NCSO ACSA EXAM PREP: LATEST KEY QUESTIONS AND
ANSWERS FOR AN A+
What action by a real estate broker would likely be considered the unauthorized
practice of law?
drafting an addendum to an offer
Who is most likely to conduct the closing of a residential real estate sales
transaction?
an attorney
All of the following information must be included in an offer to purchase and
contract EXCEPT
signatures of the brokers.
A broker's buyer client wants to make an offer on a property. If the broker is NOT
a member of the North Carolina Association of REALTORS®, the broker
may purchase and fill in the blanks of an Offer to Purchase and Contract form that
include only the logo of the North Carolina Bar Association.
A buyer is interested in a house and wants to make an offer of $175,000. The
buyer is willing to pay a due diligence fee of $1,000 and an earnest money deposit
of $2,000. If the transaction does not involve any additional earnest money
deposit, loan assumption, seller financing, or building deposit, what is entered as
the balance of the purchase price on the NCAR/NCBA Offer to Purchase and
Contract form?
$172,000
Broker Larry's buyer client, Cara, makes an offer on Brandon's house, which is
listed by broker Ana. If Brandon accepts the offer, who are the parties to the sales
contract?
Cara and Brandon
If a metes and bounds description is needed for an Offer to Purchase and
Contract, the broker should
consult an attorney.
, According to the Real Estate Commission Rules, a preprinted offer or sales
contract form must include
a legal description of the real property sufficient to identify and distinguish it from all
other property.
Broker Adele's buyer client, Alex, wants to make an offer on a house. If Adele is
NOT a member of the North Carolina Association of REALTORS®, Adele may use
a contract form that is drafted by an attorney.
Broker Grace's buyer client is interested in purchasing a house that is listed by
broker Keith. What information must be included in the offer if Grace uses a
preprinted offer to purchase and contract form?
identification of the brokers, Grace and Keith, their firms, and the party each represents
Which of the following would MOST likely be considered fixtures that would
convey to the buyer when real property is sold?
garage door openers and controls
Which statement about completing preprinted forms is TRUE?
Brokers are permitted to use electronic equipment to prepare and store preprinted offer
and sales contract forms.
If Samuel S. and Samantha S. Smith want to make an offer on a property, what
should the broker enter in the Offer to Purchase and Contract as the buyer?
Samuel S. Smith and Samantha S. Smith
The buyers signed an offer on April 11. The next day, their agent delivered the
offer to the listing agent. On April 14, the sellers accepted and signed the offer.
Later that day, the listing agent called to notify the buyers' agent of the sellers'
acceptance. On April 15, the buyers' agent delivered a copy of the signed contract
to the buyers. What is the effective date of the contract?
April 14.
Which contingency clause is included in the NCAR/NCBA Offer to Purchase and
Contract?
The Offer to Purchase and Contract does not include any appraisal contingency,
financing contingency, or inspection contingency.
ANSWERS FOR AN A+
What action by a real estate broker would likely be considered the unauthorized
practice of law?
drafting an addendum to an offer
Who is most likely to conduct the closing of a residential real estate sales
transaction?
an attorney
All of the following information must be included in an offer to purchase and
contract EXCEPT
signatures of the brokers.
A broker's buyer client wants to make an offer on a property. If the broker is NOT
a member of the North Carolina Association of REALTORS®, the broker
may purchase and fill in the blanks of an Offer to Purchase and Contract form that
include only the logo of the North Carolina Bar Association.
A buyer is interested in a house and wants to make an offer of $175,000. The
buyer is willing to pay a due diligence fee of $1,000 and an earnest money deposit
of $2,000. If the transaction does not involve any additional earnest money
deposit, loan assumption, seller financing, or building deposit, what is entered as
the balance of the purchase price on the NCAR/NCBA Offer to Purchase and
Contract form?
$172,000
Broker Larry's buyer client, Cara, makes an offer on Brandon's house, which is
listed by broker Ana. If Brandon accepts the offer, who are the parties to the sales
contract?
Cara and Brandon
If a metes and bounds description is needed for an Offer to Purchase and
Contract, the broker should
consult an attorney.
, According to the Real Estate Commission Rules, a preprinted offer or sales
contract form must include
a legal description of the real property sufficient to identify and distinguish it from all
other property.
Broker Adele's buyer client, Alex, wants to make an offer on a house. If Adele is
NOT a member of the North Carolina Association of REALTORS®, Adele may use
a contract form that is drafted by an attorney.
Broker Grace's buyer client is interested in purchasing a house that is listed by
broker Keith. What information must be included in the offer if Grace uses a
preprinted offer to purchase and contract form?
identification of the brokers, Grace and Keith, their firms, and the party each represents
Which of the following would MOST likely be considered fixtures that would
convey to the buyer when real property is sold?
garage door openers and controls
Which statement about completing preprinted forms is TRUE?
Brokers are permitted to use electronic equipment to prepare and store preprinted offer
and sales contract forms.
If Samuel S. and Samantha S. Smith want to make an offer on a property, what
should the broker enter in the Offer to Purchase and Contract as the buyer?
Samuel S. Smith and Samantha S. Smith
The buyers signed an offer on April 11. The next day, their agent delivered the
offer to the listing agent. On April 14, the sellers accepted and signed the offer.
Later that day, the listing agent called to notify the buyers' agent of the sellers'
acceptance. On April 15, the buyers' agent delivered a copy of the signed contract
to the buyers. What is the effective date of the contract?
April 14.
Which contingency clause is included in the NCAR/NCBA Offer to Purchase and
Contract?
The Offer to Purchase and Contract does not include any appraisal contingency,
financing contingency, or inspection contingency.
