In North Carolina, earnest money must be deposited into the broker's trust account within:
Why 3 banking days of receipt Is Correct
Answer B: 3 banking days of receipt
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.
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Related North Carolina Questions
- In North Carolina, trust account funds (earnest money) must be deposited within:Escrow & Title
- A real estate broker in North Carolina who receives earnest money must deposit it into a trust account within:Agency
- 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
- 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 North Carolina Offer to Purchase, the earnest money deposit (EMD) is:Contracts
- 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
- North Carolina's Neuse River Basin Rules require riparian buffers along streams primarily to:Environmental
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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