Broker Sarah maintains a trust account for client funds at First National Bank in Albany. She receives a $5,000 earnest money deposit on Friday afternoon. Under New York DOS regulations, by when must this deposit be placed in the trust account?
Correct Answer
D) Within one business day after receipt
Under New York DOS regulations, earnest money deposits must be deposited in the trust account within one business day after receipt. This protects client funds and ensures proper segregation from broker operating funds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Police power is the government's authority to enact laws and regulations to protect the public health, safety, morals, and general welfare. It is the broadest power government has over private property.
Restrictive covenants, also known as CC&Rs (Covenants, Conditions & Restrictions), are private agreements written into deeds or HOA documents that limit how property can be used. They are enforced by property owners, not the government.
Setback requirements are zoning regulations that specify the minimum distance a building or structure must be set back from property lines, streets, or other boundaries. They ensure adequate light, air, and space between structures.
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In New York, what is the minimum age requirement to obtain a real estate salesperson license?
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- → Under New York Department of State fee schedules, what is the fee required to sit for the real estate salesperson licensing examination?
- → Broker Martinez holds an active NY broker license and operates a principal office. She opens a branch office managed day-to-day by Associate Broker Thompson. A competing broker claims Martinez is violating DOS regulations because the branch office lacks proper licensing. Which of the following best evaluates this claim?
- → A prospective salesperson candidate completed portions of the required 77-hour pre-licensing curriculum at two separate DOS-approved real estate schools. Under NY DOS regulations, which statement best describes the candidate's examination eligibility?
- → Amanda completed her 77-hour pre-licensing course in January 2024. She is now ready to take her exam in March 2026. Is her education still valid?
- → A salesperson has completed 20 of the required 22.5 hours of continuing education before her license renewal deadline. Which of the following would satisfy her remaining 2.5-hour requirement?
- → A New York salesperson wants to open an independent brokerage office without associating with a sponsoring broker. Which licensing distinction determines whether that is permitted?
- → A New York broker receives client money that must be held separately from the broker's own operating funds. What type of account must the broker use under the DOS rule?
- → A New York applicant is selecting a path to complete the 77-hour pre-licensing requirement. Which listed method is not acceptable under New York law?
- → Maria, a New York real estate salesperson, received her license in January 2024. Her license is set to expire in January 2026. She has completed 18 hours of continuing education courses. How many additional CE hours must she complete to satisfy New York's renewal requirements?
- → Steven Garcia completed 18 hours of continuing education during 2025 and 2026. His license expires December 31, 2026. On December 20, 2026, he registers for a 6-hour course scheduled for January 10, 2027. What is his renewal status?
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