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302NC POST LICENSING EXAM CONTRACTS LATEST ACTUAL EXAM WITH 150 QUESTIONS AND ANSWERS WITH RATIONALES (ALREADY GRADED A+) BRANDNEW!!!$19.99
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302NC POST LICENSING EXAM CONTRACTS LATEST ACTUAL EXAM WITH 150 QUESTIONS AND ANSWERS WITH RATIONALES (ALREADY GRADED A+) BRANDNEW!!!
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Course
302NC POST LICENSING CONTRACTS
Institution
302NC POST LICENSING CONTRACTS
302NC POST LICENSING EXAM CONTRACTS LATEST 2024-
2025 ACTUAL EXAM WITH 150 QUESTIONS AND ANSWERS
WITH RATIONALES (ALREADY GRADED A+) BRANDNEW!!!
NC 302 Postlicensing Contracts & Closings Pg. 193
Working with Addenda
New Construction Addendum
4. Who pays for the construction of additional imp...
4. Who pays for the construction of additional improvements? - ANSWER-
Buyer.
Must make sure Contractor does not put a lien on his house.
NC 302 Postlicensing Contracts & Closings Pg. 193
Working with Addenda
New Construction Addendum
5. What happens if construction is delayed? - ANSWER-Seller shall notify
buyer within 5 days within the commencement of the delay. Right to
extension is waived if no notice is given.
3. COMPLETION OF ADDITIONAL IMPROVEMENTS
Give notice within 5 days of the delay. Additional improvements. The
builder contractor has 5 days to give notice.
,2|Page
No notice, the delay is waived.
NC 302 Postlicensing Contracts & Closings Pg. 193
Working with Addenda
New Construction Addendum
6. Does the buyer have the right to inspect the improvements? - ANSWER-
Yes.
Paragraph 4 INSPECTIONS
Reasonable times not interfering with the progress of construction
NC 302 Postlicensing Contracts & Closings Pg. 193
Working with Addenda
New Construction Addendum
7. Under what circumstances does the buyer have the right to cancel the
Contract? - ANSWER-Standard Form 2A3-T
5B Buyer and Builder had agreed to the additions, but built not up to par, or
non build...?????
NC 302 Postlicensing Contracts & Closings Pg. 193
Working with Addenda
,3|Page
New Construction Addendum
8. What is a building deposit and how is it handled? - ANSWER-No EMD.
Paid to seller as additional $, transferred no later than the first banking day
DD period.
PP 5B. Building deposit.
Additional Monies. The Building Deposit
Paid to Seller cash, bank, wire transfer
no later than first banking day following the end of the DD period
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
1. What is the purpose and use of this form? - ANSWER-Allows buyer to
move in before closing instead of spending money on a hotel
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
, 4|Page
2. Who are the two professionals that a buyer and seller may want to
consult with before using this form? - ANSWER-Insurance and Attorney
Professionals
Seller needs to modify their ownership
Insurance can say: sorry , not covered
Need Renters insurance for the buyer
Landlord Policy for the seller
NC 302 Postlicensing Contracts & Closings Pg. 198
Working with Addenda
FHA/VA Financing Addendum
4 What funds constitute "any penalty by forfeiture"? - ANSWER-The
earnest money. Buyer still gets their EMD back.
NC 302 Postlicensing Contracts & Closings Pg. 201
Working with Addenda
Buyer Possession Before Closing Agreement
3. What is the earliest time under which a buyer can take possession using
this form? - ANSWER-8am the dated date.
NC 302 Postlicensing Contracts & Closings Pg. 201
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