For disputed earnest money and the clerk-of-court procedure, what North Carolina concept is described below? Read the description and choose the matching concept. Description: The North Carolina statutory route allowing a broker to deposit certain disputed earnest money with the local clerk after notice and waiting period
Correct Answer
D) Clerk-of-court deposit under G.S. 93A-12
Clerk-of-court deposit under G.S. 93A-12
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
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.
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