A provisional broker in Raleigh is answering a client question about trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?
Correct Answer
B) A broker should not commingle trust money with operating funds except for the limited amount of broker funds permitted to cover bank service charges.
A broker should not commingle trust money with operating funds except for the limited amount of broker funds permitted to cover bank service charges.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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