House amendment makes the following changes to 1st edition. Rewrites GS 47G-1 to define covered lease agreement as a residential lease agreement in which all or some portion of the rental payments made are applied to the purchase price of the real property which is the subject of the covered lease agreement and the covered option contract. Amends definitions of option fee to clarify that payment of an option fee, applied at closing, does not constitute equity and such payment does not in and of itself create a right of equitable redemption. Rewrites GS 47G-7 by removing language providing that a violation of GS Chapter 47G constitutes an unfair trade practice under GS 75-1.1. Clarifies that the rights and remedies provided in the statute are cumulative to, and not a limitation of, any other rights and remedies provided by law or equity, including GS 75-1.1. Makes similar changes to GS 47H-8. Deletes amendments made to GS 47G-2(e) and deletes proposed amendments to GS 47G-3, concerning the application of landlord tenant law.