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[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?
Suggested Answer: B
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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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15 comments · newest first
JA
James
1 month ago
I’d go with 10 days for sure.
DA
Darrel
1 month ago
I agree, 5 days gives time to think.
TU
Tula
1 month ago
But 3 days is too short.
JA
James
2 months ago
No cancellation? That's harsh!
DA
Darrel
2 months ago
I feel like it should be longer. Maybe 10 days?
TU
Tula
2 months ago
I think it's 5 days. Seems reasonable.
AL
Alex
2 months ago
I disagree, I thought it was longer!
RO
Roslyn
2 months ago
Definitely 5 days, I just read about it.
GE
German
2 months ago
Wait, no cancellation at all? That can't be right!
CO
Cornell
3 months ago
I thought it was 10 days.
MI
Mirta
3 months ago
It's 5 days for sure!
AN
Annelle
3 months ago
I’m uncertain, but I think there’s a right to cancel under the law. I just can’t remember the exact timeframe.
FR
Freeman
3 months 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.
NI
Nickie
3 months ago
I practiced a question like this, and I feel like it was 10 days. That seems to stick in my mind.
GE
Georgene
4 months ago
I think the cancellation period is 5 days, but I’m not entirely sure. I remember something about a grace period.