Exam (elaborations)
NC POST-LICENSING SECTION 302 EXAM QUESTIONS AND ANSWERS
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NC POST-LICENSING SECTION 302 EXAM QUESTIONS AND ANSWERS...
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NC POST-LICENSING SECTION 302 EXAMQUESTIONS AND ANSWERS
Uniform Electronic Transactions Act (UETA) - Answer (NC) UETA:
Legislation validates electronic contracts, other documents, and signatures.
Provides that they will not be denied validity and enforceability just because
they are in electronic form.
(Federal) E-Sign: Validates electronic contracts and signatures in transactions,
ensuring that they are not denied validity and enforceability only because they
are in electronic form.
Offer to Purchase and Contract - ANSWER (Form 2-T)
The most popular sort of contract used to sell real estate in North Carolina.
Also known as a sales or purchase contract.
1. Installment Land Contract
2: Option to Purchase Contract
Only lawyers can create SALES contracts!!!
The NC Realtors and the NC Bar collaborated to form this organization.
ANSWER: Who must sign the offer to purchase and contract? All parties must
sign the contract.
The legal consequences of a counteroffer - ANSWER A counter-offer is a
rejection of the original offer and is regarded a fresh offer.
Counteroffer - Answer An addendum to an original offer that includes NEW or
DIFFERENT TERMS/CONDITIONS that were not included in the original.
, The counteroffer (once COMMUNICATED) effectively rejects the previous
offer, which cannot be accepted again unless the original offer is renewed.
What type of contract is utilized for single-family homes? - ANSWER Standard
Offer of Purchase and Contract
What type of contract is used for five or more dwellings? - ANSWER Must
utilize a commercial contract.
How do you create a CONTRACT? - ANSWER 1: The offeror (buyer) makes
an offer to the seller.
2. The Offeree accepts the offer.
3 - The offeree communicates to the buyer the acceptance of the offer.
IF NOT COMMUNICATED: NO DEAL
Communication occurs either to the agent or the party (treated as the same!!!!).
Communication? - ANSWER Use any legal technique.
1) Verbal
2) Personal Delivery
3 - Mail
4. Fax/Electronic Communication Format
When something is communicated to the AGENT, it is treated as if it were
communicated to the CLIENT!!!!
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