A buyer representative in Huntersville is updating the policy manual on disputed earnest money and the clerk-of-court procedure. Which statement best applies under current North Carolina law?
Correct Answer
C) After the broker deposits disputed funds with the clerk, either claimant may file a special proceeding to determine rightful ownership.
After the broker deposits disputed funds with the clerk, either claimant may file a special proceeding to determine rightful ownership.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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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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