When a NC condominium unit owner wants to sell their unit, they must ensure the condo association:
Why Receives proper notice per the declaration (and some associations have right of first refusal rights) Is Correct
Answer B: Receives proper notice per the declaration (and some associations have right of first refusal rights)
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.
Key Property Ownership Terms in This Question
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Key Terms to Know
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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