- CHAIRMAN'S COMMENTS -

One of the main problems developing after the filing of formal complaints with the Licensing Board stems from the failure of brokers to keep proper escrow accounts. The North Carolina Real Estate Licensing Law prohibits the commingling of funds and requires that an escrow account be maintained. All funds received in a real estate transaction where the broker is a temporary custodian of the funds of others must be deposited in an escrow account.

The Board has the authority to examine the records of a broker when the Board determines that such records are pertinent to the conduct of the investigation of any specific complaint against a licensee.

Proper record keeping is mandatory in any profession. A high standard of professionalism should be the goal of every licensed broker and salesman. The strict accounting for trust funds in an escrow account is of major importance for the protection of the licensee and all other parties in a real estate transaction.

My term as chairman of the Board expires on July 31, 1971 and I am being succeeded by my fellow member, Brantley Poole of Raleigh. Many of you ore personally acquainted with Brantley. I am confident he will do an exemplary job during the coming year.

John W. Olive