302 NC POST LICENSING EXAM ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (ALREADY GRADED A+) | LATEST VERSION 2024 (JUST RELEASED) 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 -----CORRECT 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 -----CORRECT ANSWER --------------- A broker must provide copies of transaction documents: - To the Firm or Sole Propriet orship (BIC) with which they are affiliated - Within 3 days Keep records for 3 years after Closing Termination of Agency 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) Di scovery of convicted rapist in the area -----CORRECT 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 conclusio n of a transaction. A) 1 year B) 3 years C) 4 years D) 5 years -----CORRECT 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 ye ars B) personal account records C) all transaction records and trust account records D) none of the above -----CORRECT 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 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 -----CORRECT 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 transac tion documents for A) uncanceled checks and bookkeeping systems B) non -expenditures C) non -general account ledgers D) trust or escrow account records -----CORRECT ANSWER --------------- D) trust or escrow account records NC 302 Postlicensing Contracts & C losings 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 -----CORRECT 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, Terminat ion of agency, disbursement of trust monies, whichever occurs last -----CORRECT ANSWER --------------- D) Keep records for 3 years after Closing Termination of Agency Disbursement of Trust Monies WHICHEVER OCCURS LAST NC 302 Postlicensing Contracts & Clos ings 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 t he 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 -----CORRECT 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 -----CORRECT 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 p erformance C) material breach D) none of the above -----CORRECT ANSWER --------------- D) none of the above NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated in several ways except: A) impossibility of perfor mance B) operation of law C) each party to the contract releases the other from contractual duties D) ovation -----CORRECT ANSWER --------------- D) ovation NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by A) Novation B) Pur Autre Vie C) Proration D) Lateral Support -----CORRECT ANSWER --------------- A) Novation (the substitution of a new contract in place of an old one) NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by A) RESPA B) Subsequent Modification C) Reservation D) Prima Facie -----CORRECT ANSWER --------------- B) Subsequent modification
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