A Mooresville broker is updating the policy manual on trust deposit timing and negotiable instruments. Which statement best applies under current North Carolina law?
Correct Answer
B) A check payable directly to the seller, such as many due diligence fees, is handled differently from earnest money payable to an escrow agent.
A check payable directly to the seller, such as many due diligence fees, is handled differently from earnest money payable to an escrow agent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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