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NC 302 Post Licensing Questions And Answers Graded A+ 2024/2025
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NC 302 Post Licensing Questions And Answers Graded A+ 2024/2025
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NC 302 Post LicensingClassifying contracts:
Express & Implied - ANSExpress: Bilateral, executed
Intentions said (orally or written)
Implied: Unilateral, executory
Inferred from conduct or moves
Classifying contracts:
Bilateral & Unilateral - ANSBilateral - guarantees (each events sure to do some thing)
Unilateral - Only one birthday party is bound
Classifying Contracts:
Executed & Executory - ANSExecuted - All tasks carried out (After closing)
Executory - obligations last to be carried out (earlier than last)
Statute of Frauds - ANSEverything wishes to be in writing
DREAM OILS (Statute of Frauds) - ANSDeeds
Restrictive covenants
Easements
Assignments
Mortgages
Options
Installment Land Contracts
Leases - longer than three years
Sales Contracts
Offer & Acceptance - ANSSeller (OfferEE) & Buyer (OfferOR) -- ORs GIVE, EEs RECEIVE
OfferOR may revoke or withdraw the provide every time prior to acceptance
OfferEE can receive, reject or counter -- and once they counter, they are now the offerEE
This counter provide VOIDS authentic offer
All gives ought to be communicated
Deliver all gives without delay however in no way later than three days
Retention of Records 58A.108 - ANSA broking should offer copies of transaction files:
- To the Firm or Sole Proprietorship (BIC) with which they are affiliated
- Within 3 days
- Keep information for 3 years after
Closing
Termination of Agency
Disbursement of Trust Monies
,WHICHEVER OCCURS LAST
Brokers and BIC are answerable for preserving statistics in a transaction
These are CALENDAR days, not commercial enterprise days
You do not count the day it became achieved/received (if received Tuesday, must upload via
Friday)
Buyer's Rights w/ a suggestion - ANSA consumer has absolutely the right of
withdraw/revoke
Even if offer said it would be held open longer
The withdraw should be communicated to the alternative party and/or their agent
An provide is terminated any time: - ANSCounter provide
Rejection by means of the offeree
Revocation by the offeror
Destruction of the assets (Think hurricane)
Death or insanity of the offeror
Agent Guidelines w/ gives - ANSA list broking or agent is required to reply in writing that a
suggestion was submitted if the cooperating broker who submitted the offer so requests
The list broker or agent must respond inside the affirmative until the seller has provided
written notification waiving the duty to have the offer offered
Agent has to present all gives all of the way throughout the agreement, as much as last
Creation of a counter provide - ANSAny exchange in an offer, regardless of how small
creates a counter offer
Counter offer ought to be well-known and communicated to the alternative party to create a
settlement
Proper use of From 340-T: NCAR Response to Buyer's Offer
A legitimate contract is formed when a agreement is signed, added and communicated -
ANS"Communicating an offer or an popularity to a essential's agent is similar to
communicating without delay to the foremost"
Beware Dual Agency is Communication is IMMEDIATE - ANSWhen a twin agent has been
knowledgeable that the seller has time-honored a suggestion is already taken into
consideration communicated to the purchaser
Methods of speaking acceptance: - ANSOral
Personal delivery
Mail or FedEx
Electronic verbal exchange
The mailbox rule - ANS: We measure shipping from whilst it's miles SENT, not RECEIVED
(Page 280)
Mutual Mistakes - ANSMistake of "Material Fact" - study pg. 283 - 284
May allow buyer to rescind the settlement and be refunded all monies
Does NOT apply to "Mistakes of Law"
, Fraud & Misrepresentation - ANSFraud makes contracts voidable
Willful misrepresentations or omissions
Of material records
Make the settlement voidable by way of the man or woman deceived
Unfair or misleading change practices act: - ANSA misleading opinion or fake inducement
Fails to reveal fabric facts
Misleading advertising and marketing
Misrepresentation of the character of a guarantee
This applies to actual property professionals and dealers who frequently exchange in the
enterprise
Does no longer follow to an proprietor who does not regularly act in the enterprise
Discharge of Contracts: [TEST QUESTION] p g. 290-291 - ANSRelease
Novation (the substitution of a new contract in region of an vintage one)
Subsequent amendment
Accord & Satisfaction
Cancellation
Contract Assignments - ANSGenerally assignable
Unless agreement prohibits
Assignors & Assignees
Assignee is typically accountable
Assignor remains secondarily responsible
NC Requires Consent Prior to Assignment - ANSThe NC offer to purchase and agreement
calls for the permission and consent of the parties in an effort to assign rights below the
agreement
Remedies for Breach web page 295 - ANSCompensatory
Consequential
Liquidated
Specific Performance
Rescission
Drafting of Contracts - ANSNo "drafting" of contracts
Don't engage within the unauthorized exercise of law
"Fill-in" or "Complete" preprinted paperwork
T-from (Number) -- it is a transaction form.
The prohibition is against drafting contracts for others - ANSIt does not restrict a customer or
dealer from changing their own contracts
If a patron desires to modify the agreement, they must be suggested to consult an lawyer
The Role of the Commission - ANSDon't create contracts
Don't provide the forms
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