Practice Of Real EstateTrust AccountsMEDIUM
A training instructor in North Carolina is auditing the firm's approach to disputed earnest money and the clerk-of-court procedure. Which statement is NOT accurate under current North Carolina law?
Correct Answer
D) The broker may deposit disputed earnest money with any county clerk in North Carolina.
This choice is the inaccurate statement. The other three options describe the current North Carolina rule or guidance more accurately.
Answer Options
A
The disputed-money statute is aimed at earnest money and similar disputed monies, not at residential tenant security deposits handled under different law.B
The broker must wait 90 days after notifying the persons claiming ownership before attempting to deposit disputed funds with the clerk of court.C
After the broker deposits disputed funds with the clerk, either claimant may file a special proceeding to determine rightful ownership.D
The broker may deposit disputed earnest money with any county clerk in North Carolina.Why This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
90_days_notice93a_12clerk_of_courtcore_rules_and_definitionsdifficulty_3disputed_earnest_money_and_clerk_of_courtnc_statenc_trust_account_escrow_requirementsnorth_carolinareversetenant_security_deposit
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