______. - 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? - 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? -
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.
302 NC POST LICENSING EXAM
, 302 NC POST LICENSING EXAM
______ lending was a contributing factor to the housing collapse in the mid-2000s
- 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? - $324 to the seller and $1,318.50 to the buyer
Which of the following statements regarding electronic transactions in North
Carolina is true? - 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? - 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? - 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? - 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
302 NC POST LICENSING EXAM
AND CORRECT ANSWERS
CLEAN A 1/1/25 EXAM
,302 NC POST LICENSING EXAM
302 NC POST LICENSING EXAM
QUESTIONS AND CORRECT ANSWERS
Which of the following statements best describes a buyer performing due diligence
during a North Carolina real estate transaction? - 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 _______. - 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. - $420,301
Which one of these scenarios accurately depicts how to handle earnest money? -
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? -
The closing attorney
````What are accrued expense items? - Items to be divided proportionately between
the buyer and seller that the seller owes
302 NC POST LICENSING EXAM
,302 NC POST LICENSING EXAM
Which of the following actions is a North Carolina broker who's acting as an agent
in a transaction permitted to do? - Complete a pre-printed offer when directed to do
so by the transaction parties.
`````The Back-Up Addendum should be used when ______. - 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? - 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? -
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.
302 NC POST LICENSING EXAM
, 302 NC POST LICENSING EXAM
______ lending was a contributing factor to the housing collapse in the mid-2000s
- 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? - $324 to the seller and $1,318.50 to the buyer
Which of the following statements regarding electronic transactions in North
Carolina is true? - 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? - 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? - 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? - 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
302 NC POST LICENSING EXAM
