A Wisconsin real estate broker, Northwood Realty, receives earnest money from a buyer on a residential transaction. The offer to purchase is accepted on a Monday. Under Wisconsin Administrative Code REEB 16, by when must Northwood Realty deposit the earnest money into its trust account?
Correct Answer
D) By the end of the next business day after the offer is accepted
Under Wisconsin Administrative Code REEB 16, a broker must deposit trust funds — including earnest money — into the trust account no later than the end of the next business day after the broker receives the funds or after the offer is accepted, whichever is later. Since the offer was accepted on Monday, the broker must deposit by the end of Tuesday (the next business day), assuming Tuesday is a business day.
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Related Topics & Key Terms
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Related Concepts
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.
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.
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