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The listing broker must deposit earnest money in an appropriate trust account within which of the following timeframes?

1) Within 3 business days following receipt of an offer
2) Within 3 business days after notice of acceptance of an offer
3) Within 5 days after notice of acceptance of an offer
4) Within a reasonable amount of time

User Tnemesis
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1 Answer

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Final answer:

The listing broker must generally deposit earnest money in a trust account within 3 business days after notice of acceptance of an offer. Local real estate commission rules may vary, so it's important to consult specific regional regulations.

Step-by-step explanation:

The listing broker must deposit earnest money in an appropriate trust account within a specific timeframe to ensure the funds are secured for the pending transaction. According to general real estate business procedures, which can vary by state and real estate commission rules, the timeframe is generally within 3 business days after notice of acceptance of an offer. This period allows the broker to organize the deposit following the acceptance of the offer, confirming that both the buyer and the seller are committed to proceeding with the transaction. It's essential to check with local regulations, as they may stipulate different requirements.

User Pokero
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