NC Post-Licensing Section 302 Questions & Answers 100% Correct!

Uniform Electronic Transactions Act (UETA) - ANSWERS(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 - ANSWERS(Form 2-T) The most common type of contract used for the sale of real property in NC. Also called a sales or purchase contract. 1 - Installment Land Contract 2 - Option to Purchase Contract SALES contracts can only be drafted by LAWYERS!!! Formed jointly between the NC Bar and the NC Realtors. Who must sign the offer to purchase & contract - ANSWERSAll parties involved MUST sign the contract The legal effect of a counter offer - ANSWERSA counter offer is a rejection of the offer and is considered to be a new offer. Counteroffer - ANSWERSAn offer made to an original offer which contains NEW or DIFFERENT TERMS/CONDITIONS not included in the original offer. The counteroffer (once COMMUNICATED) has the effect of rejecting the original offer which cannot subsequently be accepted unless renewed by the original offer. Type of contract used on single-family homes? - ANSWERSStandard Offer to Purchase & Contract Type of contract used on 5+ dwellings? - ANSWERSMust use a commercial contract How do you form a CONTRACT? - ANSWERS1 - Offeror (buyer) makes an offer to the Offeree (seller) 2 - the Offeree accepts the offer 3 - The offeree communicates to the buyer acceptance of offer IF NOT COMMUNICATED = NO DEAL COMMUNICATION OCCURS EITHER TO THE AGENT / PARTY (TREATED AS THE SAME!!!!) Communication? - ANSWERSUse of any LEGAL method