Post Licensing 302 Exam Practice Questions and Answers
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Course
NC Post-Licensing
Institution
NC Post-Licensing
Post Licensing 302 Exam Practice
Questions and Answers
Are commission split agreements always
negotiated separately from the OTP? - Answer️️ -yes
Can commission split agreements be
included on OTP? - Answer️️ -no
Brokers are allowed to fill in the blanks of
sales contracts provided b...
What should a broker do if a buyer is requesting language and specific
provisions not on the form, and not covered by the addenda? - Answer✔️✔️-
refer the buyer to an attorney to draft a contract that fits their specific needs
If the property description is too vague could it render a contract voidable?
- Answer✔️✔️-yes
Is an earnest money deposit required? - Answer✔️✔️-not required but it
demonstrates the buyers
intentions to carry out the contract
How does earnest money appear on
closing statement? - Answer✔️✔️-credit buyer (seller does not receive until
closing
therefore no seller debit)
When does the effective date occur? - Answer✔️✔️-occurs when all parties
have signed and
contract has been communicated
How do DDFs appear on the closing statement? - Answer✔️✔️-credit
buyer/debit seller (since the seller has already been paid for it)
Settlement may be delayed up to ______ without having to
obtain further permission from seller - Answer✔️✔️-7 days
Are special assessments prorated? - Answer✔️✔️-no
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