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Real Estate Licensing NCREC-Broker-N Exam - Topic 2 Question 17 Discussion

[Compliance with Laws and Regulations -- North Carolina Timeshare Act]Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?
B) 5 days
A) 3 days
C) 10 days
D) Under the law, there is no right of cancellation

Real Estate Licensing NCREC-Broker-N Exam - Topic 2 Question 17 Discussion

Actual exam question for Real Estate Licensing's NCREC-Broker-N exam
Question #: 17
Topic #: 2
[All NCREC-Broker-N Questions]

[Compliance with Laws and Regulations -- North Carolina Timeshare Act]

Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?

Show Suggested Answer Hide Answer
Suggested Answer: B

According to the North Carolina Timeshare Act, a purchaser of a timeshare has the right to cancel the purchase without penalty within five (5) calendar days after execution of the contract. This right of rescission is non-waivable and must be disclosed in the contract. The cancellation does not require a reason and must be honored fully. Therefore, the correct answer is B.

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by Dong at Jun 17, 2026, 05:29 AM

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Annelle
2 hours ago
I’m uncertain, but I think there’s a right to cancel under the law. I just can’t remember the exact timeframe.
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Freeman
5 days ago
I’m pretty confident it’s 3 days. I recall discussing that in class, but I might be mixing it up with another state’s laws.
upvoted 0 times
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Nickie
10 days ago
I practiced a question like this, and I feel like it was 10 days. That seems to stick in my mind.
upvoted 0 times
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Georgene
16 days ago
I think the cancellation period is 5 days, but I’m not entirely sure. I remember something about a grace period.
upvoted 0 times
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