Final answer:
In real estate, 'good funds' are immediately available funds crucial for smooth transactions. A tri-party agreement, which is a legal document and not a type of fund, is the correct choice for the one that is not 'good funds' among the stated options.
Step-by-step explanation:
When discussing real estate transactions, the term 'good funds' refers to money that is immediately available, or will be available by the time a transaction is to be completed. 'Good funds' is a legal term used often in the real estate industry, particularly when it comes to closings and the handling of escrow accounts. Ensuring funds are 'good' is crucial for a transaction to proceed smoothly without delays.
In the context of the provided options:
- A broker check written on an escrow account far enough in advance to clear would be considered 'good funds' because it has been properly accounted for and cleared by the bank.
- A credit union check would typically be considered 'good funds' as long as it is certified or cashier's check, which are guaranteed by the issuing bank or credit union.
- Confirmation from the buyer's bank that it has wired funds out of the account is also considered 'good funds' since wired funds are usually immediately available for use upon receipt.
- A tri-party agreement, however, is not a form of funds at all. It is an arrangement involving three parties, which outlines the responsibilities and rights of each party in a transaction. It does not represent immediately available funds, but rather, it is a legal document.
Based on these considerations and definitions, option C, 'A tri-party agreement', is the correct answer as it is not a form of funds, let alone 'good funds.'