In North Carolina, what must be included in a written agency agreement?

In North Carolina, a written agency agreement must include the duties and obligations of both the broker and the client. This requirement is essential because it outlines the responsibilities and expectations of both parties involved in the real estate transaction. Clearly defining these roles helps to ensure that both the broker and the client understand their commitments, leading to a smoother working relationship and minimizing the potential for disputes throughout the process.

Including the duties and obligations establishes a framework of accountability, detailing what services the broker is expected to provide and what the client must agree to in return. This forms a foundational aspect of the agency relationship, reinforcing the legal concept of agency in real estate, where one party acts on behalf of another.

The other choices, while relevant to real estate agreements, are not mandatory components of a written agency agreement. The commission structure, specific timelines, and disclosures of prior transactions may be discussed or even included as supplementary information, but they do not capture the critical requirement of delineating the foundational responsibilities and obligations inherent to the agency relationship.