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

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?

C7 days

NC.G.S. 47C-3-107 (Right of Rescission for New Condominiums)
NCREC Broker National (Broker-N) Compliance Guide, Section on Condominium Transactions and Buyer Protections
NC Real Estate Commission Legal Bulletin: Condominium Rescission Rights, 2023
Therefore, the buyer has no right to cancel the contract based solely on the Condominium Act for this 10-year-old unit.

B5 days

DThe buyer has no such right to cancel the contract.

A3 days

Show Suggested Answer

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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Pete

5 days 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

10 days 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

15 days 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

20 days 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

25 days 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

1 month 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

1 month 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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