Under the NC Condominium Act, what is incorrect regarding a unit owner's rights?

A unit owner in a condominium has a range of rights, and one of those rights includes the ability to own the unit as well as the common areas associated with it. Under the NC Condominium Act, it is not accurate to state that a unit owner is prohibited from owning land. Typically, unit ownership includes individual ownership of the unit itself, which may be seen as a form of ownership within a larger parcel of land that comprises the entire condominium complex.

The other options align correctly with the regulations and stipulations set forth by the Act. For instance, unit taxes and assessments are handled separately to reflect the individual ownership of each unit, and the requirement for a unit owner's association to exist prior to the transfer of the first unit ensures that there is a governing body in place from the beginning, which is crucial for managing the community effectively. Additionally, the stipulation regarding the rescission period ensures consumer protection, allowing buyers to withdraw without penalty within the designated timeframe. Thus, the understanding of ownership rights as outlined in the Act does not support the notion of prohibition against land ownership by unit owners.