Environmental
Which disclosure is required in North Carolina for properties with a private well or septic system?
ANo special disclosure is required
BThe NC Residential Property and Owners' Association Disclosure Statement must address these items✓ Correct
CA separate state-mandated well and septic disclosure form
DThe seller must hire a licensed inspector to certify the systems
Explanation
The NC Residential Property and Owners' Association Disclosure Statement includes questions about private wells, septic systems, and other on-site utilities. Sellers must disclose known defects or information about these systems.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
Disclosure RequirementsDRE Regulation
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