Question

In regard to the use of standard forms and contracts by real estate professionals and the role of the North Carolina Real Estate Commission, NCREC:

A) requires the use of specific forms and contracts
B) drafts specific forms and contracts but does not mandate their use
C) prescribes certain essential provisions that must be included in the forms and contracts
D) has no authority regarding the content of real estate forms and contracts

Answer 1

The North Carolina Real Estate Commission prescribes certain essential provisions that must be included in the forms and contracts used by real estate professionals.

Step-by-step explanation:

It pertains to the role of the North Carolina Real Estate Commission (NCREC) in relation to the use of standard forms and contracts by real estate professionals.

The correct answer is C) prescribes certain essential provisions that must be included in the forms and contracts. The NCREC does not require the use of specific forms and contracts, but it does specify certain provisions that must be included in these documents to ensure compliance with the law and protect the rights of both buyers and sellers.

For example, the NCREC may prescribe provisions related to the disclosure of material facts about a property, the inclusion of a financing contingency clause, or the use of a specific property condition disclosure form.