All of the following statements are requirements of NC license law pertaining to a broker's trust account, EXCEPT:

Question 30

1.

The account must be a demand account.

2.

The account must be in a bank that has a physical address in North Carolina.

3.

The account must be in a federally insured depository institution.

4.

The bank and broker agree to make the records of the account available for inspection by the NC Real Estate Commission auditors.