North Carolina Post Licensing 302 Practice Exam – All Questions

Browse all practice questions for the North Carolina Post Licensing 302 Practice Exam. Search by topic, open any question and review its full explanation, then test yourself in the practice quiz.

Start practice test Flash cards

Discover the Required Number of Classes for Your Broker License in North CarolinaWhat is the minimum number of post-licensing classes required for a broker's license?Discover what makes a loan application validWhat is one of the criteria for a valid loan application?Discovering What Fixtures Matter Most in North Carolina HomesWhich fixture is specifically mentioned as part of home inclusions?Handling Disputes Over Trust Accounts in North CarolinaIn the event of a dispute over funds in a trust account, what must occur?How Seller-Paid Loan Costs Appear on the Closing DisclosureIn a transaction where the seller pays buyer loan costs, how are those costs reflected on the closing disclosure?How to Ensure Clear Communication in Real Estate TransactionsWhich practice helps ensure clear communication in real estate transactions?Is it against RESPA to accept referral fees between real estate licensees?Does RESPA prohibit referral fees between licensees?Key Factors to Consider When Sending an Electronic SignatureWhat must be considered when sending an electronic signature?Key Steps to Avoid When Transferring Subdivided LandWhat must be avoided when transferring subdivided land?Know the Importance of Timely Earnest Money Deposits in North CarolinaWhen must an earnest money deposit be deposited?Navigating Mistakes of Law in North Carolina Contract LawIn terms of contract law, what does a mistake of law NOT apply to?Understand the Importance of Disclosure in Controlled Business ArrangementsWhich disclosure must be provided prior to a referral in a controlled business arrangement?Understanding Assignors and Assignees: Key Contract Concepts in North CarolinaWhich of the following statements about assignors and assignees is true?Understanding Binding Communication Under UETAUnder the UETA, what is required for communication of acceptance to be binding?Understanding Broker Advertising Duties in North CarolinaWhich of the following is NOT a duty of a broker when advertising?Understanding Broker Representation Laws in North CarolinaWhat does North Carolina general statute prohibit regarding representation of brokers?Understanding Business Days and Holidays in Real EstateWhich of the following is excluded from being considered a business day?Understanding Buyer Responsibilities for Interest on Closing DayWhat is the buyer responsible for in terms of interest during the closing date?Understanding Buyer’s Due Diligence for Property SuitabilityWhat is included in a buyer's due diligence regarding property suitability?Understanding Consumer Rights Under UETA for Electronic TransactionsWhat is a requirement under UETA for consumers using electronic methods?Understanding Contract Interpretation in North CarolinaWhich of the following best describes how contracts should be interpreted?Understanding Deceptive Trading Practices in North CarolinaWhat kind of practices can lead to unfair and deceptive trading allegations?Understanding Delay of Settlement in North Carolina Real Estate TransactionsWhich statement is true regarding the delay of settlement?Understanding Fixtures in Real Estate: What Stays and What GoesWhich of the following is NOT considered a fixture in real estate?Understanding How a Backup Buyer Becomes A Primary BuyerHow does a backup buyer become aware of their new primary status?Understanding How Bonuses, Commissions, and Rebates Should Be Handled Under RESPAUnder RESPA, how must bonuses, commissions, and rebates be handled?Understanding How to Withdraw Consent in Electronic TransactionsWhat does it mean to withdraw consent in electronic transactions?Understanding Market Offer Guarantee in North Carolina Real Estate TransactionsIn the context of a contract, what does MOG stand for?Understanding Mortgage Interest Reserves and Their Role in ClosingWhich aspect might a mortgage interest reserve cover during the closing process?Understanding Mutual Mistakes in Real Estate ContractsWhat type of mistake allows a buyer to rescind a contract and receive a full refund?Understanding Property Transfer Tax Exemptions in North CarolinaWhich of the following is typically exempt from property transfer taxes?Understanding Record Retention for Real Estate Transactions in North CarolinaHow long must records be retained after the closing of a transaction?Understanding RESPA Regulations and What They Mean for Your Real Estate CareerWhich of the following is NOT prohibited by RESPA?Understanding RESPA: The Regulation Against Kickbacks in Real EstateKickbacks between settlement service providers are addressed in which regulation?Understanding Severalty in Real Estate OwnershipIn terms of ownership, what does "severalty" mean?Understanding the 3-Day Delivery Requirement for Buyer's Closing DisclosureWhich closing disclosure is only subject to the 3-day delivery requirement?Understanding