Chapter 10

Question 1

What sets forth the parameters of the legally binding agreement between buyer and seller?

Answer 1

Sales Contract

Question 2

Who drafts real estate forms for NC

Answer 2

Joint task force between NC Association of Realtors and NC Bar Association

Question 3

1st substantial contact with client and agent needs to share what?

Answer 3

Working With Real Estate Agents Disclosure (WWREA) form

Question 4

What forms are created by NCREC?

Answer 4

• WWREA - Working with Real Estate Agents Disclosure
• RPOADS - Residential Property & Owners ???
• MOG

Question 5

Other names for Purchase Contract or conveyance Document

Answer 5

• Performance Agreement
• Sales Contract
• Earnest Money Contract

Question 6

What does Time of the Essence mean?

Answer 6

No grace period, it’s the end

Question 7

What are the two times where Time of the Essence applies in the OTP?

Answer 7

1) Due Diligence
2) Additional Earnest Money

Question 8

In NC, what is Liquidated Damages called

Answer 8

1) Due Diligence
2) Additional Earnest Money

Question 9

Does the presence of Multiple Offers have to be disclosed?

Answer 9

No, it is not a material fact.