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FMSchool Cary NC

2016, Midterm study questions, part 2

TermDefinition
Exclusive-Right-to-Sell When 1 firm is the exclusive agent of a seller, and collects commission even if the seller finds a buyer on their own. It's the most common form of listing agreement. Best chance for broker to get $$.
Sub-agency "An agent of an agent." Assists the broker/firm in various things. Owes loyalty to the seller.
Non-Exclusive Oral Buyer Agency An oral agreement (after reviewing the "Working with RE Agents") that permits the broker to help the client. Terms about $$ should be addressed. Non-exclusive = the client can seek help elsewhere (until something's been put down in writing.)
NCAR Listing Agreement (forms) Most brokers use standard NCAR forms. Get help from an attorney if writing your own. Must comply with NC-REC rules.
Option Contract Seller (optionor) gives buyer (optionee) right to exercise option to purchase by a certain date, with the price set at the beginning. May use time-is-of-the-essence wording.
Termination of Offers (How?) -If the offeree rejects the offer (may counteroffer) -The offeree doesn't accept in time -If the offer's not accepted -if either party die
Discharge of Contract Mutual agreement to cancel; Impossibility of performance; Partial performance (accord & satisfaction); Substantial performance; Operation of law.
Steering Channeling clients to/from specific areas for their homes.
Housing & Community Development Act, 1974 Added Sex/gender added as a protected class.
Fair Housing Amendments Act, 1988 Added Familial Status (kids) & Handicap (includes AIDS)
Appurtenant Easement Occurs when 2 parties own adjacent parcels of land, like adding a driveway to a house blocked with trees. For ingress to & egress from their land. "Runs with the land." Dominant/Servienttenements.
Multiple Offers Listing agent must have seller's permission before showing other offers on the property. Agent cannot tell other prospective buyers what other people offered. If at ALL possible, try to show all other offers to seller at the same time.
NC Residential Property Disclosure Act This must be presented to the buyer BEFORE the offer. Buyer should sign. If not received on time buyer has 3-days to cancel.
Federal Income Taxation Reminders $250,000 = single, $500,000 = married.
Powers of the NC RE Commission. They can: 1) Reprimand licensee, 2) Censure license, 3) Suspend license, 4) Revoke license
Essential Elements of a Valid Contract 1) Legally competent, 2) Mutual assent/Deliberate agreement, 3) Legality of object, 4) Consideration.
Voidable Contracts Voidable: 1) Contract with minor, 2) Intoxicated, 3) Mentally ill. (Insanity=void)
License Reinstatement for Inactive (Non-PB) Broker Exp 6 mon = $55/reinstatement. Exp 6 mon-2 yrs = $55 + course or exam. Exp 2-5 yrs = $55 + all courses/exam. 5 yrs/more- no license.
You need a RE license to: Refer, Exchange, Auctioneer, List, Sell, Lease, Offer to Negotiate, Buy. (R-E-A-L S-L-O-B)
You DON'T need a RE license to: Sale by owner, Trustees, A corporation, Power of attorney, Lawyers, Execurot/Guard, Salaried employee (S-T-A-P-L-E-S)
Deposit of Trust/Escrow Rent, dues - 3 banking days. Earnest $ checks & tenant security deposit - 3 banking days. Cash - immediately
Material Defects Seller's agent MUST disclose material defects (facts). Licensee has responsibility to deal honestly with consumers. Protects principal by disclosing info that will avoid lawsuits.
Subdivisions Land is divided into 2 or more lots; Local subdiv. regulations; Must have preliminary plat before selling lots; Subdivision must comply with street disclosure laws.
Methods of Communicating Offer & Acceptance Offer is made, Offeree accepts/signs. Agent must communicate this in a "reasonable" amount of time by: Oral (phone/VM/in person), Delivery of signed document, Mailbox (offer can't be revoked once mailed.)
Heirs, Successors & Assign If seller dies after signing contract, but prior to closing - "This contract shall be binding upon and shall inure to the benefit of Buyer, Seller & their respective heirs, successors & assigns."
Created by: 370553766401898