North Carolina License LawIntermediateNorth Carolina Exam
NC license law requires a broker to provide a copy of any written offer to the buyer who made the offer:
AOnly after it is accepted by the seller
BWithin 3 days of presentation to the seller, in most cases
CAt the time the offer is prepared and signed by the buyerCorrect
DOnly when the seller counters
Why At the time the offer is prepared and signed by the buyer Is Correct
Answer C: At the time the offer is prepared and signed by the buyer
A broker must provide the buyer with a copy of the written offer at the time it is prepared and signed, giving the buyer a record of what they submitted.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
State-Specific Concepts
License Law
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