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NC Post-Licensing 302 - Unit Test Questions with answers $17.49   Add to cart

Exam (elaborations)

NC Post-Licensing 302 - Unit Test Questions with answers

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  • NC 302 Post Licensing
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  • NC 302 Post Licensing

NC Post-Licensing 302 - Unit Test Questions with answers

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  • August 18, 2024
  • 68
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NC 302 Post Licensing
  • NC 302 Post Licensing
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NC Post-Licensing 302 - Unit Test
Questions with answers

In a real estate transaction, which of the following is an example of consideration? - ANSWER:
g g g g g g g g g g g g g g g g




➡ The seller's promise to sell
g g g g g g




Your automatic check writer wrote a check for $51.50, but your printer ran out of toner, so you
g g g g g g g g g g g g g g g g g




had to fill in the handwritten line. In a hurry, you accidentally wrote, "Fifty-one dollars and
g g g g g g g g g g g g g g g g




no/100 cents." Which amount takes priority? - ANSWER: ➡ The handwritten number
g g g g g g g g gg g g g




Morgan has agreed to sell his home to Dierks, and they've signed a contract. Which of these
g g g g g g g g g g g g g g g g




actions changes the contract from executory to executed? - ANSWER: ➡ Dierks' lender funded
g g g g g g g g g g gg g g g




the loan, and closing took place
g g g g g g




_______ is an example of circumstances that are beyond the buyers' control, meaning they can't
g g g g g g g g g g g g g g




practically do what they've agreed to do, and the offer terminates. - ANSWER: ➡ Destruction
g g g g g g g g g g g g g gg g




of property
g g




If a contract is for an illegal purpose, it's ______ - ANSWER: ➡ Void
g g g g g g g g g g g gg g




Which of the following is NOT a valid reason for an offer termination in North Carolina? -
g g g g g g g g g g g g g g g g




ANSWER: ➡ Improper forms
g gg g g




Which offer would be the most appealing to a seller? - ANSWER: ➡ It depends on the seller's
g g g g g g g g g g g gg g g g g g




needs and motivations
g g g




Kirk and his cousin Dewey decided to buy a vacation home. They entered into a contract with
g g g g g g g g g g g g g g g g




the seller, Crystal. Before finalizing the sale, Dewey wanted out, but he doesn't want to let his
g g g g g g g g g g g g g g g g g




cousin down. So instead of pulling out altogether, Dewey convinced his son to replace him in
g g g g g g g g g g g g g g g g




the purchase contract. Kirk and Crystal agreed to the substitution, and Dewey was released
g g g g g g g g g g g g g g

,from all his obligations under the contract. Dewey's son is now the contracting party. What's
g g g g g g g g g g g g g g g




this an example of? - ANSWER: ➡ Novation
g g g g g g gg g




What type of language should be used to write contracts? - ANSWER: ➡ Plain language
g g g g g g g g g g g gg g g




When does offer and acceptance occur? - ANSWER: ➡ When both parties sign a contract with
g g g g g g g gg g g g g g g g




the full understanding of the terms.
g g g g g g




Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to
g g g g g g g g g g g g g g g g




purchase a specific piece of real estate without the obligation to buy it. Until Eric exercises his
g g g g g g g g g g g g g g g g g




option to buy, only Sylvan is bound by the option agreement; he may not sell the property to
g g g g g g g g g g g g g g g g g g




anyone else during the option period. What type of contract is this? - ANSWER: ➡ Unilateral
g g g g g g g g g g g g g g gg g




Three of these statements about interpreting contracts are true, and one is not. Which
g g g g g g g g g g g g g




statement is FALSE? - ANSWER: ➡ A handwritten insertion can be canceled out by typing over
g g g g g gg g g g g g g g g g g




it.
g




What is wrong with this statement: "Handwritten information on a contract is not legally
g g g g g g g g g g g g g




binding. All insertions must be typed."? - ANSWER: ➡ Insertions do not have to be typed to be
g g g g g g g g gg g g g g g g g g g




legally binding.
g g




Desmond has a signed listing agreement with his clients, the Harpers. In exchange for helping
g g g g g g g g g g g g g g




the Harpers list, market, and sell their home, the Harpers have agreed to pay Desmond a
g g g g g g g g g g g g g g g g




commission. What type of agreement do Desmond and the Harpers have? - ANSWER: ➡
g g g g g g g g g g g g g gg




Bilateral
g




The Nettles have accepted the Briars' purchase offer, and both parties have signed the sales
g g g g g g g g g g g g g g




contract. The funds, and the title, should transfer in a matter of days, but otherwise the all
g g g g g g g g g g g g g g g g g




elements and terms of the contract have been met. What type of contract do the Nettles and the
g g g g g g g g g g g g g g g g g g




Briars have? - ANSWER: ➡ Executory
g g g g gg g




Ruthie is explaining the termination option to her buyer client. How would she explain that
g g g g g g g g g g g g g g




