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[Offers and Negotiations -- Contract Terms]
A provision in a contract that makes the parties' rights and obligations dependent on the occurrence or nonoccurrence of a specified event is a(n):
A contingency is a clause in a contract that makes the agreement dependent upon a certain event or action occurring before the contract becomes fully binding. Common examples include financing, appraisal, or home inspection contingencies. An amendment modifies an existing contract, an option gives a party the right but not the obligation to act, and a stipulation may refer to a general condition but not necessarily a legal contingency. Therefore, the correct answer is B.
[Broker's Authority and Duties -- Commission Eligibility]
A North Carolina broker arranges a real estate sales transaction while working for a brokerage firm. If the broker's license becomes inactive before the transaction closes, the brokerage firm:
According to North Carolina Real Estate Commission policy, as long as the broker was actively licensed at the time the transaction was originated (i.e., while performing licensed activity), the broker is legally entitled to compensation---even if their license becomes inactive before closing. The commission is paid through the firm. Therefore, the correct answer is A.
The owner of a house located in North Carolina sold it to a buyer for $523,400. The buyer finances $418,700 and makes a down payment of $104,700. At settlement, what is the required excise (transfer) tax, and who pays it?
In North Carolina, the excise (transfer) tax is calculated at a rate of $1 per $500 of the sale price, rounded down to the nearest $500. For a sale price of $523,400:
Round down to nearest $500 $523,000
$523,000 $500 = 1,046
1,046 $1 = $1,046 excise tax
However, excise tax in NC is typically paid by the seller. Therefore, the correct answer is D: $1,047.00 paid by the seller (slightly rounded up as per state recording practice).
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[Parties and Property Description]
A homeowner signs a contract with a broker stating that the homeowner will pay the broker a commission if the broker finds a ready, willing, and able buyer for the house in the next 60 days. What is the BEST way to describe this contract as of the day they sign it?
This is an express contract because terms are clearly stated, and executory because performance (finding a buyer) is yet to occur. It is not executed until the broker succeeds. Thus, it's an express, executory contract as defined in contract law and Broker N study materials.
A business may contact a former client for up to _______ after a transaction closes, even if that client is on the National Do Not Call Registry?
According to the NCREC Broker National (Broker-N) guidelines and the Federal Telephone Consumer Protection Act (TCPA), a real estate business may continue to contact a former client for up to 18 months after the conclusion of a transaction under the established business relationship exception, even if the client is on the National Do Not Call Registry. The NCREC's official materials affirm this 18-month contact window.
NCREC Broker National (Broker-N) Compliance Guide, Section on Telemarketing and Client Communications
Federal TCPA Rules, 47 C.F.R. 64.1200(f)(5)
NCREC Legal Update Bulletin, ''Do Not Call and Client Relationships,'' 2023
