In a NC foreclosure, the 10-day upset bid period allows any person to:
Why Submit a higher bid that exceeds the foreclosure sale price by at least 5% or $750 (whichever is greater) Is Correct
Answer B: Submit a higher bid that exceeds the foreclosure sale price by at least 5% or $750 (whichever is greater)
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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