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Practice Of Real EstateLicense LawMEDIUM

An office manager in Durham is auditing the firm's approach to trust money receipt, deposit timing, and exceptions. Which statement is NOT accurate under current North Carolina law?

Correct Answer

B) An electronic deposit never needs supporting documentation under current North Carolina rules

This choice is the inaccurate statement. The other three options describe the current North Carolina rule or guidance more accurately.

Answer Options
A
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.
B
An electronic deposit never needs supporting documentation under current North Carolina rules
C
A broker should not commingle trust money with operating funds except for the limited amount of broker funds permitted to cover bank service charges.
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:

comminglingelectronic deposit documentationtrust account rulesNCREC Rule 58A .0116NOT accurate format
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