NC 302 P0ST- LICENSING
CONTRACTS&CLOSING EXAM (ACTUAL
EXAM) QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST 2024 ALREADY
GRADED A+
Offer - Documentation - ANSWERS-A copy of every transaction
document (including offers) must be provided to the firm or the
sole prioprietorship within 3 calendar days of Broker's receipt.
Offer - Acceptance: Mailbox Rule - ANSWERS-Delivery is
measured at the time the communication is SENT. Not WHEN it
was RECEIVED.
,Contract: Definition of Contract - ANSWERS-A deliberate
agreement between two or more competent parties supported
by legal consideration to perform or abstain from performing
some act
Real Estate Settlement Procedures Act (RESPA) - What is
Prohibited - ANSWERS-1) Referral fees between licensees, 2)
Crediting commissions to clients for coats, 3) Receipt of
bonuses by a licensee from someone other than settlement
service provided, 4) Must not force the parties to use a
particular Settlement Provider.
Real Estate Settlement Procedures Act (RESPA) - Allows for Co-
Ownership of Settlement Service Providers - ANSWERS-1)
Affiliated business arrangements, 2) Disclosure of relationships,
3) Cannot require use, 4) Must disclose all fees to be charged
Contracts - ANSWERS-Real Esate Brokers / Professionals are
prohibited from Drafting Contracts. It is unauthroized practice
of LAW. Role of Licensee is to Fill In or Complete Printed Forms.
Licensees are PROHIBITED from drafting contracts for OTHERS.
Law doesn't prohibit BUYER & SELLERS from making changes.
, However, if they do want to change the language in the forms,
they should be ADVISED BY AN ATTORNEY.
Contract: Essential Elements - ANSWERS-4 - CLAP: (C)
Consideration (Value), (L) Legal Act, (A) Agreed upon Mutually,
(P) All Parties are Competent
Contract: Necessary Elements for Compliance - ANSWERS-1)
Individual Names of the parties in the contract, 2) Subject
matter of the contract, 3) Material terms and conditions, 4)
Signature of all parties
Contract: Consideration - ANSWERS-The "Value" that is being
exchanged between the two parties in a contract. IT IS NOT
EARNEST $ (EMD) OR DUE DILIGENCE FEE (DDF)
Contract: Express - ANSWERS-A contract where the intentions
are expressed either orally or in writing
Contract: Implied - ANSWERS-A contract that is inferred either
by conduct or actions
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