An exam-prep coach in Greensboro is answering a client question about buyer agency agreements and the written-agreement deadline. Which statement best applies under current North Carolina law?
Correct Answer
B) 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
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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