301 NC POST LICENSING EXAM 2024
ACTUAL EXAM COMPLETE 350
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Tiffany, an investor, wants to net 12% profit after
paying a brokerage commission of 7%. If her original
purchase price was $349,000, what's the minimum
offer she can accept? Round to nearest whole dollar.
- ....ANSWER...$420,301
Which one of these scenarios accurately depicts how
to handle earnest money? - ....ANSWER...Lisa, a
closing attorney, is permitted to deposit disputed
earnest money funds with the courts pending
dispute settlement.
,The Slorahns are purchasing a property in
Wilmington and are concerned about the title. They
want to have a title search performed. Who can
perform a title search? - ....ANSWER...The closing
attorney
````What are accrued expense items? -
....ANSWER...Items to be divided proportionately
between the buyer and seller that the seller owes
Which of the following actions is a North Carolina
broker who's acting as an agent in a transaction
permitted to do? - ....ANSWER...Complete a pre-
printed offer when directed to do so by the
transaction parties.
If the property tax proration is $4.50 per day, the
settlement date is March 13, the buyer and seller
have not negotiated a different proration method,
and it's not a leap year, what amount will be charged
to the seller and to the buyer respectively for taxes?
- ....ANSWER...$324 to the seller and $1,318.50 to the
buyer
,Which of the following statements regarding
electronic transactions in North Carolina is true? -
....ANSWER...A client may request hard-copy records
even if the parties agreed to use electronic
signatures and records.
You're a listing broker managing multiple offers. You
should avoid doing which of the following? -
....ANSWER...Injecting your personal opinion as to
which is the best offer
Kendra made an offer on Sam's property. Sam
rejected Kendra's offer, but made a counter-offer.
Kendra is now considering the counter. What role
does Kendra currently have in this scenario? -
....ANSWER...Offeree
**The seller considering a buyer's offer is an offeree,
but if that seller makes a counter-offer, then the
seller becomes the offeror, and the buyer becomes
an offeree
Which of the following is considered a vice of
consent in North Carolina? - ....ANSWER...Duress
, North Carolina buyer Max wanted to pay the due
diligence fee and initial earnest money deposit by
personal check. Which of the following statements is
correct in this situation? - ....ANSWER...Both fees
may be paid by personal check, but each must be
paid separately in checks made out to different
people.
Which of the following individuals may act as the
escrow agent in a real estate closing? -
....ANSWER...Sarah, a representative from the
escrow department at the buyer's lender
A _______ occurs when the seller may not have
enough funds to pay the costs of selling the
property, even if a buyer pays the full purchase
price. - ....ANSWER...Short sale
After North Carolina buyer Henry accompanied his
inspector on the property, he received a call from his
agent, Clark. Apparently, either Henry or his
inspector had left a window open. When it stormed,
the wooden window sill warped and was ruined. Who
is responsible for this damage under the terms of
Standard Form 2-T? - ....ANSWER...The buyer must
pay for it, because he's responsible for paying to
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