302 nc post licensing Study guides, Class notes & Summaries

NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must provide copies of transaction documents: A) Within a day of receiving B) Within 3 days of receiving C) Within 5 days of receiving D) Within 14 days of receiving - ANSWER B) Within 3 days of receiving A broker must provide copies of transaction documents:- To the Firm or Sole Proprietorship (BIC) with which they are affiliated- Within 3 days NC 302 Postlicensing Contracts & Closings Regardi...

Classifying contracts: Express & Implied - ANSWER Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - ANSWER Bilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - ANSWER Executed - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

Classifying contracts: Express & Implied - ANSWERSExpress: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - ANSWERSBilateral - two promises (both parties bound to do something) Unilateral - Only one party is bound Classifying Contracts: Executed & Executory - ANSWERSExecuted - All tasks performed (After closing) Executory - tasks remaining to be done (befor...

NC Real Estate 2023 Exam Questions with All Correct Answers How do you activate your license? - ANSWER Affiliating with a BIC What do you need a license for? - ANSWER LLBEANS List Lease Buy Exchange Auciton Negotiate Sell (procure a ready, willing, or able buyer) What is the 3 prong test? - ANSWER To determine if you need a license. 1. LLBEANS 2. for others 3. for compensation Exemptions to needing a license - ANSWER 1. FSBO 2. Entity (LLC, Corp, Partnership...

In a real estate transaction, which of the following is an example of consideration? - ANSWERSThe seller's promise to sell Your automatic check writer wrote a check for $51.50, but your printer ran out of toner, so you had to fill in the handwritten line. In a hurry, you accidentally wrote, "Fifty-one dollars and no/100 cents." Which amount takes priority? - ANSWERSThe handwritten number Morgan has agreed to sell his home to Dierks, and they've signed a contract. Which of these actions...

Real Estate Settlement Procedures Act (RESPA) - What is Prohibited - ANSWER 1) Referral fees between licensees, 2) Crediting commissions to clients for coats, 3) Receipt of bonuses by a licensee from someone other than settlement service provided, 4) Must not force the parties to use a particular Settlement Provider. Real Estate Settlement Procedures Act (RESPA) - Allows for Co-Ownership of Settlement Service Providers - ANSWER 1) Affiliated business arrangements, 2) Disclosure of relationshi...

Uniform Electronic Transactions Act (UETA) - ANSWER (NC) UETA: Legislation validates electronic contracts / other documents / and signatures. Provides that they will not be denied validity & enforce-ability solely b/c they are in electronic form. (Federal) E-Sign: Validates electronic contracts & signatures in transactions & provides they will not be denied validity & enforce-ability solely b/c they are in electronic form. Offer to Purchase & Contract - ANSWER (Form 2-T) The most common t...

Four License Statuses - ANSWER PB, Full Broker, BIC Eligible, BIC Must always affiliate with a broker-in-charge (BIC) in order to have an active license. - ANSWER Provisional Broker May be supervised by two BICs if the BICs are with two different firms and in the same location and acting as co-listing or co-selling agents. - ANSWER Can a provisional broker have 2 BICS? Requirements for an active license (PB) - ANSWER Timely completion of postlicensure and CE, Renewing license on of befo...

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) Statute...