A compliance reviewer in Apex is updating the policy manual on Mineral and Oil and Gas disclosure timing, scope, and waiver limits. Which statement best applies under current North Carolina law?
Correct Answer
B) The MOG disclosure addresses whether rights were severed previously, severed by the seller, or intended to be severed before transfer.
The MOG disclosure addresses whether rights were severed previously, severed by the seller, or intended to be severed before transfer.
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Related Topics & Key Terms
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Related Concepts
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
The Lead-Based Paint Disclosure is a federally mandated disclosure required for all residential properties built before 1978. Sellers and landlords must disclose known lead-based paint hazards and provide the EPA pamphlet "Protect Your Family From Lead in Your Home."
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In Vermont, a seller's agent knows a serious property defect or limitation. Which statement is correct?
- → In Vermont, covered pre-1978 property is shown to a buyer. Which statement is correct?
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- → An Oklahoma licensee is asked about a seller learns of a new defect after already delivering a disclosure or disclaimer statement. What is the best answer?
- → Which Oklahoma rule applies when a seller wants to use the Oklahoma disclaimer statement instead of a disclosure statement?
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- → In Oklahoma real estate practice, a seller has not yet accepted a purchaser’s offer. What should the licensee remember?
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- → Which Oklahoma rule applies when a real estate licensee actually knows of a property defect that is not included in the seller’s disclosure statement?
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