North Carolina License LawIntermediateNorth Carolina Exam
Under NC license law, a broker must provide a written agency agreement before performing which service?
AShowing a property to a buyer
BProviding a market analysis to a seller
CEntering into a binding listing or buyer agency agreementCorrect
DAnswering general questions about the market, in most cases
Why Entering into a binding listing or buyer agency agreement Is Correct
Answer C: Entering into a binding listing or buyer agency agreement
A written agency agreement (listing or buyer agency agreement) must be in place before a broker enters into a representation relationship. Showing property and market analyses can occur without a written agreement, though the WWREA must still be provided.
Key North Carolina License Law Terms in This Question
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
License Law
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