Under TREC rules, a broker receives earnest money in the form of a personal check from a buyer. The contract specifies that earnest money must be deposited within 2 business days of execution. Under TREC rules, when must the broker deposit the check?
Correct Answer
B) The broker must deposit the check within the timeframe specified in the contract
Under TREC rules, the broker must deposit earnest money within the timeframe specified in the contract. If the contract states 2 business days of execution, the broker must deposit within that period. Failure to comply with the contract's deposit timeline is a violation.
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