the Benefits of a Free Trader Agreement in North CarolinaWhat is a "Free Trader Agreement" used for in North Carolina?Understanding the Best Practices for Agents on Buyer-Seller AgreementsWhat is the recommended procedure for agents when dealing with agreements between buyers and sellers?Understanding the Calculation of Excise Tax in North Carolina on Property SalesHow is the excise tax in North Carolina calculated on a sales price of $196,000?Understanding the Certification Required for Sewer ConnectionsWhat type of certification is required for sewer connections?Understanding the Concept of a Void ContractWhat describes a void contract?Understanding the Different Types of Contracts in Real EstateWhat type of contract involves two promises where both parties are bound to act?Understanding the Essence of Earnest Money Deposits for Backup BuyersWhat is required for a backup buyer to handle earnest money deposits?Understanding the Essential Elements of a Contract in North CarolinaWhich of the following is NOT an essential element of a contract?Understanding the Implications of Altering Contracts in North Carolina Real EstateWhat does the prohibition against drafting contracts for others imply regarding alterations made by a buyer or seller?Understanding the Importance of Accurate Seller Mortgage Lender InformationWhat should agents ensure is accurate before completing a contract?Understanding the Importance of CLUE Reports in Real Estate TransactionsWhat is the primary purpose of CLUE reports in the context of real estate?Understanding the Importance of Consent Before Using Electronic MethodsWhat should consumers be informed about prior to using electronic methods?Understanding the Importance of Immediate Communication in Dual AgencyWhat is crucial to remember about dual agency communication?Understanding the Importance of RESPA in Real Estate TransactionsWhat is the focus of the Real Estate Settlement Procedures Act (RESPA)?Understanding the Importance of Thoroughly Analyzing an Offer to Purchase and ContractWhat should one do when analyzing an offer to purchase and contract?Understanding the Interstate Land Sales Full Disclosure ActWhat does the Interstate Land Sales Full Disclosure Act require from sellers?Understanding the Key Characteristics of Electronic SignaturesWhat is the primary characteristic of an electronic signature?Understanding the Key Role of the Closing Attorney in Real Estate TransactionsWhat is one of the roles of the closing attorney?Understanding the Maximum Delay in Real Estate Closing in North CarolinaWhat is the maximum delay in closing allowed without issues arising?Understanding the Meaning of 'Total Paid Already' in Loan CostsWhat term describes the fees that have been paid already by or on behalf of the borrower?Understanding the Parol Evidence Rule in Written ContractsWhat does the Parol Evidence Rule state regarding written contracts?Understanding the parole evidence rule in North Carolina contract lawWhat does the parole evidence rule state?Understanding the Requirements for Electronic Signature ComplianceWhat is required to comply with regulations when utilizing electronic signatures?Understanding the Requirements for Identifying Parties in North Carolina Real Estate TransactionsIn a real estate transaction, what is required regarding the identity of the parties involved?Understanding the Role of a Special Power of Attorney in North CarolinaIn what context is a special "Power of Attorney" form typically required?Understanding the Role of Additional Provisions Addenda in Real Estate TransactionsWhat is the primary purpose of an additional provisions addendum?Understanding the Role of Communication in Contract AcceptanceWhat is associated with the term "acceptance" in a contract agreement?Understanding the Role of Due Diligence in Real Estate TransactionsWhat is the main function of due diligence in a real estate context?Understanding the Role of the Uniform Electronic Transactions Act in North CarolinaWhat is the primary purpose of the Uniform Electronic Transactions Act (UETA) in North Carolina?Understanding the Role of Title Insurance in Buyer Document PreparationWhich of the following documents would typically be prepared in the buyer’s document preparations?Understanding the Scope of Electronic Transactions Under UETA in North CarolinaWhat type of transactions does the UETA cover in North Carolina?Understanding the Timeline for Earnest Money Deposits in North CarolinaHow soon must earnest money be deposited after receipt?Understanding the Unfair or Deceptive Trade Practices Act in North Carolina Real EstateUnder what circumstances does the Unfair or Deceptive Trade Practices Act apply?Understanding Third-Party Checks Accepted by Licensees in North CarolinaWhat types of third-party checks can a licensee accept for delivery?Understanding UETA and Its Impact on Electronic TransactionsWhat does UETA stand for?Understanding Unfair and Deceptive Trade Practices in North CarolinaWhat constitutes an unfair and deceptive trade practice?Understanding What Makes a Real Estate Offer Valid in North CarolinaWhat