The contract is voidable for fraud. By "voidable," I mean that the contract is not automatically canceled, but you do have the right to void it, or cancel it now, because it has become clear that he defrauded you and misrepresented information that led you to enter into a contract that you otherwise would not have considered entering.
Send him written notification that the "contract is hereby canceled, for cause." You need not say more than that, and I wouldn't go into detail with him because it will only lead to an argument between the two of you. If he wants to make a claim against you, let him try, because it will get him nowhere since the agreement is not an agreement it is terminated due to his fraud.
Additionally, I recommend that you report him to the NOrth Carolina regulatory authority for real estate brokers because they would want to know that he is impersonating a real estate broker. In fact, they will pursue disciplinary action against him. The fact that he was a mortgage broker, which is regulated by the same agency, and is not now, may indicate that there has already been disciplinary action against him. In any event, it will support your claim of fraud if you report him and it may well prevent other members of the public from having problems with him. You would be doing a public service.
This is how you file the complaint against him for impersonating a real estate broker.
Here is the form that you use and it says where to submit it:http://www.ncrec.gov/forms/rec401.pdf
Good luck to you. I wish you all the best.
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