NC 302 POST LICENSING EXAM CONTRACTS
AND CLOSING PRACTICE EXAM QUESTIONS
WITH VERIFIED SOLUTIONS NEW MODIFIED
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for
A) bookkeeping and expenditures
B) canceled checks and non-general account ledgers
C) transaction files and personal deposits
D) All of the above --CORRECT ANSWER--A) bookkeeping and expenditures
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for 3 years for
A) bookkeeping, expenditures, and canceled checks, whichever occurs first
B) transaction files, personal deposits, and general account ledgers, whichever
occurs last
C) closing, Termination of agency and deposits whichever occurs first
D) closing, Termination of agency, disbursement of trust monies, whichever
occurs last --CORRECT ANSWER--D) Keep records for 3 years after
Closing
,Termination of Agency
Disbursement of Trust Monies
WHICHEVER OCCURS LAST
NC 302 Postlicensing Contracts & Closings
Agent Guidelines w/ offers
A) A listing broker or agent is required to respond in writing that an offer was
submitted if the cooperating broker who submitted the offer so requests
B) The listing broker or agent must respond in the affirmative unless the seller
has provided written notification waiving the obligation to have the offer
presented
C) Agent has to present all offers all the way throughout the contract, up to
closing
D) All of the above --CORRECT ANSWER--D) All of the above
NC 302 Postlicensing Contracts & Closings
Mutual Mistakes
A) May allow buyer to rescind the contract and be refunded all monies
B) Mistake of "Material Fact"
C) Does NOT apply to "Mistakes of Law"
D) All of the above --CORRECT ANSWER--D) All of the above
NC 302 Postlicensing Contracts & Closings
,Regarding Retention of Records 58A.108, a broker must provide copies of
transaction documents:
A) Within a day of receiving
B) Within 3 days of receiving
C) Within 5 days of receiving
D) Within 14 days of receiving --CORRECT ANSWER--B) Within 3 days of
receiving
A broker must provide copies of transaction documents:- To the Firm or Sole
Proprietorship (BIC) with which they are affiliated- Within 3 days
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for
A) Service Agreements
B) Professional Conduct
C) Safety Procedures
D) FIRPTA --CORRECT ANSWER--A broker must provide copies of
transaction documents:- To the Firm or Sole Proprietorship (BIC) with which
they are affiliated-
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 transaction
These are CALENDAR days, not business days You don't count the day it was
executed/received (if received Tuesday, have to upload by Friday)
An offer is terminated anytime by
A) Counter offer
B) Rejection by the offeror
C) Revocation by the offeree
D) Discovery of convicted rapist in the area --CORRECT ANSWER--A)
Counter offer
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for ______ from the conclusion of a transaction.
A) 1 year
B) 3 years
C) 4 years
D) 5 years --CORRECT ANSWER--B) 3 years
AND CLOSING PRACTICE EXAM QUESTIONS
WITH VERIFIED SOLUTIONS NEW MODIFIED
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for
A) bookkeeping and expenditures
B) canceled checks and non-general account ledgers
C) transaction files and personal deposits
D) All of the above --CORRECT ANSWER--A) bookkeeping and expenditures
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for 3 years for
A) bookkeeping, expenditures, and canceled checks, whichever occurs first
B) transaction files, personal deposits, and general account ledgers, whichever
occurs last
C) closing, Termination of agency and deposits whichever occurs first
D) closing, Termination of agency, disbursement of trust monies, whichever
occurs last --CORRECT ANSWER--D) Keep records for 3 years after
Closing
,Termination of Agency
Disbursement of Trust Monies
WHICHEVER OCCURS LAST
NC 302 Postlicensing Contracts & Closings
Agent Guidelines w/ offers
A) A listing broker or agent is required to respond in writing that an offer was
submitted if the cooperating broker who submitted the offer so requests
B) The listing broker or agent must respond in the affirmative unless the seller
has provided written notification waiving the obligation to have the offer
presented
C) Agent has to present all offers all the way throughout the contract, up to
closing
D) All of the above --CORRECT ANSWER--D) All of the above
NC 302 Postlicensing Contracts & Closings
Mutual Mistakes
A) May allow buyer to rescind the contract and be refunded all monies
B) Mistake of "Material Fact"
C) Does NOT apply to "Mistakes of Law"
D) All of the above --CORRECT ANSWER--D) All of the above
NC 302 Postlicensing Contracts & Closings
,Regarding Retention of Records 58A.108, a broker must provide copies of
transaction documents:
A) Within a day of receiving
B) Within 3 days of receiving
C) Within 5 days of receiving
D) Within 14 days of receiving --CORRECT ANSWER--B) Within 3 days of
receiving
A broker must provide copies of transaction documents:- To the Firm or Sole
Proprietorship (BIC) with which they are affiliated- Within 3 days
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for
A) Service Agreements
B) Professional Conduct
C) Safety Procedures
D) FIRPTA --CORRECT ANSWER--A broker must provide copies of
transaction documents:- To the Firm or Sole Proprietorship (BIC) with which
they are affiliated-
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 transaction
These are CALENDAR days, not business days You don't count the day it was
executed/received (if received Tuesday, have to upload by Friday)
An offer is terminated anytime by
A) Counter offer
B) Rejection by the offeror
C) Revocation by the offeree
D) Discovery of convicted rapist in the area --CORRECT ANSWER--A)
Counter offer
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of
transaction documents for ______ from the conclusion of a transaction.
A) 1 year
B) 3 years
C) 4 years
D) 5 years --CORRECT ANSWER--B) 3 years
