Download Full Version NCREC-Broker-N North Carolina Real Estate Commission Exam

According to the Truth in Lending Act (TILA) and advertising guidelines in North Carolina, if a licensee advertises specific financing terms—such as the amount of down payment—this triggers the requirement to disclose additional terms, including the annual percentage rate (APR), amount of payments, and term of the loan. The failure to include these terms makes the advertisement misleading and non-compliant.

An appurtenant easement involves two properties: the dominant tenement (the one that benefits from the easement) and the servient tenement (the one that is burdened by the easement). In this case, Morgan benefits from the easement (dominant tenement), and Julie’s land must allow access (servient tenement). Therefore, Julie’s land is correctly identified as the servient tenement.

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TILA-RESPA Integrated Disclosure rules (TRID) require that theClosing Disclosurebe delivered to the consumerno later than 3 business days before consummationof the loan. This mandates a three-business-day review period for borrowers before finalizing the loan—makingoption Bcorrect.

According to the North Carolina Timeshare Act, a purchaser of a timeshare has the right to cancel the purchase without penalty within five (5) calendar days after execution of the contract. This right of rescission is non-waivable and must be disclosed in the contract. The cancellation does not require a reason and must be honored fully. Therefore, the correct answer is B.

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