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Practice Of Real EstateLicense LawMEDIUM

A compliance reviewer in High Point is sorting out a file issue involving record retention, transaction files, and trust records. Which statement best applies under current North Carolina law?

Correct Answer

B) North Carolina brokers must maintain transaction and trust account records that create an audit trail and can be produced to the Commission when required.

North Carolina brokers must maintain transaction and trust account records that create an audit trail and can be produced to the Commission when required.

Answer Options
A
A broker's memory can substitute for written trust account records under current North Carolina rules
B
North Carolina brokers must maintain transaction and trust account records that create an audit trail and can be produced to the Commission when required.
C
A broker may discard transaction records once a deal closes and commissions are paid.
D
Only trust account bank statements need to be retained; ledgers and supporting documents are optional.

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Related Topics & Key Terms

Key Terms:

audit trailCommission producibilityrecord retention21 NCAC 58A .0108NC General Statute 93A
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