A NC real estate transaction where the closing attorney discovers the seller's deed was fraudulently obtained should result in:
Why The closing being halted and the fraud reported to appropriate authorities Is Correct
Answer B: The closing being halted and the fraud reported to appropriate authorities
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
People Also Study
Related North Carolina Questions
- In NC, a buyer who discovers after closing that the seller did not have clear title to the property that was conveyed may seek recovery under:Escrow & Title
- A buyer and seller in North Carolina have signed a contract, but closing is delayed because the seller cannot produce clear title. This is an example of:Contracts
- A NC buyer who discovers during due diligence that the property has a deed restriction prohibiting commercial use should:Contracts
- Under NC's NC Offer to Purchase, who is responsible for paying the buyer's closing costs (loan origination fees, title insurance, etc.) by default?Contracts
- If a buyer in NC makes an offer that includes a 'financing contingency,' closing may be delayed or cancelled if:Contracts
Key Terms to Know
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →