In real estate transactions involving a loan and use of the standard sales contract form approved by the North Carolina Association of REALTORS and the North Carolina Bar
Association, the closing is
A) The deed, deed of trust, and all other closing documents have been signed by the appropriate parties
B) the settlement meeting has been completed
C) the deed and deed of trust have been recorded
D) the proceeds of the sale have been disbursed in accordance with the closing disclosure
52. An out-of-town property owner hired a North Carolina broker to list and sell a desirable commercial lot. The seller set the listing price at $30,000. The Broker knew the lot was worth at least $50,000 but he did NOT tell the owner. The broker bought the lot himself for $30,000 and resold it shortly thereafter for $50,000. Which of the following is correct?
A) The broker's purchase of his own listing is illegal commingling
B) the broker did nothing wrong and is entitled to the $20,000 profit
C) a court could order the broker to pay the $20,000 profit to the seller
D) the commission could order the broker the to pay the $20,000 profit to the seller