NC 302 Post Licensing Questions and
Answers Already Passed
What document must a real estate agent provide to the seller at the time of listing a property?
✔✔ The Listing Agreement
What is the purpose of a property management agreement?
✔✔ To define the responsibilities and terms between the property owner and the property
manager
What must be included in a property disclosure statement?
✔✔ Information about known defects or issues with the property
What is the role of an earnest money deposit in a real estate transaction?
✔✔ To show the buyer’s serious intent to purchase the property
How long must a broker keep transaction records in North Carolina?
✔✔ Three years
1
,What is the purpose of a closing disclosure?
✔✔ To outline all financial details of the transaction, including closing costs and fees
What does a comparative market analysis (CMA) help determine?
✔✔ The market value of a property
Who is responsible for paying property taxes at closing if they are prorated?
✔✔ The seller, up to the date of closing
What is the significance of the North Carolina Real Estate Commission?
✔✔ To regulate and enforce real estate laws and standards in North Carolina
What must be disclosed to buyers about a property’s condition before closing?
✔✔ Any known material defects or issues with the property
What type of insurance should a property management company typically have?
✔✔ Liability insurance
2
,When should a broker provide the seller with a copy of the listing agreement?
✔✔ At the time the listing agreement is signed
What is a property manager’s primary responsibility?
✔✔ To manage the day-to-day operations of rental properties on behalf of the owner
How is the commission typically calculated in a real estate transaction?
✔✔ As a percentage of the final sale price of the property
What information must be included in a rental agreement?
✔✔ Terms of rent, duration of lease, and responsibilities of both landlord and tenant
What is the primary purpose of a lease agreement?
✔✔ To outline the terms and conditions for renting a property
How does a real estate broker ensure compliance with fair housing laws?
✔✔ By treating all clients and potential buyers equally and avoiding discriminatory practices
3
, What should be done if a dispute arises between a property manager and a tenant?
✔✔ Follow the dispute resolution procedures outlined in the property management agreement
What is the function of a title insurance policy in a real estate transaction?
✔✔ To protect the buyer and lender from any issues related to the property's title
What is a foreclosure in real estate terms?
✔✔ The legal process by which a lender takes possession of a property due to the owner's failure
to make mortgage payments
What is the purpose of a property management inspection?
✔✔ To assess the condition of the property and identify any maintenance or repair needs
When is an escrow account typically used in a real estate transaction?
✔✔ To hold funds such as earnest money until the transaction is completed
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
4
Answers Already Passed
What document must a real estate agent provide to the seller at the time of listing a property?
✔✔ The Listing Agreement
What is the purpose of a property management agreement?
✔✔ To define the responsibilities and terms between the property owner and the property
manager
What must be included in a property disclosure statement?
✔✔ Information about known defects or issues with the property
What is the role of an earnest money deposit in a real estate transaction?
✔✔ To show the buyer’s serious intent to purchase the property
How long must a broker keep transaction records in North Carolina?
✔✔ Three years
1
,What is the purpose of a closing disclosure?
✔✔ To outline all financial details of the transaction, including closing costs and fees
What does a comparative market analysis (CMA) help determine?
✔✔ The market value of a property
Who is responsible for paying property taxes at closing if they are prorated?
✔✔ The seller, up to the date of closing
What is the significance of the North Carolina Real Estate Commission?
✔✔ To regulate and enforce real estate laws and standards in North Carolina
What must be disclosed to buyers about a property’s condition before closing?
✔✔ Any known material defects or issues with the property
What type of insurance should a property management company typically have?
✔✔ Liability insurance
2
,When should a broker provide the seller with a copy of the listing agreement?
✔✔ At the time the listing agreement is signed
What is a property manager’s primary responsibility?
✔✔ To manage the day-to-day operations of rental properties on behalf of the owner
How is the commission typically calculated in a real estate transaction?
✔✔ As a percentage of the final sale price of the property
What information must be included in a rental agreement?
✔✔ Terms of rent, duration of lease, and responsibilities of both landlord and tenant
What is the primary purpose of a lease agreement?
✔✔ To outline the terms and conditions for renting a property
How does a real estate broker ensure compliance with fair housing laws?
✔✔ By treating all clients and potential buyers equally and avoiding discriminatory practices
3
, What should be done if a dispute arises between a property manager and a tenant?
✔✔ Follow the dispute resolution procedures outlined in the property management agreement
What is the function of a title insurance policy in a real estate transaction?
✔✔ To protect the buyer and lender from any issues related to the property's title
What is a foreclosure in real estate terms?
✔✔ The legal process by which a lender takes possession of a property due to the owner's failure
to make mortgage payments
What is the purpose of a property management inspection?
✔✔ To assess the condition of the property and identify any maintenance or repair needs
When is an escrow account typically used in a real estate transaction?
✔✔ To hold funds such as earnest money until the transaction is completed
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
4
