Sarah, a broker affiliated with Cascade Realty, receives a $5,000 earnest money check from a buyer on Friday afternoon. The designated broker's office is closed and will not reopen until Monday. Under Washington State rules, by when must Sarah deposit the earnest money into the firm's trust account?
Correct Answer
A) Within three banking days of receipt
Under WAC 308-124D-020, trust funds received by a licensee must be deposited into the firm's trust account within three banking days of receipt. Because Sarah received the check on Friday and the office is closed, the three-banking-day period begins when the funds are received and must be completed within three banking days, which would be Wednesday of the following week.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Practice Of Real Estate Question
Background Knowledge for Practice Of Real Estate
Real World Application in Practice Of Real Estate
Common Mistakes to Avoid on Practice Of Real Estate Questions
Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
- → Which Wyoming rule applies when an out-of-state salesperson applies for Wyoming licensure?
- → A responsible broker in Wyoming asks about the Commission director receives a complaint about real estate practice. Which answer follows Wyoming law?
- → For the Wyoming salesperson state portion, a first-time Wyoming salesperson applicant starts the application process. Which statement is correct?
- → A Wyoming licensee is reviewing all first-time salesperson steps are otherwise complete. What is the best answer?
- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
- → Which Wyoming rule applies when a licensee does not timely submit the complete renewal application, proof of CE, and renewal fees?
- → Which Wyoming rule applies when the Commission acts on license issuance and discipline?
- → In Wyoming real estate practice, a written sworn complaint or Commission motion starts a disciplinary matter. What should the licensee remember?
- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Related Articles
Property Flyer Generator — 2026 Guide for U.S. Agents: Step-by-Step + Best Practices
Learn how Property Flyer Generator works and how U.S. real estate agents use it in 2026. Includes setup steps, practical examples, and best-practice tips.
Why Real Estate Exam Notes Stop Helping Once You Avoid Mixed Practice
A topic that feels clear in notes can still fail in practice if recall has not caught up with recognition. If you are searching for real estate exam notes...
How to Review Wrong Answers So Real Estate Practice Questions Actually Help