Legal Question of the Week

Default Section

Question Title

* 1. When a real estate licensee hands over money in connection with a real estate transaction on behalf of a principal, client, or other person to the broker, the broker:

A. must deposit that money into his/her escrow or trust account within three banking days of the date of the agreement evidencing the transaction is signed by all of the necessary parties;

B. must deposit that money into his/her escrow or trust account within three business days of the date of the agreement evidencing the transaction is signed by all of the necessary parties;

C. can give the money to the party he/she feels is entitled to it when the transaction fails;

D. can withhold the amount of commission he/she calculated would have been the commission had the transaction closed.