NC 302 POST LICENSING CONTRACTS & CLOSINGS NC POST
LICENSING 302 JJ 2024-2025 LATEST ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+
NC 302 Post licensing Contracts & Closings
f f f f f f
Regarding Retention of Records 58A.108, a broker must provide copies of
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transaction documents:
f f
A) Within a day of receiving
f f f f
B) Within 3 days of receiving
f f f f
C) Within 5 days of receiving
f f f f
D) Within 14 days of receiving
f f f f f
…Answer: B) Within 3 days of receiving ff f f f f f
A broker must provide copies of transaction documents:- To the Firm or
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Sole Proprietorship (BIC) with which they are affiliated- Within 3 days
f f f f f f f f f f f
,NC 302 Postlicensing Contracts & Closings
f f f f f
Regarding Retention of Records 58A.108, a broker must keep copies of
f f f f f f f f f f
transaction documents for
f f f
A) Service Agreements
f
B) Professional Conduct
f
C) Safety Procedures
f
, D) FIRPTA f
…Answer: A broker must provide copies of transaction documents:- To
f f f f f f f f f
the Firm or Sole Proprietorship (BIC) with which they are affiliated-
f f f f f f f f f f f
Within 3 days f f
Keep records for 3 years after Closing
f f f f f f
Termination of Agency Disbursement of Trust Monies WHICHEVER
f f f f f f f
OCCURS LAST
f f
Brokers and BIC are responsible for keeping records in a transaction These
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are CALENDAR days, not business days You don't count the day it was
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executed/received (if received Tuesday, have to upload by Friday)
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An offer is terminated anytime by
f f f f f
A) Counter offer f
B) Rejection by the offeror f f f
C) Revocation by the offeree f f f
D) Discovery of convicted rapist in the area f f f f f f f
…Answer: A) Counter offer f f f
NC 302 Postlicensing Contracts & Closings
f f f f f
Regarding Retention of Records 58A.108, a broker must keep copies of
f f f f f f f f f f
transaction documents for from the conclusion of a transaction.
f f f f f f f f f
A) 1 year f
B) 3 yearsf
C) 4 yearsf
, D) 5 years
f f
…Answer: B) 3 years f f f
NC 302 Postlicensing Contracts & Closings
f f f f f
Regarding Retention of Records 58A.108, a broker must keep copies of
f f f f f f f f f f
transaction documents for
f f f
A) 5 years
f
B) personal account records f f
C) all transaction records and trust account records
f f f f f f
D) none of the above
f f f f
…Answer: C) all transaction records and trust account records
f f f f f f f f
NC 302 Postlicensing Contracts & Closings
f f f f f
Regarding Retention of Records 58A.108, a broker must keep copies of
f f f f f f f f f f
transaction documents for
f f f
A) all closings for 5 years
f f f f
B) Start of Agency and Disbursement of Trust Monies
f f f f f f f
C) Termination of Agency and Disbursement of Trust Monies
f f f f f f f
D) Start of Agency and Handling of Option Fees and Earnest Money
f f f f f f f f f f f
…Answer: C) Termination of Agency and Disbursement of Trust
f f f f f f f f
Monies
f
NC 302 Postlicensing Contracts & Closings
f f f f f
Regarding Retention of Records 58A.108, a broker must keep copies of
f f f f f f f f f f
transaction documents for
f f f
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