An 'as-is' clause in a NC real estate contract means:
Why The buyer accepts the property in its current condition but the seller still must disclose known material defects Is Correct
Answer B: The buyer accepts the property in its current condition but the seller still must disclose known material defects
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.
People Also Study
Related North Carolina Questions
- Which NC disclosure form must sellers of most residential property complete?Agency
- A NC seller is required to disclose on the Residential Property Disclosure Statement whether the property is subject to:Environmental
- A NC purchase contract that contains an 'integration clause' (entire agreement clause) means:Contracts
- In NC, the 'integration clause' (merger clause) in a real estate contract means:Contracts
- In NC, a seller of residential property must disclose on the NC Residential Property Disclosure Statement whether the property has:Environmental
- In North Carolina, which contract form is most commonly used for residential real estate transactions?Contracts
- Rescission of a real estate contract in North Carolina means:Contracts
Key Terms to Know
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
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 →