A firm owner in Chapel Hill is sorting out a file issue involving buyer agency agreements and the written-agreement deadline. Which statement best applies under current North Carolina law?
Correct Answer
C) An oral buyer relationship in North Carolina cannot bind the buyer for a period of time or restrict the buyer's right to work with other agents.
An oral buyer relationship in North Carolina cannot bind the buyer for a period of time or restrict the buyer's right to work with other agents.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
The legal requirement for real estate agents to inform all parties about who they represent in a transaction, typically provided at first substantive contact.
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