A buyer's offer is accepted on a Utah property on Monday. Under Utah Administrative Code R162-2f, by what deadline must the earnest money deposit be placed into the Principal Broker's trust account?
Correct Answer
D) Within two business days following acceptance of the offer
Under Utah Administrative Code R162-2f, earnest money must be deposited into the Principal Broker's trust account within two business days of the acceptance of an offer. This is a specific Utah rule that agents must follow to avoid disciplinary action for improper handling of client funds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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