RE PL Class Section 302

Related to owners ' associations , sellers must indicate the presence of an association in the Seller Representations area of Form 12 - T . What other document does the contract mandate be included related to associations ?

A separate disclosure / addendum noting whether the vacant property is subject to owners ' association regulations

An auction where the highest bidder gets the property is called a ( n ) auction .

Absolute

Anna and Beth , whose agent is Chuck , are purchasing a home from Tina and Tanner , whose agent is Larry . Who must sign the sales contract ?

Anna , Beth , Tina , and Tanner

Marco enters into a contract to acquire real property in return for some form of consideration . On the contract , he's regarded as the_____

Buyer

Which one of these statements regarding the buyers ' and sellers ' initials on each page of a North Carolina contract is true ?

Buyers and sellers initial each page to indicate that they've reviewed that page .

North Carolina buyer Fran hopes to move into the property she's buying two weeks before settlement . Which of the following actions should her agent , Callie , take to make this request known to the seller ?

Callie must check the box before " A Buyer Possession Before Closing Agreement is attached Standard Form 2A7 - T ) " on Standard Form 2 - T , and then attach that agreement to 2 - T .

Which paragraph of North Carolina's Standard Form 2 - T allows the parties to sign the contract electronically ?

Conduct of Transactions

North Carolina buyer Philandro just signed Standard Form 2 - T . Under this form , which of the following expenses will he have to pay ?

Costs associated with determining restrictive covenant compliance

_____ is an example of circumstances that are beyond the buyers ' control , meaning they can't practically do what they've agreed to do , and the offer terminates .

Destruction of property

Gary is in the process of buying a home just outside of Raleigh from seller Stanley . When the time comes , who will identify the closing attorney for the transaction ?

Gary

On the North Carolina 580 - T contract , the seller must obtain information about lease tenants , if any . Which of the following is NOT something the seller must provide to the buyer ?

Lease applications from tenants

Which one of these scenarios accurately depicts how to handle earnest money ?

Lisa , a closing attorney , is permitted to deposit disputed earnest money funds with the courts pending dispute settlement .

Which of the following stipulates that an offer has been made when the offeror mails it ( rather than when the offeree receives it ) ?

Mailbox rule

If a seller requests access to the property long term after closing , the parties should

Not attach a possession agreement addendum to their purchase contract

If a primary contract is terminated , the seller must provide the back - up buyer with a prompt written notice , which is called the

Notice of primary status

What is one of the key differences between a North Carolina Standard Form 580 - T and the 580L - T ?

Only the 580L - T references to the Form 502- Land Information Worksheet .

In North Carolina's Offer to Purchase and Contract , Standard Form 2 - T , which provision says that I means of access to the property must be delivered upon closing ?

Possession

If a cloud on a title is discovered , which party is generally responsible for clearing the cloud ?

Seller

Based on provisions in North Carolina's Form 12 - T , which of these costs is the seller's responsibility ?

Special assessments that are approved before settlement

Form 2 - T ? Which of the following information is NOT entered in the Notice Information section of North Carolina's Standard

The closing attorney's name

North Carolina broker Megan is helping her client to prepare a six - month lease . Given the situation , which one of the following statements is true ?

The lease doesn't have to be written because it's for a term of fewer than three years in North Carolina .

Besides being authored by a real estate attorney , which of the following does NCREC require of all sales contract forms in North Carolina ?

They must address the 19 matters spelled out in 21 NCAC 58A .0112 .