NC Post-Licensing Section 302 Midterm Exam Well Answered.

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 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 - Answer All parties involved MUST sign the contract The legal effect of a counter offer - Answer A counter offer is a rejection of the offer and is considered to be a new offer. Counteroffer - Answer An 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? - Answer Standard Offer to Purchase & Contract Type of contract used on 5+ dwellings? - Answer Must use a commercial contract