Broker Sandra receives a $5,000 earnest money check from a buyer on a Friday afternoon. Under Maryland regulations, by what deadline must Sandra deposit this check into her trust account?
Correct Answer
A) Within one business day of receipt
Under COMAR 09.11.03.04, a Maryland broker must deposit all funds received in a fiduciary capacity into a trust account within one business day of receipt. Receiving the check on Friday means it must be deposited by the close of business on Monday (the next business day).
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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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