Under Wyoming Real Estate Commission rules, earnest money must be deposited into the broker's trust account within:
Correct Answer
B) 3 banking days of receipt
Wyoming Real Estate Commission rules require that earnest money and other trust funds be deposited into the broker's trust account within 3 banking days of receipt. Commingling of trust funds with the broker's personal or operating funds is strictly prohibited.
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Related Topics & Key Terms
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Related Concepts
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
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