what if action states no refund or exchange?

Doesn't matter what the listing states as far as time for a return and refund. You have 45 days of "Buyer Protection." That trumps anything the seller states.

But, first contact the seller and see if the issue can be resolved without entering a case through Buyer Protection. In fact it is or soon will be a requirement for buyers to contact a seller where there is an issue prior to opening any case.

eBay Buyer protection over rules the sellers return policy.

If something is not as described you have 45 days to open a dispute.

What to do if you don't receive an item or it doesn't match the seller's description

http://pages.ebay.com/help/buy/item-not-received.html

Returning an item

If you'd like a full refund, you'll generally be required to return an item. Here are some things to keep in mind:

Don't send an item back unless the seller or eBay asks you to.

Package the item carefully and securely with all parts. The seller must receive the item in the same condition as you received it.

When you send the item, you'll need to include tracking information. For items worth $250.00 or more, signature confirmation is required.

Important: If you refuse delivery of an item so you won't have to return it, the item won't be covered by eBay Buyer Protection.

http://pages.ebay.com/help/buy/refunds.html