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Real Estate Licensing NCREC-Broker-N Exam - Topic 4 Question 10 Discussion

Actual exam question for Real Estate Licensing's NCREC-Broker-N exam
Question #: 10
Topic #: 4
[All NCREC-Broker-N Questions]

A buyer signs a contract to purchase a 10-year-old unit in a condominium community. Under the provisions of the North Carolina Condominium Act, how many days does the buyer have to rescind the contract?

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Suggested Answer: D

Under the North Carolina Condominium Act (N.C.G.S. Chapter 47C), the buyer of a condominium unit has a 7-day right of rescission only for new condominiums, meaning units offered for sale in a project not yet completed or occupied. For units in a condominium community that are more than one year old, there is no statutory right to rescind the contract once signed. Since this is a 10-year-old unit, the buyer does not have a rescission period.


by Naomi at Jan 24, 2026, 08:48 PM

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Mozell
15 days ago
I thought it was longer than that!
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Erinn
20 days ago
Yep, it's definitely 7 days in NC.
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Sang
26 days ago
Wait, are you sure it's 7 days?
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Stephaine
1 month ago
That seems pretty short!
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Justine
1 month ago
The buyer has 7 days to rescind the contract.
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Nieves
1 month ago
Wait, is this a trick question? The answer is clearly 15 days. Who writes these exams, a bunch of real estate lawyers?
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Elenor
2 months ago
Haha, the answer is obviously 7 days. Everyone knows that's the magic number for condo rescission periods!
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Joanne
2 months ago
3 days? That's way too short. The buyer needs enough time to review all the documents and make an informed decision.
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Lizette
2 months ago
10 days? That's way too long. The buyer should have a quick window to back out if they change their mind.
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Aleshia
2 months ago
I think the answer is 5 days. That seems like a reasonable timeframe for a buyer to reconsider a condo purchase.
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Dortha
2 months ago
I thought it was 7 days too, but I get confused with the different timelines for various contracts.
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Wendell
2 months ago
I’m not entirely sure, but I feel like it might be 10 days? I should have reviewed that section more closely.
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Pete
3 months ago
I remember practicing a similar question, and I think it was 7 days for the buyer to back out under the North Carolina Condominium Act.
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Layla
3 months ago
I think the buyer has a specific number of days to rescind, but I can't remember if it's 5 or 7 days.
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Long
4 months ago
I remember learning about the rescission period for condo purchases in my real estate law class. If I recall correctly, the buyer has 15 days to rescind the contract under the North Carolina Condominium Act. I'll verify that before answering.
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Cheryl
4 months ago
Wait, is it 7 days or something else? I'm a little unsure about the exact number of days for the rescission period in this case. Let me double-check the details in the Act.
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Rosendo
4 months ago
Okay, I've got this. The North Carolina Condominium Act specifies a rescission period of 7 days for buyers of condo units. I'm confident I can answer this question correctly.
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Rebbecca
4 months ago
Hmm, I'm not too familiar with the details of the North Carolina Condominium Act. I'll need to do some quick research on the rescission period for condo purchases in that state.
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Carlota
4 months ago
I think this question is asking about the rescission period for a condo purchase contract in North Carolina. I'll need to review the state's Condominium Act to find the specific number of days.
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