A broker-in-charge in Charlotte 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

C) Trust money may always be held in a desk drawer until closing under current North Carolina rules

Answer D accurately states the operative NC rule: trust money received in a fiduciary capacity must be deposited into the trust account no later than three banking days after receipt, as codified in 21 NCAC 58A .0116. The phrase 'fiduciary capacity' is key — it limits the rule to funds the broker holds on behalf of another party, distinguishing trust money from funds payable directly to third parties. This is the controlling standard tested by the NC Real Estate Commission.