A training instructor in Carrboro is updating the policy manual on trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?
Correct Answer
B) A broker should not commingle trust money with operating funds except for the limited amount of broker funds permitted to cover bank service charges.
A broker should not commingle trust money with operating funds except for the limited amount of broker funds permitted to cover bank service charges.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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