legal QUIZ A recap of our most popular weekly Q&As. BY: WILL MARTIN, GENERAL COUNSEL
Access all of our weekly Q&As by signing in to ncrealtors.org/resolve, locating the Resolve Library and searching by question title.
Q
In oral buyer agency, do you have to get something in writing before you can show a buyer any of your firm’s listings?
A Q A
Technically, no, but it’s a very good idea to confirm the existence and terms of an oral buyer agency agreement in writing, including the buyer’s permission for you to act as a dual agent. A sample letter confirming the establishment and terms of an oral buyer agency relationship is available on the NC REALTORS® website. Members may modify it to create their own version of such a letter or email. (10/5/17)
If a buyer pays an Additional Earnest Money Deposit (EMD) with a personal check, can the seller terminate the contract, and if so, when? A buyer’s failure to pay an Additional EMD in a form of payment specified in the Offer to Purchase and Contract prior to the expiration of the date inserted in the blank in paragraph 1(d) is a breach of the contract that likely would give the seller the right to terminate the contract immediately following the agreed date. A personal check is not a permitted form of payment. (11/16/17)
8 INSIGHT • May 2018
Q A Q
Can I use the term “REALTOR®” in the name of my real estate firm? No. You may use it in connection with the name of your real estate business as an indicator of your membership in the REALTOR® organization. However, the term must be separated from the business name by appropriate symbols or punctuation. “REALTOR®” may not be included as a part of the business name itself. (10/12/17)
Do I have to let clients out of a listing agreement just because they ask?
A
No, you don’t have to agree to terminate the listing agreement just because a seller asks you to, but you can’t force them to continue with the listing if they want to discharge you as their agent. The discharge may be a breach of the listing agreement, in which case you could hold the seller liable for recoverable damages for breach of contract. (10/26/17)