Property Management
Under the NC Condominium Act, unit owners have what minimum right regarding association meetings?
ANo rights to attend board meetings
BThe right to attend and speak at association meetings open to members✓ Correct
CThe right to vote on every association decision
DThe right to veto any board action
Explanation
NC condominium owners have the right to attend and participate in association meetings open to members and to receive notice of and attend annual meetings where elections and major decisions occur.
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Key Terms to Know
Earnest Money
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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