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[Broker's Authority and Duties -- Trust Account Requirements]
In North Carolina, an earnest money deposit that is paid by check must be deposited into a trust account no later than:
Suggested Answer: B
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According to North Carolina Real Estate Commission rules, if an earnest money deposit is received with an offer and held by the broker, it must be deposited in the trust account no later than 3 banking days after the broker has received notice of contract acceptance (i.e., when the offer becomes a binding contract). Therefore, the correct answer is B.
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13 comments · newest first
SA
Sabra
10 months ago
Nope, definitely 3 days!
YU
Yun
10 months ago
Wait, are you sure it's not 5 days?
AH
Ahmed
10 months ago
I thought it was longer, this is surprising!
AN
An
10 months ago
Totally agree, that's what I learned too.
CO
Cordell
11 months ago
It's 3 banking days after acceptance of the offer!
LO
Lonny
11 months ago
I’m pretty sure it’s 3 banking days after acceptance. I remember discussing it in class, but I could be mixing it up with another state’s rules.
CE
Celeste
11 months ago
I’m confused about the difference between receipt and acceptance. I feel like I need to double-check that.
MI
Micheline
11 months ago
I remember practicing a question like this, and I think it was 5 days after acceptance. That seems to stick in my mind.
NI
Nickole
12 months ago
I think it’s 3 banking days after receipt, but I’m not entirely sure if it’s after acceptance or just receipt.
NY
Nydia
12 months ago
Alright, let me think this through step-by-step. The question is about North Carolina, so I need to focus on the specific requirements there. I'm going to eliminate the options that don't match the timeline I remember and then select the best answer.
YV
Yvonne
12 months ago
Wait, I'm a little confused. Is it 3 days or 5 days? And does the timeline start from when the deposit is received or when the offer is accepted? I better double-check the details on this one.
VA
Vallie
1 year ago
Okay, I've got this. The question is asking about when the earnest money deposit must be deposited into a trust account. I'm pretty confident the answer is B) 3 banking days after acceptance of the offer.
NG
Ngoc
1 year ago
Hmm, I think this one is about the rules for handling earnest money deposits in North Carolina. I'll need to review the trust account requirements to make sure I understand the timeline.