A compliance reviewer in Greenville is preparing an exam-prep note on trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?
Correct Answer
D) 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
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
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.
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