302 NC POST LICENSING EXAM CONTRACTS AND CLOSING NEWEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A

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302 NC POST LICENSING EXAM CONTRACTS

AND CLOSING NEWEST 2024 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:

A) impossibility of performance

B) operation of law

C) each party to the contract releases the other from contractual 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 & Satisfaction

D) CERCLA - ANSWER- C) Accord & Satisfaction

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