EstatePass
Practice Of Real EstateTrust AccountsEASY

A training instructor in Cary 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

D) 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.

Answer Options
A
There is no notice period as long as the funds are less than $5,000 under current North Carolina rules
B
The broker may deposit disputed funds with the clerk after 10 days of notice.
C
The broker must wait a full year before using the clerk-of-court procedure.
D
The broker must wait 90 days after notifying the persons claiming ownership before attempting to deposit disputed funds with the clerk of court.

Why This Is the Correct Answer

Sign up free to unlock full analysis

Why the Other Options Are Wrong

Sign up free to unlock full analysis

Deep Analysis of This Practice Of Real Estate Question

Sign up free to unlock full analysis

Background Knowledge for Practice Of Real Estate

Sign up free to unlock full analysis
Sign up free to unlock full analysis

Real World Application in Practice Of Real Estate

Sign up free to unlock full analysis

Common Mistakes to Avoid on Practice Of Real Estate Questions

Sign up free to unlock full analysis

Related Topics & Key Terms

Key Terms:

90_days_noticeclerk_of_courtdifficulty_1disputed_earnest_money_and_clerk_of_courtdisputed_fundsnc_statenc_trust_account_escrow_requirementsnorth_carolinascenario_traps_edge_cases_and_enforcement
Was this explanation helpful?

More Practice Of Real Estate Questions

People Also Study

Practice More Questions

Access 2,000+ practice questions and pass your real estate exam.

Start Practicing