Property OwnershipIntermediateNorth Carolina Exam
The NC Planned Community Act (Chapter 47F) applies to residential planned communities created after:
AJanuary 1, 1985
BJanuary 1, 1999
COctober 1, 1998Correct
DJanuary 1, 2001
Why October 1, 1998 Is Correct
Answer C: October 1, 1998
The NC Planned Community Act (Chapter 47F) applies to residential planned communities 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).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA 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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