For the Oregon broker state exam under Handling of Clients' Funds, a broker receives an earnest money check while conducting professional real estate activity and the buyer has not given contrary written instructions. What is the best answer?
Correct Answer
A) The broker must transmit the earnest money to the authorized principal broker within three banking days of receipt
OAR 863-015-0257 requires delivery to the authorized principal broker within three banking days, and specifically applies the same three-banking-day transmission rule to earnest money absent contrary buyer written instructions. Source basis: Oregon Secretary of State current OAR 863-015-0257, checked 2026-04-30: a real estate broker or principal broker must deliver to the authorized principal broker within three banking days any money, checks, drafts, warrants, promissory notes, or other consideration received while conducting professional real estate activity; absent buyer written instructions to the contrary, earnest money must be transmitted within three banking days.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
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