Practice Of Real EstateLicense LawMEDIUM
Which North Carolina label best fits this description about trust money receipt, deposit timing, and exceptions? Use the description below. Description: Money received by a broker in a fiduciary capacity for others, such as earnest money or rental deposits, that triggers trust-account handling rules.
Correct Answer
D) Trust money under current North Carolina rules
Trust money
Answer Options
A
Referral bonus under current North Carolina rulesB
Due diligence fee payable to sellerC
Excise stamp tax under current North Carolina rulesD
Trust money under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
trust moneyfiduciary capacityearnest moneyrental deposits21 NCAC 58A .0117
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