Under the NC Residential Property Disclosure Act, a buyer who received the disclosure but waived their right to rescind by signing a waiver:
Why Has waived the right to rescind but not the right to pursue remedies for misrepresentation or fraud Is Correct
Answer B: Has waived the right to rescind but not the right to pursue remedies for misrepresentation or fraud
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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