Under TREC rules, a sales agent receives a $3,000 earnest money deposit on a Friday evening after the banks have closed. Under TREC rules, what should the agent do?
Correct Answer
B) Hold the check until Monday and deliver it to the sponsoring broker on the next business day
Under TREC rules, the sales agent should deliver the earnest money to the sponsoring broker as soon as practicable. If received after banking hours, the agent should deliver the check to the broker on the next business day for deposit into the trust account.
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