A seller in Lehi, Utah accepts a buyer's REPC offer on Tuesday at 2:00 PM, and the buyer's agent is immediately notified. The REPC specifies that earnest money of $8,000 must be deposited within two business days of acceptance. The buyer's agent is a sales agent working under a principal broker. The buyer hands the $8,000 check directly to the sales agent on Wednesday afternoon. The sales agent deposits the check into the principal broker's trust account on Thursday morning. Which party, if any, has violated Utah Administrative Code R162-2f?
Correct Answer
A) No violation occurred because the check was deposited within two business days of acceptance
Under Utah Administrative Code R162-2f, earnest money must be deposited into the principal broker's trust account within two business days of acceptance of the offer. Acceptance occurred Tuesday at 2:00 PM. The two business days are Wednesday and Thursday. The deposit was made Thursday morning, which is within the two-business-day window. Therefore, no violation of R162-2f occurred. The sales agent receiving the check on Wednesday and depositing it Thursday morning still satisfies the two-business-day rule.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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