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NC 302 Post Licensing Questions and Answers 2024/2025 $13.49   Add to cart

Exam (elaborations)

NC 302 Post Licensing Questions and Answers 2024/2025

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  • NC 302
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  • NC 302

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) Un...

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  • October 11, 2024
  • 54
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NC 302
  • NC 302
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2 0 2 4 /2025 | © copyright | This work may not be copied for profit gain Excel!


NC 302 Post Licensing Questions and
Answers 2024/2025
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)




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Statute of Frauds

 Everything needs to be in writing


DREAM OILS (Statute of Frauds)

 Deeds
Restrictive covenants

Easements

Assignments

Mortgages

Options

Installment Land Contracts

Leases - longer than 3 years

Sales Contracts




Offer & Acceptance

 Seller (OfferEE) & Buyer (OfferOR) -- ORs GIVE, EEs RECEIVE
OfferOR may revoke or withdraw the offer anytime prior to acceptance

OfferEE can accept, reject or counter -- and when they counter, they are now the offerEE

This counter offer VOIDS original offer

All offers must be communicated

Deliver all offers immediately but never later than 3 days




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Retention of Records 58A.108

 A broker must provide copies of transaction documents:
- To the Firm or Sole Proprietorship (BIC) with which they are affiliated

- Within 3 days

- Keep records for 3 years after

Closing

Termination of Agency

Disbursement of Trust Monies

WHICHEVER OCCURS LAST

Brokers and BIC are responsible for keeping records in a transaction

These are CALENDAR days, not business days

You don't count the day it was executed/received (if received Tuesday, have to upload by

Friday)




Buyer's Rights w/ an offer

 A buyer has the absolute right of withdraw/revoke
Even if offer stated it would be held open longer

The withdraw must be communicated to the other party and/or their agent




An offer is terminated any time:


 Counter offer
Rejection by the offeree



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Revocation by the offeror

Destruction of the property (Think hurricane)

Death or insanity of the offeror




Agent Guidelines w/ offers

 A listing broker or agent is required to respond in writing that an offer was submitted
if the cooperating broker who submitted the offer so requests
The listing broker or agent must respond in the affirmative unless the seller has provided

written notification waiving the obligation to have the offer presented

Agent has to present all offers all the way throughout the contract, up to closing




Creation of a counter offer

 Any change in an offer, no matter how small creates a counter offer
Counter offer must be accepted and communicated to the other party to create a contract

Proper use of From 340-T: NCAR Response to Buyer's Offer




A valid contract is formed when a contract is signed, delivered and communicated

 "Communicating an offer or an acceptance to a principal's agent is the same as
communicating directly to the principal"


Beware Dual Agency is Communication is IMMEDIATE

 When a dual agent has been informed that the seller has accepted an offer is
already considered communicated to the buyer


Methods of communicating acceptance:


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