Under New York DOS regulations (19 NYCRR §175.1), a broker receives an earnest money deposit check at 3:00 PM on a Wednesday. The broker's bank branch closes at 4:00 PM that day. What is the broker's deposit obligation?
Correct Answer
B) The broker must deposit the check by the close of the next business day following receipt
Under 19 NYCRR §175.1, a broker who receives a deposit must place it in an escrow account 'as soon as practicable,' which DOS guidance and established practice interpret as by the close of the next business day following receipt. In this scenario, the broker received the check at 3:00 PM Wednesday with the branch closing at 4:00 PM. While depositing the same day is preferable, the regulatory standard requires deposit no later than the close of business on Thursday — the next business day. The broker must act promptly and may not hold funds beyond that deadline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Spot zoning is an illegal or improper rezoning of a small parcel of land that is inconsistent with the surrounding zoning and the comprehensive plan. It benefits an individual owner rather than the community as a whole.
Subdivision regulations are local government rules that control the division of land into smaller parcels for development or sale. They ensure proper infrastructure, lot sizes, and public improvements are provided.
A variance is an authorized deviation from the existing zoning ordinance granted to a property owner who demonstrates unique hardship. It allows a use or structure that would otherwise violate the current zoning rules.
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