NC POST-LICENSING 302 TEST WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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NC POST-LICENSING 302
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NC POST-LICENSING 302
In a real estate transaction, which of the following is an example of consideration? - Accurate AnswerThe 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 wro...
NC POST-LICENSING 302 TEST
NC POST-LICENSING 302 TEST WITH GUARANTEED ACCURATE ANSWERS |
VERIFIED
In a real estate transaction, which of the following is an example of consideration?
- Accurate 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? - Accurate
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? - Accurate
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. - Accurate Answer✅✅Destruction of property
,If a contract is for an illegal purpose, it's ______ - Accurate Answer✅✅Void
Which of the following is NOT a valid reason for an offer termination in North
Carolina? - Accurate Answer✅✅Improper forms
Which offer would be the most appealing to a seller? - Accurate 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? -
Accurate Answer✅✅Novation
What type of language should be used to write contracts? - Accurate
Answer✅✅Plain language
When does offer and acceptance occur? - Accurate 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? - Accurate Answer✅✅Unilateral
,Three of these statements about interpreting contracts are true, and one is not.
Which statement is FALSE? - Accurate 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."? - Accurate 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? - Accurate 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? - Accurate 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? - Accurate 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? -
Accurate 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? - Accurate 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? - Accurate Answer✅✅Void
Which of the following is a legitimate reason to counter an offer? - Accurate
Answer✅✅Price
When a seller's agent receives a written offer from a prospective buyer, how must it
be handled? - Accurate Answer✅✅It must be submitted promptly to the seller
Which of these sentences accurately lists rules for interpreting a contract? -
Accurate 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? - Accurate 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? - Accurate Answer✅✅Reject the offer but
reply with a form that outlines acceptable conditions
When does substantial performance of a contract occur? - Accurate
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
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