NC Post Licensing 302 JJ. Exam Questions
With Correct Answers
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must provide copies of transaction
documents:
A) Within a day of receiving
B) Within 3 days of receiving
C) Within 5 days of receiving
D) Within 14 days of receiving - answer✔B) Within 3 days of receiving
A broker must provide copies of transaction documents:- To the Firm or Sole Proprietorship
(BIC) with which they are affiliated- Within 3 days
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for
A) Service Agreements
B) Professional Conduct
C) Safety Procedures
D) FIRPTA - 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
ALL RIGHTS RESERVED.
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)
An offer is terminated anytime by
A) Counter offer
B) Rejection by the offeror
C) Revocation by the offeree
D) Discovery of convicted rapist in the area - answer✔A) Counter offer
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for ______ from the conclusion of a transaction.
A) 1 year
B) 3 years
C) 4 years
D) 5 years - answer✔B) 3 years
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for
A) 5 years
B) personal account records
C) all transaction records and trust account records
D) none of the above - answer✔C) all transaction records and trust account records
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for
ALL RIGHTS RESERVED.
A) all closings for 5 years
B) Start of Agency and Disbursement of Trust Monies
C) Termination of Agency and Disbursement of Trust Monies
D) Start of Agency and Handling of Option Fees and Earnest Money - answer✔C) Termination of
Agency and Disbursement of Trust Monies
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for
A) uncanceled checks and bookkeeping systems
B) non-expenditures
C) non-general account ledgers
D) trust or escrow account records - answer✔D) trust or escrow account records
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for
A) bookkeeping and expenditures
B) canceled checks and non-general account ledgers
C) transaction files and personal deposits
D) All of the above - answer✔A) bookkeeping and expenditures
NC 302 Postlicensing Contracts & Closings
Regarding Retention of Records 58A.108, a broker must keep copies of transaction documents
for 3 years for
A) bookkeeping, expenditures, and canceled checks, whichever occurs first
B) transaction files, personal deposits, and general account ledgers, whichever occurs last
C) closing, Termination of agency and deposits whichever occurs first
D) closing, Termination of agency, disbursement of trust monies, whichever occurs last -
answer✔D) Keep records for 3 years after
Closing
ALL RIGHTS RESERVED.
Termination of Agency
Disbursement of Trust Monies
WHICHEVER OCCURS LAST
NC 302 Postlicensing Contracts & Closings
Agent Guidelines w/ offers
A) 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
B) 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
C) Agent has to present all offers all the way throughout the contract, up to closing
D) All of the above - answer✔D) All of the above
NC 302 Postlicensing Contracts & Closings
Mutual Mistakes
A) May allow buyer to rescind the contract and be refunded all monies
B) Mistake of "Material Fact"
C) Does NOT apply to "Mistakes of Law"
D) All of the above - answer✔D) All of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) agreement of parties to terminate
B) full and complete performance
C) material breach
D) none of the above - answer✔D) none of the above
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
4|Page
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheStar. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
