A real estate broker in North Carolina who receives earnest money must deposit it into a trust account within:
Why 3 banking days of contract acceptance Is Correct
Answer C: 3 banking days of contract acceptance
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Related North Carolina Questions
- Under the North Carolina Offer to Purchase, the earnest money deposit (EMD) is:Contracts
- In North Carolina, trust account funds (earnest money) must be deposited within:Escrow & Title
- In North Carolina, earnest money must be deposited into the broker's trust account within:Contracts
- A NC broker who receives earnest money must deposit it in a trust account within 3 banking days of:North Carolina License Law
- How many days does a North Carolina landlord have to return a security deposit after the tenant vacates?Property Management
- The purpose of a property management trust account in North Carolina is to:Property Management
- Earnest money held in a broker's trust account in NC belongs to:Escrow & Title
- 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
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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