Broker Thompson receives earnest money checks on the following days: Monday $2,000, Wednesday $3,500, Friday $1,800. If Monday is the 5th of the month, by what date must all checks be deposited?
Correct Answer
C) By the 12th (Wednesday)
Each check must be deposited by the third business day after receipt. Monday's check (5th): due Thursday (8th). Wednesday's check (7th): due Monday (10th). Friday's check (9th): due Wednesday (12th). The latest deposit date for all checks is the 12th. Options A and B don't account for the Friday check's deposit deadline. Option D exceeds the statutory requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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