WRA Broker Practice Test

The correct answer is 15 days because, in real estate transactions involving condominiums, sellers are required to provide buyers with specific documents that include the condominium association’s bylaws, rules, and financial statements. This requirement is designed to give the buyer adequate time to review the important details about the condominium’s governance and financial health before finalizing the purchase.

The 15-day period allows buyers to assess any potential issues or obligations that come with ownership in the condominium, which can affect their decision to proceed with the transaction. Providing this time frame is crucial to ensure that buyers can make informed decisions without feeling rushed, which promotes transparency and protects consumer rights in real estate transactions.

While other time frames, such as 5, 10, or 30 days, may apply in different contexts or jurisdictions, the established standard for most condominium transactions is the 15-day rule.