NC Post Licensing 303 and 302| 100 Questions| Questions & Correct Answers(COMPLETE FULL PACK SOLUTIONS!!)EXAM BUNDLE

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 & ...

offer - ANSWER When the prospective buyer signs the completed form and its is delivered to seller enforced contract - ANSWER a promise or a set of promises which the law will enforce consideration - ANSWER mutual exchange of promises capacity - ANSWER lack of legal mental capacity 4 thin...

NC 302 Postlicensing Contracts & Closings Regarding Retention of Records 58A.108, a broker must provide copies of transaction documents: A) Within a day of receiving B) Within 3 days of receiving C) Within 5 days of receiving D) Within 14 days of receiving - ANSWER B) Within 3 days of receiving...

Four License Statuses - ANSWER PB, Full Broker, BIC Eligible, BIC Must always affiliate with a broker-in-charge (BIC) in order to have an active license. - ANSWER Provisional Broker May be supervised by two BICs if the BICs are with two different firms and in the same location and acting as co...

Essential elements of a contract - ANSWER 1. Mutual Assent 2. Consideration 3. Legal Contractual capacity of the parties 4. Lawful objective and means of accomplishing objective 5. In writing Offeror vs. Offeree - ANSWER Offeror makes the offer, offeree accepts Counteroffer - ANSWER Reje...

The legal remedy to enforce the terms of contract? - ANSWER Specific Performance The essential elements of a contract? - ANSWER Offer and acceptance Competency Legal consideration *Not agency disclosure What is needed for a contract? - ANSWER Offer and acceptance Consideration Compet...

Real Estate Settlement Procedures Act (RESPA) - What is Prohibited - ANSWER 1) Referral fees between licensees, 2) Crediting commissions to clients for coats, 3) Receipt of bonuses by a licensee from someone other than settlement service provided, 4) Must not force the parties to use a particular Se...

Are you exempt from Post Licensing? - ANSWER No Provisional Brokers have to always.... - ANSWER Be supervised by BICS All contracts have to be in - ANSWER writing Can a broker earn commission while they're inactive? - ANSWER They can only earn commission while they're inactive if everythi...

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

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

1/50 Under which of the following circumstances would the client and agent most likely mutually agree to terminate a listing? a A buyer approached the seller with a much higher offer than the current listing price. b The agent and client don't agree on the best way to price, maintain, and market ...