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Practice Of Real EstateLicense LawHARD

A provisional broker in Concord is updating the policy manual on trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?

Correct Answer

A) Trust money may be received in different negotiable forms, but the broker still must handle and record it according to the Commission rules.

Trust money may be received in different negotiable forms, but the broker still must handle and record it according to the Commission rules.

Answer Options
A
Trust money may be received in different negotiable forms, but the broker still must handle and record it according to the Commission rules.
B
Negotiable instruments may be handled without a receipt record if the amount is small.
C
An electronic deposit never needs supporting documentation under current North Carolina rules
D
A certified check is exempt from trust-account rules under current North Carolina rules

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Related Topics & Key Terms

Key Terms:

negotiable instrumentstrust accountrecordkeepingNCREC ruleselectronic deposit
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