Under Utah Real Estate Office Procedures, a principal broker receives client money in a Utah real estate transaction and the parties have not made a written exception for holding or delayed deposit. What should the licensee or broker do?
Correct Answer
C) The money must be deposited within three business days into the principal broker trust account, or into a title company or authorized escrow account if the parties agree in writing
R162-2f-401c(1)(h) sets the three-business-day deposit rule for client money in a real estate transaction, with written-agreement exceptions. Source basis: Utah Administrative Code R162-2f-401c(1)(h), checked 2026-04-30: within three business days after receiving client money in a real estate transaction, a principal broker must deposit the money into the principal broker trust account or, if the parties agree in writing, into a title company or other authorized escrow account, subject to stated written-agreement exceptions.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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