302 NC POST LICENSING EXAM CONTRACTS

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302 NC POST LICENSING EXAM CONTRACTS

AND CLOSING NEWEST ACTUAL EXAM 400

QUESTIONS AND CORRECT DETAILED

ANSWERS (VERIFIED ANSWERS) |ALREADY

GRADED A

NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ

Contracts can be terminated in several ways except:

• impossibility of performance
• operation of law
• each party to the contract releases the other from contractual duties
• ovation - ANSWER- D) ovation

NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by

• Novation
• Pur Autre Vie
• Proration
• Lateral Support - ANSWER- A) Novation (the substitution of a new

contract in place of an old one)

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NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by

A) RESPA

• Subsequent Modification
• Reservation
• Prima Facie - ANSWER- B) Subsequent modification

NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by

• Preemptive Right
• Non Recourse Note
• Accord & Satisfaction
• CERCLA - ANSWER- C) Accord & Satisfaction

NC 302 Postlicensing Contracts & Closings Discharge of Contracts TQ Contracts can be terminated by

• Affidavit
• Non Recourse Note
• Cartway Proceeding
• Cancellation - ANSWER- D) Cancellation 2 / 4

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NC 302 Postlicensing Contracts & Closings What is the person to whom an agreement or contract is assigned?

• Assignee
• Assignor
• Assignar
• Assignment - ANSWER- A) Assignee

NC 302 Postlicensing Contracts & Closings One who makes an assignment

• Assignment of Note
• Assignee
• Assignor
• Assignment - ANSWER- C) Assignor

NC 302 Postlicensing Contracts & Closings The method or manner by which a right or a contract is transferred from one person to another.

• Assignment of Note
• Assignee
• Assignor
• Assignment - ANSWER- D) Assignment
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NC 302 Postlicensing Contracts & Closings

In Contract Assignments:

• Assignor is primarily liable
• Assignee remains secondarily liable
• Generally assignable unless contract prohibits
• Assignment is auditable - ANSWER- C) Generally assignable unless

contract prohibits

NC 302 Postlicensing Contracts & Closings What is the BEST answer?

In Contract Assignments, there are:

• Assignors & Assignees
• Trustors & Trustees
• Payors & Payees
• Mortgagor & Mortgagee - ANSWER- A) Assignors & Assignees

NC 302 Postlicensing Contracts & Closings

In Contract Assignments:

• Assignor is primarily liable
• Assignor remains secondarily liable
• Assignor in contract prohibits
• Assignee remains secondarily liable - ANSWER- B) Assignor

remains secondarily liable

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