Types of Contracts
A contract which arises based on the actions of the parties.
What is an Implied Contract?
These are the 2 items that are not permitted on a NC sales contract.
What is the broker commission and a hold harmless provision against the broker?
True or False: The due diligence fee and earnest money in an Offer to Purchase and Contract (Form 2-T) is credited to the purchase price at closing.
What is true?
The closing attorney represents this party.
What is the buyer and sometimes the lender?
The "Your Home Loan toolkit" brochure needs to be given to a borrower in this timeframe.
What is within three days of loan application?
This is a contract entered into with a minor.
What is a voidable contract?
This are the requirements for a fully enforceable legal contract.
What is, be in writing, signed by all parties and acceptance communicated?
True or False: An earnest money deposit on page 1 of the 2-T contract is required to make a contract legal and enforceable?
What is False?
At closing on August 1, the taxes of $2,200 which have not been paid were prorated as: (Assume 360 Days in the Year)
What is $1,289 debit from seller
RESPA laws make receiving the following illegal if a settlement service provider.
What is referral fees and kickbacks?
This is a contract lacking an essential element of a valid.
What is a void contract?
This is the person in this NC302 class that gets the best examples and cartoons to read.
Who is April?
The effective date of the Offer to Purchase and Contract is created when this happens.
What is when all parties sign, initial, date and acceptance is communicated?
The sales price is a _______ to the seller at settlement.
What is a credit?
The closing disclosure must be sent to the borrower in this timeframe.
What is three days prior to closing?
You have entered into an option contract with an optionee who has 30 days to exercise his option. The option is this kind of contract?
What is a Unilateral Contract?
The e-Sign Act and the NC UETA Act are laws that say this process is legal.
What is electronic signatures?
A trust account can be interest bearing when this is true.
What is when it's disclosed to the party the funds belong to?
These items can be prorated on the settlement statement?
What is HOA fees and assessments, taxes, tenant's rent?
Examples of penalties for RESPA violations
What is $10,000.00 fine, imprisonment for one year, injunctions?
This law requiring that real estate documents be in writing and signed to be enforceable.
What is the Statute of Frauds?
These are examples of an agency agreement or possibly a contract being discharged.
What is bankruptcy, foreclosure, performance, expiration, loss of license of the Broker-in-Charge, etc.
This is the legal completion of the process which transfers ownership of a property from one party to another.
What is closing?
At settlement a NC Broker should verify the following items.
What is, the sales price, the Due Diligence Fee as a credit to the buyer, Earnest Money as a credit to the buyer, brokerage commission, other known closing costs.
These types of changes will require a new closing disclosure to be sent to the borrower and reset the three day clock.
What is:
1. increase in the APR
2. Loan product change
3. adding a prepayment penalty