In NC, the earnest money deposit on a residential purchase is typically held by:
Why The listing broker in their trust account Is Correct
Answer A: The listing broker in their trust account
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
People Also Study
Related North Carolina Questions
- 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 real estate broker in North Carolina who receives earnest money must deposit it into a trust account within:Agency
- Under the NC Offer to Purchase, if a buyer terminates AFTER the due diligence period without a valid contractual reason, what happens to the earnest money deposit?Contracts
- Earnest money held in a broker's trust account in NC belongs to:Escrow & Title
- A NC broker who receives earnest money must deposit it in a trust account within 3 banking days of:North Carolina License Law
- Under the NC Offer to Purchase, the 'earnest money deposit' is held by:Contracts
- Under the North Carolina Offer to Purchase, the earnest money deposit (EMD) is:Contracts
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Math Concepts
State-Specific Concepts
Study This Topic
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →