NC 302 Post Licensing Questions and answers 2024

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 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 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