A Wisconsin real estate broker receives earnest money from a buyer in connection with an accepted offer to purchase. Under Wisconsin Administrative Code REEB 16, by when must the broker deposit these funds into the firm's trust account?
Correct Answer
C) By the end of the next banking day following receipt of the earnest money
Under Wisconsin Administrative Code REEB 16, a broker who receives client funds — including earnest money — must deposit those funds into the firm's trust account by the end of the next banking day following receipt. This prompt deposit requirement is designed to protect client funds and prevent commingling with the broker's personal or business funds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
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.
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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