Chapter 10 Flashcards

1

The settlement date has a delay of how many days without authorization?

12
10
15
14

2

contracts have to be in writing because of?

Statue of Limitations
Connor Act
Statue of Frauds
NCREC rule A.0112

3

If the offeror/offeree have a dispute the Broker must retain the EMD in the trust account or

hold until a court order
until there is a release signed
divide the money between the parties
return the money to the party

4

Every contract must contain EMD?

True
False

5

Rule A.0108 requires delivery of instruments immediately but never later than?

3 business days
5 calendar days
3 calendar days
5 banking days

6

A condition or contingency to a contract can make the contract void?

True
False

7

Due Diligence can be as short or as long as the parties agree?

True
False

8

Closing is defined as?

The signing of all the paperwork
after the settlement meeting has occurred
time and date of recordation
The day of the settlement meeting

9

The DDF is refundable up until the end of the DDP

false
true

10

A contract is formed when?

At acceptance of all of the terms
When properly communicated to the agents or the parties
Everyone signs and dates
When copies are delivered to all parties

11

Our standard contract forms are provided by?

NCREC
REALTOR Association
NCAR
NCBA and NCAR

12

what type of contract is transfer of title delayed in?

Executed contract
Installment land contract
Purchase Money Mortgage
listing contract

13

Due Diligence period ends at?

5pm
Noon
midnight
12:01 am

14

The parties to an offer are called?

Purchaser/Buyer
Vendor/Vendee
Offeror/Offeree
Owner/Seller

15

EMD must go in the Brokers trust account within?

3 days of receipt
5 days of acceptance
5 days of receipt
3 days of acceptance

Chapter 10

Questions 15

Chapter 10

Questions 15