A property manager who comingles tenant security deposits with operating funds in NC is subject to:
Why License disciplinary action by the NCREC and civil liability Is Correct
Answer B: License disciplinary action by the NCREC and civil liability
Exam Tip: Property Management
Property management questions cover landlord-tenant law, security deposits, and maintenance responsibilities. Know the differences between gross, net, and percentage leases.
Key Property Management Terms in This Question
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- A NC broker who deposits a client's earnest money check into their personal account instead of a trust account has committed:North Carolina License Law
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- In NC, when both buyer and seller refuse to release earnest money held in trust following a failed transaction, the broker's appropriate action is:Escrow & Title
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Key Terms to Know
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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.
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