Residential Property and Owners' Association Disclosure Statement must be furnished to a buyer of most 1-4 unit residential resales no later than before an offer is made.
The owner may answer Yes, No, or No Representation to disclosure items; failing to deliver the statement timely gives the buyer a limited right to cancel.
Mineral, Oil, and Gas Rights Mandatory Disclosure Statement is also required for most residential sales.
Lead-based paint disclosure applies to homes built before 1978 (federal requirement).
Trust/escrow money must be deposited into a trust or escrow account no later than three banking days after the broker receives it (after acceptance for most contracts).
Brokers must not commingle client trust funds with personal or firm operating funds and must maintain accurate trust account records.
Records, including trust account documentation, must be retained for three years per Commission rules.
Is North Carolina Required Disclosures & Escrow/Trust Timeframes Quick Sheet on the real estate exam?
Yes. State License Law is a scored domain on the North Carolina real estate licensing exam, and this topic appears in the state license-law portion.
Is this cheat sheet free?
Yes — every page on CinnaPrep's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
Does North Carolina test this differently?
North Carolina applies its own license law on top of the national portion. This page covers the North Carolina rules specifically, which is what the state section of your exam tests.