Final answer:
Both statements regarding the Exclusive Buyer Agency Agreement in North Carolina are true: the agreement must include an expiration date, and all expected compensation must be disclosed, ensuring transparency and legal compliance.
Step-by-step explanation:
The question involves understanding the terms of a real estate contract, specifically the Exclusive Buyer Agency Agreement in North Carolina. Referring to this particular type of agreement, two main points are highlighted:
- The agreement must specify an expiration date for the term of the agreement. This is a legally required element to ensure that the contract has a definitive end date, after which the agreement is no longer valid.
- All compensation that the firm expects to receive in the transaction should be disclosed on this document. This is to maintain transparency in the financial aspects of the transaction between the buyer and the real estate firm.
Both statements are true and are important for maintaining clarity and legal compliance in real estate transactions. The inclusion of these stipulations protects the interests of all parties involved and adheres to the state's real estate regulations.
This ensures that the agreement has a clear timeline and is not open-ended. Additionally, all compensation that the firm expects to receive in the transaction should be disclosed on the document. This includes any fees or commissions that the firm will earn as a result of representing the buyer.