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Practice Of Real EstateLicense LawMEDIUM

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

Correct Answer

D) Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.

Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.

Answer Options
A
A broker need not identify whose money is held so long as the total account balance is positive.
B
Payee information can be reconstructed only if a complaint arises.
C
Deposit slips are optional when the broker remembers the transaction.
D
Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.

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Related Topics & Key Terms

Key Terms:

trust account documentationNCREC auditledger recordsdeposit slipsfiduciary compliance
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