A closing-file reviewer in Concord is answering a client question about trust deposit timing and negotiable instruments. Which statement best applies under current North Carolina law?
Correct Answer
D) When trust money is received in fiduciary capacity, the broker generally must deposit it no later than three banking days after receipt.
When trust money is received in fiduciary capacity, the broker generally must deposit it 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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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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