A closing-file reviewer in Wilmington is updating the policy manual on buyer agency agreements and the written-agreement deadline. Which statement best applies under current North Carolina law?
Correct Answer
D) North Carolina permits a broker to work with a buyer on an oral basis initially, but any buyer agency agreement must be express, in writing, and signed no later than the time an offer is made.
North Carolina permits a broker to work with a buyer on an oral basis initially, but any buyer agency agreement must be express, in writing, and signed no later than the time an offer is made.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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