Insight | May2016

FORMS GUY

BY: WILL MARTIN | GENERAL COUNSEL

Try taking the quiz without referencing the answers in this Forms Guy article. For help, refer to the original Q&A., archived on the Legal Department page at www.ncrealtors.org.

1. If a buyer gives the seller a copy of an inspection report and then terminates the contract, the listing agent must give a second buyer a copy of the first buyer’s inspection report.

TRUE FALSE (November 24, 2015: Disclosure)

2. If there’s a zero in the due diligence fee blank in an Offer to Purchase and Contract, the buyer does not have any due diligence rights.

TRUE FALSE (December 1, 2015: Forms/Offer to Purchase and Contract)

3. A back-up contract only becomes binding when the contract between the seller and the first buyer is terminated.

TRUE FALSE (December 8, 2015: Forms/Addenda to Offer to Purchase and Contract)

4. If a lender instructs the closing attorney not to give the buyer agent a copy of the buyer’s closing disclosure, the buyer agent will get in trouble with the Real Estate Commission for failing to deliver a copy of the closing disclosure to the buyer.

TRUE FALSE (December 15, 2015: Real Estate License Law and Rules)

5. If someone questions the mental capacity of a broker’s client, a medical professional must be hired to evaluate the client’s mental condition.

TRUE FALSE (December 29, 2015: Other Laws and Rules)

6. If an expiration of offer provision is added to a buyer’s offer, so long as the seller responds to the offer by the date and time in the blank, the seller can accept the offer after that date and time has expired.

TRUE FALSE (January 6, 2016: Forms/Addenda to Offer to Purchase and Contract)

7. A broker can operate a drone or hire a drone operator to take aerial images of a real estate listing.

TRUE FALSE ( January 12, 2016: Other Laws and Rules)

8. If a broker is charged with driving while impaired, he or she is required to report the charge to the Real Estate Commission.

TRUE FALSE (January 19, 2016: Real Estate License Law and Rules )

9. A broker representing a seller who has property under a short sale contract must always inform the seller’s lender of any additional offers that are made on the property.

TRUE FALSE (January 26, 2016: Real Estate License Law and Rules)

10. A buyer agent must never deliver a letter to the seller with an offer from his or her client because it would violate fair housing laws.

TRUE FALSE (February 2, 2016: Other Laws and Rules)

11. A person appointed as another’s general guardian can sell the ward’s real estate just like the ward could if they were competent.

TRUE FALSE (February 9, 2016: Other Laws and Rules )