An exam-prep coach in Mooresville is sorting out a file issue involving disputed earnest money and the clerk-of-court procedure. Which statement best applies under current North Carolina law?
Correct Answer
D) The clerk-of-court procedure does not replace the broker's duty to keep the disputed money safe in trust until one of the lawful release mechanisms is available.
The clerk-of-court procedure does not replace the broker's duty to keep the disputed money safe in trust until one of the lawful release mechanisms is available.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
More Practice Of Real Estate Questions
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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In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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