NC 302 Post Licensing Exam 100%
solved
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 (before closing)
Statute of Frauds - Answer -Everything needs to be in writing
,DREAM OILS (Statute of Frauds) - Answer -Deeds
Restrictive covenants
Easements
Assignments
Mortgages
Options
Installment Land Contracts
Leases - longer than 3 years
Sales Contracts
Offer & Acceptance - Answer -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 - Answer -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 - Answer -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: - Answer -Counter offer
Rejection by the offeree
Revocation by the offeror
Destruction of the property (Think hurricane)
Death or insanity of the offeror
Agent Guidelines w/ offers - Answer -A listing broker or agent is required to respond in writing
that an offer was submitted if the cooperating broker who submitted the offer so requests
The listing broker or agent must respond in the affirmative unless the seller has provided
written notification waiving the obligation to have the offer presented
Agent has to present all offers all the way throughout the contract, up to closing
Creation of a counter offer - Answer -Any change in an offer, no matter how small creates a
counter offer
Counter offer must be accepted and communicated to the other party to create a contract
Proper use of From 340-T: NCAR Response to Buyer's Offer
, A valid contract is formed when a contract is signed, delivered and communicated - Answer
-"Communicating an offer or an acceptance to a principal's agent is the same as communicating
directly to the principal"
Beware Dual Agency is Communication is IMMEDIATE - Answer -When a dual agent has been
informed that the seller has accepted an offer is already considered communicated to the buyer
Methods of communicating acceptance: - Answer -Oral
Personal delivery
Mail or FedEx
Electronic communication
The mailbox rule - Answer -: We measure delivery from when it is SENT, not RECEIVED (Page
280)
Mutual Mistakes - Answer -Mistake of "Material Fact" - read pg. 283 - 284
May allow buyer to rescind the contract and be refunded all monies
Does NOT apply to "Mistakes of Law"
Fraud & Misrepresentation - Answer -Fraud makes contracts voidable
Willful misrepresentations or omissions
Of material facts
Make the contract voidable by the person deceived
Unfair or deceptive trade practices act: - Answer -A misleading opinion or false inducement
solved
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 (before closing)
Statute of Frauds - Answer -Everything needs to be in writing
,DREAM OILS (Statute of Frauds) - Answer -Deeds
Restrictive covenants
Easements
Assignments
Mortgages
Options
Installment Land Contracts
Leases - longer than 3 years
Sales Contracts
Offer & Acceptance - Answer -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 - Answer -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 - Answer -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: - Answer -Counter offer
Rejection by the offeree
Revocation by the offeror
Destruction of the property (Think hurricane)
Death or insanity of the offeror
Agent Guidelines w/ offers - Answer -A listing broker or agent is required to respond in writing
that an offer was submitted if the cooperating broker who submitted the offer so requests
The listing broker or agent must respond in the affirmative unless the seller has provided
written notification waiving the obligation to have the offer presented
Agent has to present all offers all the way throughout the contract, up to closing
Creation of a counter offer - Answer -Any change in an offer, no matter how small creates a
counter offer
Counter offer must be accepted and communicated to the other party to create a contract
Proper use of From 340-T: NCAR Response to Buyer's Offer
, A valid contract is formed when a contract is signed, delivered and communicated - Answer
-"Communicating an offer or an acceptance to a principal's agent is the same as communicating
directly to the principal"
Beware Dual Agency is Communication is IMMEDIATE - Answer -When a dual agent has been
informed that the seller has accepted an offer is already considered communicated to the buyer
Methods of communicating acceptance: - Answer -Oral
Personal delivery
Mail or FedEx
Electronic communication
The mailbox rule - Answer -: We measure delivery from when it is SENT, not RECEIVED (Page
280)
Mutual Mistakes - Answer -Mistake of "Material Fact" - read pg. 283 - 284
May allow buyer to rescind the contract and be refunded all monies
Does NOT apply to "Mistakes of Law"
Fraud & Misrepresentation - Answer -Fraud makes contracts voidable
Willful misrepresentations or omissions
Of material facts
Make the contract voidable by the person deceived
Unfair or deceptive trade practices act: - Answer -A misleading opinion or false inducement
