REAL ESTATE EXAM - STATE PORTION - NC -
MISC LAWS & LEGAL CONCEPTS QUESTIONS
WITH 100% ACCURATE ANSWERS
NC Disclosure Act - Accurate answers Requires the seller of most residential
properties containing 1-4 units gives the buyer a disclosure statement showing items
related to the condition of the property about which the owner has actual knowledge
Exempt - Accurate answers New constructions which have never been inhabited
are _________________ from the NC Residential Property Disclosures Act
No Representation - Accurate answers Option given on NC Residential Property
Disclosures form in NC allowing seller to not disclose defects whether known or not
caveat emptor - Accurate answers buyer beware, NC practices this
mandatory disclosures - Accurate answers Existence of HOAs, documents with
restrictions on property, required assessment payments, status of oil and gas rights
Prior to offer - Accurate answers when must disclosure statement must be
delivered to the buyer ?
Cancel/rescind - Accurate answers If NC Residential Property disclosure is not
delivered to buyer prior to or at time of offer, purchaser may:
Expired - Accurate answers Purchasers right of rescission ______________ at:
1) End of 3rd calendar day after receipt of disclosure
2) End of 3rd calendar day after contract is made
3) Settlement/Occupancy by buyer in sale or exchange
4) Settlement in lease w/option to purchase sale
3 days - Accurate answers If the buyer rescinds they must give seller written
notice within ________________.
Deposit money - Accurate answers If they buyer rescinds they are entitled to
refund of _________________ given to seller.
property owner - Accurate answers Disclosure statement must be completed by
___________
Brokers - Accurate answers _________________ can never complete the
disclosure statement for the seller
MISC LAWS & LEGAL CONCEPTS QUESTIONS
WITH 100% ACCURATE ANSWERS
NC Disclosure Act - Accurate answers Requires the seller of most residential
properties containing 1-4 units gives the buyer a disclosure statement showing items
related to the condition of the property about which the owner has actual knowledge
Exempt - Accurate answers New constructions which have never been inhabited
are _________________ from the NC Residential Property Disclosures Act
No Representation - Accurate answers Option given on NC Residential Property
Disclosures form in NC allowing seller to not disclose defects whether known or not
caveat emptor - Accurate answers buyer beware, NC practices this
mandatory disclosures - Accurate answers Existence of HOAs, documents with
restrictions on property, required assessment payments, status of oil and gas rights
Prior to offer - Accurate answers when must disclosure statement must be
delivered to the buyer ?
Cancel/rescind - Accurate answers If NC Residential Property disclosure is not
delivered to buyer prior to or at time of offer, purchaser may:
Expired - Accurate answers Purchasers right of rescission ______________ at:
1) End of 3rd calendar day after receipt of disclosure
2) End of 3rd calendar day after contract is made
3) Settlement/Occupancy by buyer in sale or exchange
4) Settlement in lease w/option to purchase sale
3 days - Accurate answers If the buyer rescinds they must give seller written
notice within ________________.
Deposit money - Accurate answers If they buyer rescinds they are entitled to
refund of _________________ given to seller.
property owner - Accurate answers Disclosure statement must be completed by
___________
Brokers - Accurate answers _________________ can never complete the
disclosure statement for the seller
