A Washington buyer gives her broker a personal check for $3,000 as earnest money and instructs the broker to hold the check uncashed until the seller accepts the offer. The broker agrees and holds the uncashed check for four days before the seller accepts. Under Washington trust account rules, when must the broker deposit the earnest money?
Correct Answer
B) Within three banking days of the seller's acceptance of the offer
Under WAC 308-124D-020, when a buyer instructs the broker in writing to hold an earnest money check uncashed until offer acceptance, the three-banking-day deposit deadline is triggered by the seller's acceptance of the offer — not by when the buyer originally delivered the check. This is a recognized exception to the general rule, provided the instruction to hold is documented. Once the offer is accepted, the broker must deposit the funds within three banking days.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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