A broker-in-charge in Mooresville is answering a client question about disputed earnest money and the clerk-of-court procedure. Which statement best applies under current North Carolina law?
Correct Answer
B) Under G.S. 93A-12, disputed earnest money may be deposited with the clerk of court in the county where the property is located after proper notice and the required waiting period.
Under G.S. 93A-12, disputed earnest money may be deposited with the clerk of court in the county where the property is located after proper notice and the required waiting period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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