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302 NC POST LICENSING EXAM CONTRACTS AND CLOSING NEWEST 2026 400 QUESTIONS AND CORRECT DETAILED ANSWERS ( ANSWERS)
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302 NC POST LICENSING EXAM CONTRACTS
AND CLOSING NEWEST 2026 400
QUESTIONS AND CORRECT DETAILED
ANSWERS ( ANSWERS)
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated in several ways except:
A) impossibility of performance
B) operation of law
C) each party to the contract releases the other from contr duties
D) ovation - ANSWER- D) ovation
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Novation
B) Pur Autre Vie
C) Proration
D) 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
B) Subsequent Modification
C) Reservation
D) Prima Facie - ANSWER- B) Subsequent modification
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Preemptive Right
B) Non Recourse Note
C) Accord &
D) CERCLA - ANSWER- C) Accord &
NC 302 Postlicensing Contracts & Closings
Discharge of Contracts TQ
Contracts can be terminated by
A) Affidavit
B) Non Recourse Note
C) Cartway Proceeding
D) Cancellation - ANSWER- D) Cancellation
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NC 302 Postlicensing Contracts & Closings
What is the person to whom an agreement or contract is assigned?
A) Assignee
B) Assignor
C) Assignar
D) Assignment - ANSWER- A) Assignee
NC 302 Postlicensing Contracts & Closings
One who makes an assignment
A) Assignment of Note
B) Assignee
C) Assignor
D) 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.
A) Assignment of Note
B) Assignee
C) Assignor
D) Assignment - ANSWER- D) Assignment
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NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignee remains secondarily liable
C) Generally assignable unless contract prohibits
D) 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:
A) Assignors & Assignees
B) Trustors & Trustees
C) Payors & Payees
D) Mortgagor & Mortgagee - ANSWER- A) Assignors & Assignees
NC 302 Postlicensing Contracts & Closings
In Contract Assignments:
A) Assignor is primarily liable
B) Assignor remains secondarily liable
C) Assignor in contract prohibits
D) Assignee remains secondarily liable - ANSWER- B) Assignor
remains secondarily liable
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