is the primary factor that differentiates a valid offer from an invalid one in real estate transactions?Understanding What Makes Electronic Communication Binding Under UETAWhat is crucial for electronic communication to be considered binding under UETA?Understanding What Must Be Disclosed When Dealing With Manufactured HomesWhat must be disclosed when dealing with manufactured homes?Understanding What Provisional Brokers Must Do with Received MoneyWhat must a provisional broker do with any money received?Understanding When a Spousal Signature is Needed on Property Deeds in North CarolinaWhat situation requires a spousal signature on a property deed in North Carolina?Understanding When an Offer is Automatically Terminated in Contract LawAccording to contract law, when is an offer automatically terminated?Understanding When Electronic Communications Are Considered ReceivedWhen is an electronic communication considered received?Understanding When Fees Are Considered Earned in Real Estate TransactionsWhen are fees considered earned in real estate transactions?Understanding When Mortgage Interest is Paid Following ClosingWhen is mortgage interest typically paid in relation to closing?Understanding When Time is of the Essence in Contingent SalesIn what situation must time be considered of the essence in a settlement date?Understanding who develops and updates joint forms and why the Joint Forms Task Force mattersWho is responsible for developing and updating joint forms?Understanding Who Pays Property Taxes on Closing DayWho is responsible for property taxes on the day of closing?Understanding Written Consent in North Carolina's Offer to Purchase and ContractWhat does the North Carolina offer to purchase and contract require from the parties involved for assignment of rights?What Does Addendum 340-T Mean for Buyer Offers?What does addendum 340-T represent in response to a buyer's offer?What Happens During Closing in North Carolina Real Estate Transactions?According to North Carolina law, what should happen during closing?What Happens If a Seller Doesn't Provide the RPOADS Disclosure Statement?According to RPOADS disclosure, what can a buyer do if the disclosure statement is not provided?What Happens to Property When a Single Party Gets Married in North Carolina?What happens if a single party buys property and later gets married?What Lenders Must Provide Before Closing in North CarolinaWhat must a lender provide at least 3 business days prior to settlement?What the Good Funds Act Necessitates for Fund Distribution in Real EstateWhat does the Good Funds Act require regarding the distribution of funds?What TRID Means in Real Estate DisclosuresWhat does TRID stand for in the context of real estate disclosures?What You Need to Know About Consideration in Contract LawWhat can be bartered according to the principle of consideration?What You Need to Know About Courier Responsibilities for FundsWhat is required when acting as a courier for funds?What You Need to Know About Disclosing Offer Terms in North CarolinaWhat is required to disclose the terms and conditions of an offer?What You Need to Know About Loan Details in an Offer to PurchaseWhich details must be included in regard to a loan in an offer to purchase?What You Need to Know About Pre-Licensing Requirements in North CarolinaWhat is the required number of hours for pre-licensing education in North Carolina?What You Need to Know About Selling Lots Across State LinesWhat constitutes an actionable item prior to selling lots across state lines?What You Need to Know About Spousal Signatures on Sales Contracts in North CarolinaWhat is required in terms of spousal signatures on sales contracts in NC?What’s the Risk of Signing for an Undisclosed Principal?What is a potential issue when signing on behalf of an undisclosed principal?

More practice questions

These questions are part of the practice quiz. Start practicing

What happens if a broker does not renew their license?
Which method is NOT a valid way to communicate acceptance of an offer?
What is required for the discharge of a contract via Accord and Satisfaction?
How many business days does a lender have to provide the loan estimate after a borrower applies for a loan?
When is a closing disclosure considered "received" if delivered electronically?
What is a requirement for a broker to advertise a property?
Which of these is NOT commonly a buyer's expense at closing?
What is required for a counter offer to create a contract?
Which of the following actions is NOT allowed in a trust account?
What is the primary purpose of a backup contract addendum?
If additional terms are included in a contract, what are they referred to as?
What is NOT included in the DREAM OILS category under the Statute of Frauds?
What should the agent do during the closing process?
What is the maximum number of days a broker has to provide copies of transaction documents to their firm?
What can agents NOT do regarding contracts?
What happens if the closing disclosure is provided via mail?
What is the typical time frame for the first mortgage payment to be due after closing?
