NC Post-Licensing Section 302 Questions and Answers 2024/202
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Course
NC 302
Institution
NC 302
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 &...
(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 & signatures in transactions & provides they
will not be denied validity & enforce-ability solely b/c they are in electronic form.
Offer to Purchase & Contract
(Form 2-T)
The most common type of contract used for the sale of real property in NC.
Also called a sales or purchase contract.
1 - Installment Land Contract
2 - Option to Purchase Contract
SALES contracts can only be drafted by LAWYERS!!!
Formed jointly between the NC Bar and the NC Realtors.
Who must sign the offer to purchase & contract
All parties involved MUST sign the contract
The legal effect of a counter offer
A counter offer is a rejection of the offer and is considered to be a new offer.
An offer made to an original offer which contains NEW or DIFFERENT
TERMS/CONDITIONS not included in the original offer.
The counteroffer (once COMMUNICATED) has the effect of rejecting the original offer which
cannot subsequently be accepted unless renewed by the original offer.
Type of contract used on single-family homes?
Standard Offer to Purchase & Contract
Type of contract used on 5+ dwellings?
Must use a commercial contract
How do you form a CONTRACT?
1 - Offeror (buyer) makes an offer to the Offeree (seller)
2 - the Offeree accepts the offer
3 - The offeree communicates to the buyer acceptance of offer
IF NOT COMMUNICATED = NO DEAL
COMMUNICATION OCCURS EITHER TO THE AGENT / PARTY (TREATED AS THE SAME!!!!)
Communication?
Use of any LEGAL method
1 - Verbal
2 - Personal Delivery
3 - Mail
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