The NC Vacation Rental Act applies to rental of residential property for:
Why Periods of fewer than 90 days Is Correct
Answer B: Periods of fewer than 90 days
In North Carolina, the Vacation Rental Act defines a vacation rental as the rental of residential property for vacation, leisure or recreation purposes for fewer than 90 days by a person who has a place of permanent residence to which he or she intends to return. Residential property includes an apartment, condominium, single-family home, townhouse or cottage. The definition does not mention location or a nightly rate.
Source: N.C.G.S. 42A-4
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
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Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
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