NC State portion study Real Estate Exam

Within how many days does an agent have to return to the buyer a copy of their offer that is approved and signed by seller. - Immediately but no later than 3 calendar days What does Standard 2-T Offer to Purchase and Contract contemplate what the buyer and seller can negotiate after contract formation? - what is IN the 2T: The Offer to Purchase and Contract may not mention commission paid, ... closing costs, personal property included, liens) Personal property is included in a bill of sale A dual agent receives multiple offers on his client's listing. His other buyer client wants to know what the highest offer is. Who would have to give permission for that information? - seller -highest offeror - Licensees may NOT disclose the price or other material terms contained in a party's offer to purchase, sell, lease, rent, or to option real property to a competing party without the EXPRESS authority of the offering party. so without the offeror's permission the agent could not disclose their offer What terminates tenancy by the entirety? divorce partition legal separation divorce decree in register of deeds incapacitated bankruptcy one wants to sell their interest - Divorce- Upon divorce, tenancy by the entirety is terminated because the condition of marriage no longer exists. The terms of the divorce will dictate what happens to the property. Joint Conveyance- Husband and wife can agree to convey title to the property to a third party. This can be done through gift or deed. Express or Implied Agreement- Husband and wife can agree to terminate the tenancy by the entirety. In most cases, a tenancy in common will be formed. Death- Upon the death of a spouse, the surviving spouse inherits title to the whole property. 1) Broker must keep documents for 3 years from ... - 1) Broker must keep documents for 3 years from ANYTHING Whatever was last to occur "A licensed real estate broker shall retain for three years copies of all listings, deposit receipts, canceled checks, trust records, and other documents executed by him or her or obtained by him or her in connection with any transactions for which a real estate broker license is required." what is designated dual agency? - type of dual agency Both licensees must work for the same firm brokers are allowed to advise- unlike regular 'dual agency' If designated agency occurs, the seller know the name of the designated agent working with the buyer at... - If designated agency occurs, the seller must know the name of the designated agent working with the buyer AT THE TIME THE OFFER IS SUBMITTED The seller is entitled to know that the offer they have received is from another agent in the same firm as the listing agent that is representing them. A buyer's agent should disclose their agency status to the seller or seller's agent at... - initial contact when must the "The Residential Property and Owners' Association Statement", must be provided by the broker? - No later than THE TIME THE BUYER MAKES AN OFFER , if a seller fails to deliver it prior to that time, a buyer has a 3 day right of rescission from the date the contract becomes valid, or they are furnished a copy- whichever comes first. The contract is still enforceable, but is voidable by the buyer during that 3 day period. True or false about townhomes: A) townhomes do not have common areas B) town home owners get the deed to the land on which the town home Is located C) Townhouse owners pay property taxes on their individual units. - A) FALSE B) TRUE C) TRUE Townhouse owners pay property taxes on their individual units. which would require licensure - a son handling rentals for their parent's property for no payment,