What penalty might a county impose for unapproved subdivisions?
In the context of an owner’s association addendum, what is included in the loan qualification process?
Who is primarily responsible for ensuring compliance with closing disclosure regulations?
What must a lender disclose when making an affiliated business arrangement?
What is the role of an agent regarding environmental issues?
In the context of consumer transactions, an electronic signature is relevant for transactions involving what type of purposes?
How often must a trust account be balanced according to the regulations?
Can the disclosure timeline be waived by brokers?
Who is responsible for ensuring the accuracy of loan estimates?
What is considered a material fact in real estate transactions?
According to the mailbox rule, when is delivery measured from?
What is a permissible use of broker funds in a trust account?
What happens to an offer if any change is made, regardless of the size of the change?
Which insurance document gives a legal opinion about the property's title?
What defines a contract in legal terms?
In the context of offer and acceptance, what occurs when a buyer makes a counter offer?
What makes a contract voidable?
What is a requirement regarding the submission of offers by a licensee?
When might a buyer decide to withdraw their offer?
What happens if a buyer cancels for any reason after the due diligence period?
Which of these statements is true regarding changes to contracts made by buyers or sellers?
If a licensee has doubts about a client's legal capacity, what should they do?
What is a crucial knowledge area for a real estate agent?
What is the consequence if a buyer cancels after the due diligence period?
What defines an implied contract?
Which statement is true regarding multiple offers in real estate?
What is the purpose of the due diligence fee in North Carolina real estate transactions?
Which item is included as a fixture in a home sale?
What is the correct proration method for rents during a transaction?
What is the primary goal of RESPA?
Which of the following is true about drafting contracts?
What documents must an attorney obtain to facilitate closing?
What does a voidable contract usually indicate?
What kind of form is referred to as a standard 2-T contract?
What is true regarding the communication of an offer or acceptance to a principal's agent?
Who is required to sign a deed when a married couple in North Carolina conveys property?
What does POC stand for in the context of closing fees?
What happens if a license becomes inactive or expired regarding commissions earned?
When must continuing education be completed in North Carolina?
Which document is necessary for verifying property insurance during the buyer's due diligence?
What is necessary for non-attorneys when closing a real estate transaction?
What happens to earnest money if a contract has been accepted?
Which of the following is considered an unlimited variation under permissible variations?
Under what circumstance must sellers provide a rescission period for buyers?
What distinguishes a digital signature from an electronic signature?
What is the primary difference in obligation between the optionOR and the optionEE in an option contract?
Can personal disclosures be revoked after consent in electronic transactions?
Which of the following must be included when discussing earnest money in a sales contract?
What constitutes a blind ad in real estate advertising?
Which statement best describes the requirements of a new construction addendum?
Which situation applies to interstate land sales?
What key role does the Commission play in relation to contracts?
What is a valid reason for a contract to be voidable?
Who needs to be included in the contract to ensure all parties are represented?
What is an example of willful misrepresentation?
Which action is prohibited before final plat approval in subdivisions?
What is the total duration of post-licensing education required in North Carolina?
What is a potential penalty for violating RESPA regulations?
If a broker is acting as a dual agent, what guidelines must they follow regarding closing disclosures?
What must happen for a buyer to terminate their backup contract without liability?
What is one of the methods for discharging a contract?
What can a brokerage do with the earnest money if a buyer’s transaction closes?
What is required from brokers regarding lead-based paint disclosures?
What is the role of the "attorney-in-fact" when utilizing a Power of Attorney form?
Which fees are subject to a 10% allowable variation?
What type of contracts should agents avoid creating independently?
What is meant by "earned" in a commission context?
What occurs in the situation of a low appraisal related to FHA/VA financing?
What should a licensee do with an inspection payment received from a buyer?
What is a notable restriction on the drafting of contracts for real estate agents in North Carolina?
What is the meaning of "Settlement" in the context of real estate transactions?
How many days prior to the anticipated settlement date can a broker transfer an earnest money deposit to an attorney?
Which of the following is NOT included in the required disclosures before using electronic transactions?
What principle is established by the mailbox rule?
What can trust accounts earn on their balance?
What options does a buyer have in the event of a non-signature from a necessary party?
Who must honor existing leases when the ownership of a property changes?
What is the right of a buyer regarding the withdrawal of an offer?
What must a seller receive with the original executed contract when providing a contingent addendum?
How are prorated taxes and rents reflected in the settlement?
