North Carolina License Law
Under NC license law, what must a broker do if they receive earnest money as a personal check?
ACash it immediately
BHold it uncashed until acceptance of the offer, then deposit within 3 banking days of acceptance✓ Correct
CReturn it to the buyer until a contract is signed
DDeposit it in the listing firm's operating account
Explanation
A broker who receives an earnest money check should hold it uncashed until the offer is accepted, then deposit it into the trust account within 3 banking days of contract acceptance.
Related North Carolina North Carolina License Law Questions
- Which of the following is TRUE regarding a broker's obligation to handle offers?
- A NC broker who makes a false statement on their license application may have their license:
- A NC broker who has an ownership interest in a property they are selling to a client must disclose this to the client:
- A NC broker who has been convicted of a felony involving fraud must:
- A NC provisional broker who fails to complete the 90-hour post-licensing education within 18 months will have their license:
- When must a NC real estate license applicant provide a criminal background check?
- Which of the following actions would constitute 'commingling' of funds by an NC broker?
- A NC broker who wants to place their license on 'inactive' status must:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →