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 - ANSWER-B) Within 3 days of receivin...
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 - 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 - 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 - 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 - ANSWER-B) 3 years
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for
A) 5 years
B) personal account records
C) all transaction records and trust account records
D) none of the above - ANSWER-C) all transaction records and trust account records
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for
A) all closings for 5 years
B) Start of Agency and Disbursement of Trust Monies
C) Termination of Agency and Disbursement of Trust Monies
D) Start of Agency and Handling of Option Fees and Earnest Money - ANSWER-C) Termination of Agency
and Disbursement of Trust Monies
,NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents for
A) uncanceled checks and bookkeeping systems
B) non-expenditures
C) non-general account ledgers
D) trust or escrow account records - ANSWER-D) trust or escrow account records
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 - 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 - 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 - 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 - ANSWER-D) All of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) agreement of parties to terminate
B) full and complete performance
C) material breach
D) none of the above - ANSWER-D) none of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) impossibility of performance
B) operation of law
C) each party to the contract releases the other from contractual duties
D) ovation - ANSWER-D) ovation
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