Broker Marcus receives a $10,000 earnest money deposit on Monday afternoon from a buyer represented by his firm. Under Virginia VREB regulations, by when must Marcus deposit these funds into his trust account?
Correct Answer
B) Within three banking days of receipt
Under 18 VAC 135-20-180, a Virginia broker must deposit all escrow funds into the trust account within three banking days of receipt. This is a Virginia-specific timeframe that candidates must know precisely. The three-banking-day rule applies from the date the broker actually receives the funds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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