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Practice Of Real EstateLicense LawHARD

A compliance reviewer in High Point is sorting out a file issue involving trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?

Correct Answer

A) Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.

Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.

Answer Options
A
Proper documentation of receipt, deposit, and payee information is part of complying with North Carolina trust money rules.
B
Deposit slips are optional when the broker remembers the transaction.
C
Payee information can be reconstructed only if a complaint arises.
D
A broker need not identify whose money is held so long as the total account balance is positive.

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Related Topics & Key Terms

Key Terms:

trust account recordkeepingpayee documentationfiduciary accountingNCREC auditindividual ledger
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