FinanceIntermediateNorth Carolina Exam

North Carolina allows non-judicial (power of sale) foreclosure. During this process, how long is the upset bid period after the foreclosure sale?

ASimply a flat 3 days, shorter than North Carolina's actual statutory upset-bid period after a foreclosure sale

BSimply a flat 5 days, shorter than the NC Vacation Rental Act's actual required advance notice period for termination

C10 daysCorrect

DSimply a flat 30 days, shorter than North Carolina's actual mechanic's lien filing deadline

Why 10 days Is Correct

Answer C: 10 days

After a power of sale foreclosure in NC, there is a 10-day upset bid period during which any person may submit a higher bid of at least 5% more than the sale price.

Exam Tip: Finance

Finance questions often involve calculations. Master the T-bar method, understand the difference between conventional and government-backed loans, and know key ratios like LTV and DTI.

Key Finance Terms in This Question

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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Key Terms to Know

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

Amortization

The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.

Adjustable-Rate Mortgage (ARM)

A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.

Loan-to-Value Ratio (LTV)

The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

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