Exam (elaborations)
NC Post-Licensing 302 - Unit Test Questions with 100- correct answers.
- Course
- Institution
NC Post-Licensing 302 - Unit Test Questions with 100- correct answers.
[Show more]
Content preview
NC Post-Licensing 302 - UnitTest Questions with 100%
correct answers
In a real estate transaction, which of the following is an example of
consideration? - answer The seller's promise to sell
Your automatic check writer wrote a check for $51.50, but your
printer ran out of toner, so you had to fill in the handwritten line. In
a hurry, you accidentally wrote, "Fifty-one dollars and no/100
cents." Which amount takes priority? - answer The handwritten
number
Morgan has agreed to sell his home to Dierks, and they've signed a
contract. Which of these actions changes the contract from
executory to executed? - answer Dierks' lender funded the loan,
and closing took place
_______ is an example of circumstances that are beyond the buyers'
control, meaning they can't practically do what they've agreed to
do, and the offer terminates. - answer Destruction of property
If a contract is for an illegal purpose, it's ______ - answer Void
Which of the following is NOT a valid reason for an offer termination
in North Carolina? - answer Improper forms
Which offer would be the most appealing to a seller? - answer It
depends on the seller's needs and motivations
,Kirk and his cousin Dewey decided to buy a vacation home. They
entered into a contract with the seller, Crystal. Before finalizing the
sale, Dewey wanted out, but he doesn't want to let his cousin down.
So instead of pulling out altogether, Dewey convinced his son to
replace him in the purchase contract. Kirk and Crystal agreed to the
substitution, and Dewey was released from all his obligations under
the contract. Dewey's son is now the contracting party. What's this
an example of? - answer Novation
What type of language should be used to write contracts? - answer
Plain language
When does offer and acceptance occur? - answer When both
parties sign a contract with the full understanding of the terms.
Sylvan, the seller, and Eric, the buyer, have signed an option
agreement, which is an offer to purchase a specific piece of real
estate without the obligation to buy it. Until Eric exercises his
option to buy, only Sylvan is bound by the option agreement; he
may not sell the property to anyone else during the option period.
What type of contract is this? - answer Unilateral
Three of these statements about interpreting contracts are true,
and one is not. Which statement is FALSE? - answer A handwritten
insertion can be canceled out by typing over it.
What is wrong with this statement: "Handwritten information on a
contract is not legally binding. All insertions must be typed."? -
answer Insertions do not have to be typed to be legally binding.
Desmond has a signed listing agreement with his clients, the
Harpers. In exchange for helping the Harpers list, market, and sell
their home, the Harpers have agreed to pay Desmond a commission.
What type of agreement do Desmond and the Harpers have? -
answer Bilateral
,The Nettles have accepted the Briars' purchase offer, and both
parties have signed the sales contract. The funds, and the title,
should transfer in a matter of days, but otherwise the all elements
and terms of the contract have been met. What type of contract do
the Nettles and the Briars have? - answer Executory
Ruthie is explaining the termination option to her buyer client. How
would she explain that "time is of the essence" is for the discharge
under operation of law option? - answer "This means that if the
seller doesn't decide by the deadline, the buyer is no longer held to
the contract"
Why do you think that handwritten changes take priority over typed
changes? - answer It's less likely to be done inadvertently
Breanna signed a purchase offer stating she'd buy Kathy's home for
$150,000. Kathy rejected that offer but said she'd sell it to Breanna
for $200,000. Breanna agreed to these terms, and they added their
signatures. Which of the following statements is correct? - answer
Breanna accepted the offer Kathy made
Rex needs to handle some money he acquired during an "unsavory"
business deal. He agrees to sign his boat over to his colleague, Ben,
if Ben can launder the money and return it to Rex as part of a legal
business dealing. What kind of contract do Rex and Ben have? -
answer Void
Which of the following is a legitimate reason to counter an offer? -
answer Price
When a seller's agent receives a written offer from a prospective
buyer, how must it be handled? - answer It must be submitted
promptly to the seller
, Which of these sentences accurately lists rules for interpreting a
contract? - answer Typed text takes precedence over pre-printed
text, and spelled-out numbers (e.g. four) take precedence over
numerals (e.g. 5)
Zelda received an offer from Matthew for her house on Monday. The
offer is set to expire Wednesday. After a sleepless night on Monday,
Matthew told his broker to revoke the offer. Zelda hadn't accepted
the offer as of Tuesday night. What happens to Matthew's offer? -
answer The offer is terminated under contract revocation laws
Kent has received an offer for his house. What is the best solution if
there are some offer terms he's hesitant to accept? - answer Reject
the offer but reply with a form that outlines acceptable conditions
When does substantial performance of a contract occur? - answer
One party has met most but not all of the terms specified in the
contract, and may be required to pay damages for the terms not
met
Thad received multiple offers on his property and is reviewing them
with his agent Nora. All of the offers have at least one contingency.
Nora recommends that they reject the second offer, because it has a
contingency that's generally the most risky. Which contingency is
that? - answer Home sale
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
What does the parol evidence rule say about contracts? - answer
The terms agreed to in a written contract are the only terms
relating to that contract
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 BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71498 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now