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Exam (elaborations)

NC 302 Post Licensing Exam 100% solved

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  • NC 302 Post Licensing

NC 302 Post Licensing Exam 100% solved

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  • August 15, 2024
  • 43
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NC 302 Post Licensing
  • NC 302 Post Licensing
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ALVINK2022
NC 302 Post Licensing Exam 100%
solved
Classifying contracts:

Express & Implied - Answer -Express: Bilateral, executed

Intentions stated (orally or written)



Implied: Unilateral, executory

Inferred from conduct or actions



Classifying contracts:

Bilateral & Unilateral - Answer -Bilateral - two promises (both parties bound to do something)



Unilateral - Only one party is bound



Classifying Contracts:

Executed & Executory - Answer -Executed - All tasks performed (After closing)



Executory - tasks remaining to be done (before closing)



Statute of Frauds - Answer -Everything needs to be in writing

,DREAM OILS (Statute of Frauds) - Answer -Deeds

Restrictive covenants

Easements

Assignments

Mortgages

Options

Installment Land Contracts

Leases - longer than 3 years

Sales Contracts



Offer & Acceptance - Answer -Seller (OfferEE) & Buyer (OfferOR) -- ORs GIVE, EEs RECEIVE

OfferOR may revoke or withdraw the offer anytime prior to acceptance

OfferEE can accept, reject or counter -- and when they counter, they are now the offerEE

This counter offer VOIDS original offer

All offers must be communicated

Deliver all offers immediately but never later than 3 days



Retention of Records 58A.108 - 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)



Buyer's Rights w/ an offer - Answer -A buyer has the absolute right of withdraw/revoke

Even if offer stated it would be held open longer

The withdraw must be communicated to the other party and/or their agent



An offer is terminated any time: - Answer -Counter offer

Rejection by the offeree

Revocation by the offeror

Destruction of the property (Think hurricane)

Death or insanity of the offeror



Agent Guidelines w/ offers - Answer -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

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

Agent has to present all offers all the way throughout the contract, up to closing



Creation of a counter offer - Answer -Any change in an offer, no matter how small creates a
counter offer

Counter offer must be accepted and communicated to the other party to create a contract

Proper use of From 340-T: NCAR Response to Buyer's Offer

, A valid contract is formed when a contract is signed, delivered and communicated - Answer
-"Communicating an offer or an acceptance to a principal's agent is the same as communicating
directly to the principal"



Beware Dual Agency is Communication is IMMEDIATE - Answer -When a dual agent has been
informed that the seller has accepted an offer is already considered communicated to the buyer



Methods of communicating acceptance: - Answer -Oral

Personal delivery

Mail or FedEx

Electronic communication



The mailbox rule - Answer -: We measure delivery from when it is SENT, not RECEIVED (Page
280)



Mutual Mistakes - Answer -Mistake of "Material Fact" - read pg. 283 - 284

May allow buyer to rescind the contract and be refunded all monies

Does NOT apply to "Mistakes of Law"



Fraud & Misrepresentation - Answer -Fraud makes contracts voidable

Willful misrepresentations or omissions

Of material facts

Make the contract voidable by the person deceived



Unfair or deceptive trade practices act: - Answer -A misleading opinion or false inducement

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