A closing-file reviewer in Huntersville is preparing an exam-prep note on disputed earnest money and the clerk-of-court procedure. Which statement best applies under current North Carolina law?
Correct Answer
B) The broker must wait 90 days after notifying the persons claiming ownership before attempting to deposit disputed funds with the clerk of court.
The broker must wait 90 days after notifying the persons claiming ownership before attempting to deposit disputed funds with the clerk of court.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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.
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