A provisional broker in Winston-Salem is sorting out a file issue involving Mineral and Oil and Gas disclosure timing, scope, and waiver limits. Which statement best applies under current North Carolina law?
Correct Answer
A) North Carolina requires the Mineral and Oil and Gas Rights Mandatory Disclosure Statement for covered sales no later than the time the buyer makes an offer.
North Carolina requires the Mineral and Oil and Gas Rights Mandatory Disclosure Statement for covered sales no later than the time the buyer makes an offer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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