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NC Post Licensing 302 Exam Questions With
Correct Answers
Which of the following statements best describes a buyer performing due diligence during a
North Carolina real estate transaction? - answer✔The buyer meets with a lender to get pre-
qualified, arranges a home inspection and appraisal, asks questions, and investigates any other
areas of the property the buyer feels may need it.
One advantage of telling the buyers' agents that there are multiple offers on a property is
_______. - answer✔It gives buyers an incentive to create a better offer
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.
`````The Back-Up Addendum should be used when ______. - answer✔The seller wants to accept
a secondary offer
North Carolina licensee Tara is completing the Offer to Purchase and Contract, Standard Form
2-T, for her married buyer clients Bob and Maggie McKenzie, who are listed in LinkedIn and
Facebook as Robert "Bobby Mack" McKenzie and Margaret (née Harper) McKenzie. Their legal
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names are Robert H. McKenzie and Margaret E. McKenzie. How should Tara list their names in
the contract? - answer✔Robert H. McKenzie and wife, Margaret E. McKenzie
North Carolina buyer Travis needed to obtain a mortgage loan to purchase another property
that's under contract. Which of these statements applies in this situation? - answer✔The Loan
paragraph in Standard Form 12-T notes the buyer is entitled to apply for a mortgage loan. This
paragraph is NOT a contingency. If Travis isn't approved and doesn't find that out until after the
due diligence period expires, he'll lose his earnest
*The Loan paragraph in Standard Form 12-T notes that the buyer is entitled to apply for and
seek approval for a loan. The buyer's obligation to purchase the property is NOT contingent on
obtaining a loan. The buyer should work with the lender to try to determine whether it's likely
the buyer will be approved for the loan before the due diligence period expires. If the buyer
isn't approved before the expiration, the buyer may terminate the contract and have the
earnest money returned.
______ lending was a contributing factor to the housing collapse in the mid-2000s -
answer✔Predatory
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
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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 repair any property damage (with some exceptions) that occurs during
a property investigation, whether it's caused by the buyer or the buyer's contractor.
A real estate transaction has a closing date of May 20. The seller, who's responsible for closing
costs up to but not including the day of closing, has already paid annual property taxes of
$1,949. How will the closing statement reflect the proration for the seller? Use a calendar year
proration, and round to the nearest dollar. - answer✔Credited $1,207
Which of the following is NOT a valid reason for an offer termination in North Carolina? -
answer✔Improper forms
**In addition to the incorrect answers, rejection, expiration, revocation, or destruction of
property may terminate an offer.
Which of the following is NOT something a buyer can do or investigate during the buyer's due
diligence period under North Carolina's Standard Form 2-T? - answer✔The buyer should review
the seller's finances or have a financial advisor review them to ensure the seller can go through
with the transaction
Which of the following bits of data is crucial in a proration? - answer✔The number of days in
the proration period
Which of the following must be present in order to prove fraud has occurred? -
answer✔Intentionally withholding information
Under the statute of frauds, which of the following agreements must be in writing? - answer✔A
real estate sales contract
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