Nc 302 Study guides, Class notes & Summaries

NC Post Licensing 302 JJ Exam Questions And Answers (Verified And Updated) NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must provide copies of transaction documents: A) Within a day of receiving B) Within 3 days of receiving C) Within 5 days of receiving D) Within 14 days of receiving - answerB) Within 3 days of receiving A broker must provide copies of transaction documents:- To the Firm or Sole Proprietorship (BIC) with which they are aff...

302 NC POST LICENSING EXAM ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS (ALREADY GRADED A+) | LATEST VERSION 2024 (JUST RELEASED)

Classifying contracts: Express & Implied - Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - Bilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - Executed - All tasks performed (After closing) Executory - tasks remaining to be done (before closing) Statute...

NC Post Licensing 302 JJ complete exam update all done solution.

NC Real Estate 2023 Exam Questions with All Correct Answers How do you activate your license? - ANSWER Affiliating with a BIC What do you need a license for? - ANSWER LLBEANS List Lease Buy Exchange Auciton Negotiate Sell (procure a ready, willing, or able buyer) What is the 3 prong test? - ANSWER To determine if you need a license. 1. LLBEANS 2. for others 3. for compensation Exemptions to needing a license - ANSWER 1. FSBO 2. Entity (LLC, Corp, Partnership...

In a real estate transaction, which of the following is an example of consideration? - ANSWERSThe 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? - ANSWERSThe handwritten number Morgan has agreed to sell his home to Dierks, and they've signed a contract. Which of these actions...

Real Estate Settlement Procedures Act (RESPA) - What is Prohibited - ANSWER 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 - ANSWER 1) Affiliated business arrangements, 2) Disclosure of relationshi...

Essential elements of a contract - ANSWER 1. Mutual Assent 2. Consideration 3. Legal Contractual capacity of the parties 4. Lawful objective and means of accomplishing objective 5. In writing Offeror vs. Offeree - ANSWER Offeror makes the offer, offeree accepts Counteroffer - ANSWER Rejects the original offer Methods of acceptance - ANSWER -Oral communication - Personal delivery - Electronically - mail Mailbox Rule - ANSWER As long as it leaves the offeror's possession its ...