Legal Quiz: Take Our Quiz On Our Most Popular Weekly Q&As (May 2020)
BY: WILL MARTIN, GENERAL COUNSEL
To learn more about each Q&A listed here, visit ncrealtors.org/resolve-library and search by the Q&A title or browse by category. Both are referenced in the parenthesis at the end of each question.
QUESTION #1 »
Paragraph 8(d) of Standard Form 2-T states: “Seller shall remove, by the date possession is made available to Buyer, all personal property which is not a part of the purchase and all garbage and debris from the Property.” If a seller fails to comply with the obligation to remove all non-sold personal property, any personal property that is left behind automatically becomes the property of the buyer. True or False?
QUESTION #2 »
If someone inherits property, it’s necessary for them to get a deed for the property before it can be listed. True or False?
QUESTION #3 »
It is legal for a firm to pay a cooperating commission to a sole proprietor who doesn’t have a firm license and who is not a BIC. True or False?
QUESTION #4 »
There is at long last a form in the NC REALTORS® forms library that is designed to list a residential property for rent where no management services will be provided after the property is leased. True or False?
QUESTION #5 »
A modular home becomes part of the property at the time it is installed, but a manufactured home becomes part of the property only when a “declaration of intent to affix the manufactured home” or an “Affidavit for Removal” has been filed with the Register of Deeds. True or False?
QUESTION #6 »
An out-of-state power of attorney cannot be used to sell real estate in North Carolina. True or False?
QUESTION #7 »
The correct way to make a contract contingent on the buyer obtaining a loan is to strike through the “NOTE” at the end of paragraph 5(a) of the Offer to Purchase and Contract where it says that the buyer’s obligations under the Contract are not conditioned upon obtaining or closing any loan. True or False?
QUESTION #8 »
Under the NC REALTORS® Referral Agreement (Form 730), if the receiving firm represents the referred prospect in a transaction where the firm is acting as a dual agent, the referral fee is based on the total commission paid to the receiving firm. True or False?
QUESTION #9 »
If buyers terminate a contract before the end of the Due Diligence Period because they have been unable to reach an agreement on repairs with the seller, that contract can be reinstated if the parties are later able to reach an agreement regarding repairs. True or False?
QUESTION #10 »
A REALTOR® can make an offer in the name of his or her real estate company on a client’s behalf to protect the client’s identity. True or False?