"time is of the essence" is for the discharge under operation of law option? - ANSWER: ➡ "This
g g g g g g g g g g g g g g g g gg g

,means that if the seller doesn't decide by the deadline, the buyer is no longer held to the
g g g g g g g g g g g g g g g g g g




contract"
g




Why do you think that handwritten changes take priority over typed changes? - ANSWER: ➡
g g g g g g g g g g g g g gg




It's less likely to be done inadvertently
g g g g g g g




Breanna signed a purchase offer stating she'd buy Kathy's home for $150,000. Kathy rejected
g g g g g g g g g g g g g




that offer but said she'd sell it to Breanna for $200,000. Breanna agreed to these terms, and
g g g g g g g g g g g g g g g g g




they added their signatures. Which of the following statements is correct? - ANSWER: ➡
g g g g g g g g g g g g g gg




Breanna accepted the offer Kathy made
g g g g g g




Rex needs to handle some money he acquired during an "unsavory" business deal. He agrees to
g g g g g g g g g g g g g g g




sign his boat over to his colleague, Ben, if Ben can launder the money and return it to Rex as part
g g g g g g g g g g g g g g g g g g g g g




of a legal business dealing. What kind of contract do Rex and Ben have? - ANSWER: ➡ Void
g g g g g g g g g g g g g g g g gg g




Which of the following is a legitimate reason to counter an offer? - ANSWER: ➡ Price
g g g g g g g g g g g g g gg g




When a seller's agent receives a written offer from a prospective buyer, how must it be
g g g g g g g g g g g g g g g




handled? - ANSWER: ➡ It must be submitted promptly to the seller
g g g gg g g g g g g g g




Which of these sentences accurately lists rules for interpreting a contract? - ANSWER: ➡
g g g g g g g g g g g g gg




Typed text takes precedence over pre-printed text, and spelled-out numbers (e.g. four) take
g g g g g g g g g g g g g




precedence over numerals (e.g. 5)
g g g g g




Zelda received an offer from Matthew for her house on Monday. The offer is set to expire
g g g g g g g g g g g g g g g g




Wednesday. After a sleepless night on Monday, Matthew told his broker to revoke the offer.
g g g g g g g g g g g g g g g




Zelda hadn't accepted the offer as of Tuesday night. What happens to Matthew's offer? -
g g g g g g g g g g g g g g g




ANSWER: ➡ The offer is terminated under contract revocation laws
g gg g g g g g g g g




Kent has received an offer for his house. What is the best solution if there are some offer terms
g g g g g g g g g g g g g g g g g g




he's hesitant to accept? - ANSWER: ➡ Reject the offer but reply with a form that outlines
g g g g g g gg g g g g g g g g g g




acceptable conditions
g g

, When does substantial performance of a contract occur? - ANSWER: ➡ One party has met
g g g g g g g g g gg g g g g




most but not all of the terms specified in the contract, and may be required to pay damages for
g g g g g g g g g g g g g g g g g g g




the terms not met
g g g g




Thad received multiple offers on his property and is reviewing them with his agent Nora. All of
g g g g g g g g g g g g g g g g




the offers have at least one contingency. Nora recommends that they reject the second offer,
g g g g g g g g g g g g g g g




because it has a contingency that's generally the most risky. Which contingency is that? -
g g g g g g g g g g g g g g g




ANSWER: ➡ Home sale
g gg g g




Kendra made an offer on Sam's property. Sam rejected Kendra's offer, but made a counter-offer.
g g g g g g g g g g g g g g




Kendra is now considering the counter. What role does Kendra currently have in this scenario?
g g g g g g g g g g g g g g g




- ANSWER: ➡ Offeree
g g gg g




What does the parol evidence rule say about contracts? - ANSWER: ➡ The terms agreed to in a
g g g g g g g g g g gg g g g g g g




written contract are the only terms relating to that contract
g g g g g g g g g g




Barney and Zack signed a sales contract. Zack changed the down payment amount from $2,000
g g g g g g g g g g g g g g




to $5,000 using a software program. Barney then wrote $4,500 by hand on a printed copy and
g g g g g g g g g g g g g g g g g




sent it back to Zack. What is the amount of the down payment since both parties have signed? -
g g g g g g g g g g g g g g g g g g g




ANSWER: ➡ $4,500
g gg g




What is the definition of a legally competent party? - ANSWER: ➡ Someone who has the legal
g g g g g g g g g g gg g g g g g




and mental capacity to enter into a contract
g g g g g g g g




Which party is bound by a bilateral contract? - ANSWER: ➡ Both the seller and the buyer
g g g g g g g g g gg g g g g g g




Which of the following is a good rule of thumb regarding multiple offers? - ANSWER: ➡ Make
g g g g g g g g g g g g g g gg g




sure to consider all the terms of each offer
g g g g g g g g g

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