An exam-prep coach in Gastonia is updating the policy manual on trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?
Correct Answer
C) When a broker receives trust money in a fiduciary capacity, the broker generally must deposit it in the trust account no later than three banking days after receipt.
When a broker receives trust money in a fiduciary capacity, the broker generally must deposit it in the trust account no later than three banking days after receipt.
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Related Topics & Key Terms
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Related Concepts
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Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
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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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