A listing broker in Carrboro is revising a training memo on Mineral and Oil and Gas disclosure timing, scope, and waiver limits. Which statement is NOT accurate under current North Carolina law?
Correct Answer
B) MOG exists only to help counties calculate conveyance tax under current North Carolina rules
This choice is the inaccurate statement. The other three options describe the current North Carolina rule or guidance more accurately.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Mandated Disclosures Question
Background Knowledge for Mandated Disclosures
Real World Application in Mandated Disclosures
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Related Topics & Key Terms
Key Terms:
Related Concepts
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
More Mandated Disclosures Questions
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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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