North Carolina License LawIntermediateNorth Carolina Exam
A NC broker who receives earnest money must deposit it in a trust account within 3 banking days of:
AReceiving the check from the buyer
BContract acceptanceCorrect
CThe due diligence period start
DThe closing date
Why Contract acceptance Is Correct
Answer B: Contract acceptance
Under NCREC rules, earnest money must be deposited in the broker's trust account within 3 banking days of contract acceptance (not of receipt of the funds).
Key North Carolina License Law Terms in This Question
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
Trust Account Rules
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