Can brokers commingle funds in North Carolina?
Question & Answer
Review the question and all answer choices
No
Yes, under Timeshare Act
The Timeshare Act in North Carolina does not provide an exception to the commingling prohibition. While timeshares have specific regulations, they still require separate trust accounts for client funds.
Sometimes, with buyer permission
Client permission does not override the legal prohibition against commingling. Brokers cannot legally mix client funds with their own money even with buyer consent.
Sometimes, with seller permission
Seller permission does not permit commingling of funds. This is a strict legal requirement that applies regardless of client consent or transaction type.
Why is this correct?
Commingling is prohibited.
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