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[Parties and Property Description -- Types of Estates]

A property owner gave a five-acre parcel of land to a church as long as the church does not build a parking lot on it. What kind of estate does the church have for this property?

AConventional life estate

BDefeasible fee estate

CFee simple absolute

DLife estate pur autre vie

Question 2

In North Carolina, a buyer agent must disclose their agency status to the seller or the seller's agent:

Aat the initial contact.

Bat the first substantial contact.

Cno later than the first showing of the property.

Dno later than when presenting an offer.

Question 3

[Broker's Authority and Duties -- Trust Account Rules]

When submitting an offer, a buyer handed their broker an earnest money deposit in cash. To comply with the North Carolina Real Estate Commission Rules, what must the broker do?

ANot accept the cash and ask the buyer to write a check instead

BEnsure the cash is locked in a safe place until the offer is accepted

CDeposit the cash into the brokerage trust account within three banking days of receipt

DTurn the money over to the listing broker within 24 hours of receipt

Question 4

[Compliance with Laws and Regulations -- Unauthorized Practice of Law]

It would be considered the unauthorized practice of law for a North Carolina real estate broker to:

Acomplete a preprinted offer or sales contract form that has been drafted by an attorney.

Bdraft an addendum to an offer if there are any special contract provisions.

Crefer a client to an attorney to draft an addendum if there are special contract provisions.

Dmodify an electronically generated preprinted form by marking a change requested by a client.

Question 5

[Offers and Negotiations -- Contract Formation]

On Monday morning, a buyer agent who works for ABC Realty submits a buyer client's offer to the listing agent at XYZ Realty. Later that day, the listing agent presents the offer to the seller. On Tuesday morning, the seller signs the offer with no changes, and on Tuesday evening, the listing agent calls the buyer agent to tell them the offer is signed and accepted. The buyer agent finally gets in contact with the buyer Wednesday morning to communicate the good news. On Wednesday afternoon, the listing agent delivers the signed offer to the buyer agent, and the buyer agent delivers it to the buyer that evening. At what point was there a valid, binding contract between buyer and seller?

ATuesday morning when the seller signed the contract

BTuesday evening when the acceptance was communicated to the buyer agent

CWednesday morning when the buyer agent communicated the acceptance to the buyer

DWednesday evening when the buyer received the signed offer

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