BUNDLED NC Post Licensing Contracts/Closings exam questions and answers

Can an inactive agent be paid a referral commission if they were active at the time they made the referral? - Yes. If and only if they were active at time of referral Must Dual Agency be in writing? - Before an offer is made, Yes. Dual agency must be in writing and signed by both parties At a ...

A Licensee may not earn compensation when there license - VIP - is INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - the license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - unless the entity has a fi...

Classifying contracts: Express & Implied - Express: Bilateral, executed Intentions stated (orally or written) Implied: Unilateral, executory Inferred from conduct or actions Classifying contracts: Bilateral & Unilateral - Bilateral - two promises (both parties bound to do something) Uni...

When must a seller's agent or subagent initially disclose agency status to a buyer? - before buyer and buyer's agent discuss motivation and financial information seller's subagent - no written or oral buyer agency OLDCAR - obedience loyalty disclosure confidentiality accounting reasona...

Expressed Contract - stated in words, orally or in writing Implied Contract - Suggest from the conduct revealing intent of the parties to be bound Unilateral Contract - 1 person, "Option to Purchase", one party who wants another party to perform some act in schange for his promise Bilater...

Commercial purchase contract - vary widely, inspections or due diligent are key, no standard contract Commercial Due Diligence - Free look, no risk, determined by buyer and seller BPO-Broker Price Opinion Analysis - Contains a market analysis and derives value from capitalization rates Capi...

Uniform Electronic Transactions Act (UETA) - (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 & signatu...

Active & current real estate license - Required when assisting another for compensation in providing brokerage services. Unlicensed assistants MAY NOT - -Negotiate mgmt contracts -Prepare advertisements -Negotiate amounts of money -Determine deductions from deposits Unlicensed assistants MA...