A closing-file reviewer in Huntersville is preparing an exam-prep note on breach remedies, termination, and refunds. Which statement best applies under current North Carolina law?
Correct Answer
C) A dispute over earnest money does not authorize the broker to disburse funds unilaterally; the broker must hold or use the clerk-of-court process if appropriate.
A dispute over earnest money does not authorize the broker to disburse funds unilaterally; the broker must hold or use the clerk-of-court process if appropriate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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