A training instructor in Boone 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
B) Trust money may be received in different negotiable forms, but the broker still must handle and record it according to the Commission rules.
Trust money may be received in different negotiable forms, but the broker still must handle and record it according to the Commission rules.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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