Broker Maria receives a $5,000 earnest money deposit on Friday at 4:30 PM. The buyer's check is made payable to her brokerage. According to Florida law, what is the latest Maria can deposit this check into her escrow account?
Correct Answer
C) By the end of business the third business day after receipt
Florida Statute 475.25 requires brokers to deposit trust funds by the end of the third business day following receipt. Friday, Monday, Tuesday would be the three business days, so by end of business Tuesday. Option A is too soon as there's no requirement for same-day deposit. Option B (Monday) is only the first business day. Option D (10 days) exceeds the statutory requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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