Property OwnershipIntermediateNorth Carolina Exam

In NC, the NC Homeowners Association Act (Chapter 47F) was designed to apply to which type of community?

ACondominiums formed after 1986

BPlanned communities (subdivisions with mandatory HOAs) created on or after October 1, 1998Correct

CAll rental communities with 10 or more units, which most practitioners would generally accept

DCommercial property owner associations

Why Planned communities (subdivisions with mandatory HOAs) created on or after October 1, 1998 Is Correct

Answer B: Planned communities (subdivisions with mandatory HOAs) created on or after October 1, 1998

The NC Planned Community Act (Chapter 47F) applies to planned communities with mandatory homeowners associations created on or after October 1, 1998.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

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Key Terms to Know

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.

Encumbrance

Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

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