NC POST LICENSING 301 PRACTICE EXAM 2
EXAM STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND ANSWERS ACCURATE
PRACTICE SOLUTION
⩥ Trust Accounts Monies.
Answer: Insert from page 44 in booklet from A.0116
⩥ Appropriate Signatures.
Answer: -All Co-Owners must sign the contract ** (if the co-
owner didn't sign the listing agreement, you don't have a listing
agreement either)
- Identify people by their full legal names
- Must use the full legal name of all entities
⩥ Names NOT to use in the Contract.
Answer: - "Owner of Record"
- Nicknames
- Combined Mr. & Mrs.
,⩥ Marital Life Estates.
Answer: Spousal signatures are required on all sales contracts,
even with ownership severalty
Buyer options in the event of non-signature
- Contract rescission
- Specific performance
⩥ Single Lady buys the property and then gets married. When
she sells the property 10 years later, who signs the deed, listing
agreement, contract, etc.?.
Answer: Both the lady and her husband
⩥ One to Buy - Two to sell.
Answer: Because NC is a marital interest state, when a married
couple is conveying property, it requires:
- Both spousal signatures are required to sell
⩥ When one spouse is buying.
Answer: spousal signature not necessary on the OTPC
,However, lenders will require signature acknowledging deed of
trust
Legal counsel may recommend a "Free Trader Agreement" be
signed if we're getting separated and/or divorced
⩥ NC Free Trader Agreement.
Answer: NC Document allowing married people to purchase and
sell property separately
Eliminates marital claims by the other house
Generally used by people in legal separation, but not yet
divorced
⩥ Undisclosed Buyer Principals.
Answer: Some corporate buyers wish to remain anonymous
agent may sign as agent for undisclosed principal (with
authority)
, Create ADDITIONAL liability issues
Not permitted in dual agency
⩥ Utilizing Power of Attorney Forms.
Answer: Signor is an "attorney-in-fact" ***
- I am the advocate for this party (factually, I'm the same as that
party)
Usually special "Power of attorney" form is required
Used for inability, not incapacity***
⩥ Electronically submitted offers (UETA) - electronic
signatures.
Answer: authorized by uniform electronic transactions act
(UETA)
Communication of the acceptance is binding
Communication to the agent is communication to the "party"
EXAM STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND ANSWERS ACCURATE
PRACTICE SOLUTION
⩥ Trust Accounts Monies.
Answer: Insert from page 44 in booklet from A.0116
⩥ Appropriate Signatures.
Answer: -All Co-Owners must sign the contract ** (if the co-
owner didn't sign the listing agreement, you don't have a listing
agreement either)
- Identify people by their full legal names
- Must use the full legal name of all entities
⩥ Names NOT to use in the Contract.
Answer: - "Owner of Record"
- Nicknames
- Combined Mr. & Mrs.
,⩥ Marital Life Estates.
Answer: Spousal signatures are required on all sales contracts,
even with ownership severalty
Buyer options in the event of non-signature
- Contract rescission
- Specific performance
⩥ Single Lady buys the property and then gets married. When
she sells the property 10 years later, who signs the deed, listing
agreement, contract, etc.?.
Answer: Both the lady and her husband
⩥ One to Buy - Two to sell.
Answer: Because NC is a marital interest state, when a married
couple is conveying property, it requires:
- Both spousal signatures are required to sell
⩥ When one spouse is buying.
Answer: spousal signature not necessary on the OTPC
,However, lenders will require signature acknowledging deed of
trust
Legal counsel may recommend a "Free Trader Agreement" be
signed if we're getting separated and/or divorced
⩥ NC Free Trader Agreement.
Answer: NC Document allowing married people to purchase and
sell property separately
Eliminates marital claims by the other house
Generally used by people in legal separation, but not yet
divorced
⩥ Undisclosed Buyer Principals.
Answer: Some corporate buyers wish to remain anonymous
agent may sign as agent for undisclosed principal (with
authority)
, Create ADDITIONAL liability issues
Not permitted in dual agency
⩥ Utilizing Power of Attorney Forms.
Answer: Signor is an "attorney-in-fact" ***
- I am the advocate for this party (factually, I'm the same as that
party)
Usually special "Power of attorney" form is required
Used for inability, not incapacity***
⩥ Electronically submitted offers (UETA) - electronic
signatures.
Answer: authorized by uniform electronic transactions act
(UETA)
Communication of the acceptance is binding
Communication to the agent is communication to the "party"
