Agency
A real estate broker in North Carolina who receives earnest money must deposit it into a trust account within:
A3 banking days of receipt
B5 banking days of contract acceptance
C3 banking days of contract acceptance✓ Correct
D24 hours of receipt
Explanation
Under NC license law, a broker must deposit earnest money into a trust account within 3 banking days of contract acceptance.
Related North Carolina Agency Questions
- When a North Carolina broker represents the seller, they must disclose to buyers:
- A NC agent who advises their buyer client to offer a lower price because the seller needs to sell quickly — using seller motivation information the agent gained as a transaction facilitator — has violated the duty of:
- A NC buyer's agent who finds their buyer is unable to qualify for financing has a duty to:
- A NC buyer's agent who also works part-time as a home inspector must disclose this dual role to buyer clients because:
- Dual agency in North Carolina occurs when:
- A buyer's agent in NC owes which of the following fiduciary duties to their buyer client?
- A NC broker who is a dual agent and is asked by the buyer 'What will the seller take for this property?' should:
- Which of the following best describes a material fact a North Carolina broker must disclose?
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