A listing broker in Asheville 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) A due diligence fee made payable directly to the seller is not deposited into the broker's trust account merely because it is delivered with the contract.
A due diligence fee made payable directly to the seller is not deposited into the broker's trust account merely because it is delivered with the contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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