North Carolina License LawIntermediateNorth Carolina Exam
Under NC license law, a broker is required to maintain which records for at least 3 years?
AOnly closed transaction files
BAll transaction records, trust account records, and related correspondenceCorrect
COnly trust account bank statements, which reflects common industry practice
DOnly written listing agreements
Why All transaction records, trust account records, and related correspondence Is Correct
Answer B: All transaction records, trust account records, and related correspondence
NC license law requires brokers to maintain all transaction records, trust account records, and related documents for a minimum of 3 years from the date of the transaction.
Key North Carolina License Law Terms in This Question
People Also Study
Related North Carolina Questions
- The NCREC requires that all trust account records be retained by the broker for a minimum of:North Carolina License Law
- An NC property manager who collects rents and maintenance deposits for managed properties must keep trust account records for a minimum of how many years?Property Management
- A NC broker who manages rental properties must maintain trust account records showing all receipts and disbursements. These records must reconcile:Property Management
- The NCREC's rule requiring trust account reconciliation requires the broker to:North Carolina License Law
- How many hours of pre-license education are required to sit for the North Carolina broker license exam?North Carolina License Law
- What happens to a Provisional Broker's license if they do not complete post-licensing education within the required period?North Carolina License Law
Key Terms to Know
State-Specific Concepts
Trust Account RulesLicense Law
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 →