Which statement is true regarding the North Carolina Residential Property Disclosure Act?

The correct understanding of the North Carolina Residential Property Disclosure Act is that sellers of unimproved land, or property with no physical improvements, are indeed exempt from providing a disclosure statement. This means that if a seller is selling a piece of land that does not have any buildings or structures on it, they are not required to fill out the disclosure form mandated by the act.

The other options do not accurately reflect the stipulations of the act. Sellers of residential properties are usually required to provide a disclosure statement, and there are specific guidelines and standard forms developed for this purpose, rather than allowing each brokerage to create their own forms. Additionally, sellers of duplexes are not exempt; they must comply with the same disclosure requirements that apply to single-family residential properties. This highlights the importance of understanding the specific requirements outlined in the law to accurately adhere to them.