Used Norma acoustic...Did I get ripped?

I bought a used Norma acoustic for $40 (I figured not much to lose). It has a very small body,17"x 13" with a full sized neck. Its not a Jr. guitar (if thats what you call it). On the back it has a sticker that reads FG7.The lady I bought it from said it was at least 20 years old. The strings are up pretty high off the neck with no way to adjust them. Its a very basic design. Most of the strings buzz pretty bad. I'm hoping its just because the strings are real old, but now I'm wondering if its its even worth stringing..
I did a searched the net with no luck.

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http://reviews.harmony-central.com/reviews/Acoustic+Guitar/product/Norma/Acoustic/10/1

2nd reviewer only paid $9.95 for his..maybe you did get taken :P

A guy from guitar noise found it for me :D

http://www.rubylane.com/shops/acquiringmind/item/E0524

If it's playable then its an OK deal, if it's finger shredding high action that you cant adjust then its firewood.

If the guitar is an authentic Norma, its pretty old

they stopped making normas in 1971
i have one, they're a nice guitar,

the only reason the string action would be too high is if its been left unstrung or with the wrong kind of strings on it for too long, because for some reason the neck on Normas bows easy
and even if it was, its probably fixable.

id say its a good deal

you certainly werent ripped off

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