ContractsEarnest_money_and_escrowEASY
A listing agent receives an earnest money check on Friday evening. When must the agent typically deposit it into the trust account?
Correct Answer
A) Within the time frame specified by the brokerage's regulatory requirements, typically within a few business days
Regulatory requirements typically require prompt deposit within a specified number of business days. The exact timing varies by jurisdiction but is always prompt.
Answer Options
A
Within the time frame specified by the brokerage's regulatory requirements, typically within a few business daysB
Within 30 daysC
Whenever convenient for the agentD
Only after the seller accepts the offerWhy This Is the Correct Answer
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Background Knowledge for Contracts
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Related Topics & Key Terms
Key Terms:
earnest_money_and_escrowcontractsprompt_deposittiming
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