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NC State portion study Real Estate Exam Correct 100% 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. - ANSWER Immediately but no later than 3 calendar days What does Standard 2$13.49
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NC State portion study Real Estate Exam Correct 100% 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. - ANSWER Immediately but no later than 3 calendar days What does Standard 2
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NC Real Estate
NC State portion study Real Estate Exam Correct 100%
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. - ANSWER Immediately but no later than 3 calendar days
What does Standard 2-T Offer to Purchase and Contract conte...
NC State portion study Real Estate Exam
Correct 100%
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. - ANSWER 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? - ANSWER 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 - ANSWER 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 - ANSWER 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 ... - ANSWER 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? - ANSWER 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... - ANSWER 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... -
ANSWER initial contact
when must the "The Residential Property and Owners' Association Statement", must be
provided by the broker? - ANSWER 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. - ANSWER A)
FALSE
B) TRUE
C) TRUE Townhouse owners pay property taxes on their individual units.
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