A provisional broker in Wilmington 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
C) The three-banking-day rule applies to trust money the broker receives in a fiduciary capacity, such as earnest money payable to the escrow agent.
The three-banking-day rule applies to trust money the broker receives in a fiduciary capacity, such as earnest money payable to the escrow agent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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