What does amending terms in a contract involve?
What is the purpose of issuing two separate closing disclosures?
What is one key responsibility of the buyer at closing?
Which of the following documents is NOT typically prepared by the seller?
Which names are typically discouraged from being used in a real estate contract?
Which of the following best describes an electronic record?
Which of the following costs would a buyer typically be responsible for at closing?
What is the primary purpose of the Consumer Financial Protection Bureau (CFPB)?
What is the role of closing attorneys in real estate transactions?
In contract law, which type of contract is inferred from conduct or actions?
What occurs in the process of novation?
For which loan types does an APR increase of more than ⅛% generally apply?
Why might lenders require an acknowledgment signature on the deed of trust?
Which exchange is noted as a tax-deferred circumstance?
Does a listing agent have to disclose the existence of multiple offers to a buyer's agent?
What is required for a document to be legally recognized when sent electronically?
When is an offer deemed accepted according to contract law?
What does a closing attorney NOT do?
Which document is NOT a requirement at closing?
When was the E-Sign Act enacted?
What defines an option in real estate transactions?
When must all offers be communicated to the other party?
An application occurs when which of the following is provided by the borrower?
What happens if the due diligence (DD) fee is not paid?
When making changes to a contract, what is considered an amendment?
Who typically selects and pays for the closing attorney?
In the context of an accepted offer, when is communication considered complete according to agency principles?
On which day can a borrower close if they receive their closing disclosure on a Monday?
What does a ‘hot potato’ refer to in real estate transactions?
What must occur for a standard contract to be assigned to another party?
What principle governs the anonymity of corporate buyers in real estate transactions?
How may an offer's terms impact the negotiation process?
How many original contracts are required, regardless of the number of signatures?
Prior to receiving final plat approval, which action is permissible?
What is required of all co-owners when signing a contract?
What must the new owner honor concerning existing properties?
What is required from a listing broker if a cooperating broker requests confirmation of an offer submission?
Which of the following items may require reserves to be deposited with a lender?
What circumstance would exempt a transaction from the application of RESPA?
What is required regarding trust accounts in a brokerage?
Which service restriction does RESPA impose on escrow accounts?
What constitutes the total due from the borrower at closing?
Which of the following must be in writing according to the Statute of Frauds?
Which method is NOT used for communicating acceptance?
How long before the anticipated settlement date can funds be transferred from the brokerage escrow account?
What document must a borrower receive within 3 days of loan application?
What does an executed contract indicate about tasks?
What is the due diligence fee related to?
What is a primary goal of RESPA in real estate transactions?
What is the status of a license if the continuing education requirements are not completed?
How many days prior to settlement can a broker transfer money out of the trust account to the closing attorney?
To whom can an earnest money deposit (EMD) be written?
In the event of a breach of contract, which of the following is NOT considered a remedy?
What occurs last during the disbursement of trust monies?
Can a broker receive compensation if their license is inactive but was active when the contract was earned?
Which party has the right to revoke an offer at any time prior to acceptance?
When is a contract considered to be established?
Which of the following is NOT a cost typically paid by the seller at closing?
Which of the following is NOT a required item in an offer to purchase and sales contract in North Carolina?
Which of the following is NOT a scenario where alterations to agreements are allowed?
A back-up addendum is usually associated with which type of document?
What type of care are agents obligated to provide in terms of zoning issues?
Which of the following is NOT required to be provided by owners of unimproved property?
What is the consequence of transferring lots without final plat approval?
What does RPOADS stand for in real estate disclosures?
Who is primarily liable in a contract assignment?
What information must attorneys have when dealing with a seller's property?
What is the implication of risk of loss for a buyer prior to closing?
What is one of the responsibilities of a broker during the closing process?
What obligation does the buyer have if they take possession of the property before closing?
If a loan product changes and there is an increase in APR, what is one of the adjustments that may be made?
What does UETA stand for?
What type of offer must be communicated to the offeree?
What must a buyer do to effectively withdraw an offer?
What are business days defined as in this context?
What does the term "Caveat Emptor" refer to in North Carolina real estate transactions?
What is the ONLY charge a lender can make prior to the loan estimate?
Which of the following actions is necessary when completing addenda?
What must occur for an acceptance to be valid?
What happens to an offer once it is countered by the buyer?
Which addendum should be read along with the real estate purchase contract?
What aspect of electronic signatures does compliance with statutes impact?

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy