NC 302 POST LICENSING QUESTIONS AND ANSWERS 2025

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NC 302 POST LICENSING QUESTIONS
AND ANSWERS 2025

Classifying contracts: |




Express & Implied - correct answer- Express: Bilateral,
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executed
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Intentions stated (orally or written) || || || ||




Implied: Unilateral, executory || ||




|| Inferred from conduct or actions
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Classifying contracts: |




Bilateral & Unilateral - correct answer- Bilateral - two promises
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(both parties bound to do something)
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Unilateral - Only one party is bound || || || || || ||




Classifying Contracts: |




Executed & Executory - correct answer- Executed - All tasks
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performed (After closing)
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Executory - tasks remaining to be done (before closing)
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Statute of Frauds - correct answer- Everything needs to be in
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writing
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DREAM OILS (Statute of Frauds) - correct answer- Deeds || || || || || || || ||




|| Restrictive covenants ||




Easements
Assignments
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Mortgages
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Options
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Installment Land Contracts || ||




|| Leases - longer than 3 years || || || || ||




|| Sales Contracts ||




Offer & Acceptance - correct answer- Seller (OfferEE) & Buyer
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(OfferOR) -- ORs GIVE, EEs RECEIVE
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OfferOR may revoke or withdraw the offer anytime prior to || || || || || || || || ||


acceptance
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OfferEE can accept, reject or counter -- and when they counter,
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they are now the offerEE
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This counter offer VOIDS original offer
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|| All offers must be communicated
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Deliver all offers immediately but never later than 3 days
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Retention of Records 58A.108 - correct answer- A broker must|| || || || || || | | ||


provide copies of transaction documents:
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- To the Firm or Sole Proprietorship (BIC) with which they are
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affiliated
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- 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
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transaction
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These are CALENDAR days, not business days
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You don't count the day it was executed/received (if received
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Tuesday, have to upload by Friday)
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Buyer's Rights w/ an offer - correct answer- A buyer has the
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absolute right of withdraw/revoke
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Even if offer stated it would be held open longer
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The withdraw must be communicated to the other party and/or
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their agent
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An offer is terminated any time: - correct answer- Counter offer
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|| Rejection by the offeree || || ||

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Revocation by the offeror || || ||




Destruction of the property (Think hurricane) || || || || ||




|| Death or insanity of the offeror || || || || ||




Agent Guidelines w/ offers - correct answer- A listing broker or
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agent is required to respond in writing that an offer was
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submitted if the cooperating broker who submitted the offer so
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requests
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The listing broker or agent must respond in the affirmative
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unless the seller has provided written notification waiving the
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obligation to have the offer presented
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Agent has to present all offers all the way throughout the
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contract, up to closing
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Creation of a counter offer - correct answer- Any change in an
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offer, no matter how small creates a counter offer
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Counter offer must be accepted and communicated to the other
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party to create a contract
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Proper use of From 340-T: NCAR Response to Buyer's Offer
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A valid contract is formed when a contract is signed, delivered
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and communicated - correct answer- "Communicating an offer
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or an acceptance to a principal's agent is the same as
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communicating directly to the principal"
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