In North Carolina, trust account funds (earnest money) must be deposited within:
Why 3 banking days of receipt of the signed contract Is Correct
Answer B: 3 banking days of receipt of the signed contract
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
Key Escrow & Title Terms in This Question
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Related North Carolina Questions
- 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
- 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
- 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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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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