Final answer:
A sales associate typically has a certain amount of time to deliver earnest money to the broker, usually within a few days after an offer has been accepted.
Step-by-step explanation:
A sales associate typically has a certain amount of time to deliver earnest money to the broker. The exact timeframe can vary depending on the state and local real estate laws, as well as any agreements or contracts. In general, earnest money is usually delivered within a few days after an offer has been accepted by the seller.
For example, let's say a buyer makes an offer on a house and the seller accepts it. The sales associate will then collect the earnest money from the buyer, which is a deposit that demonstrates the buyer's serious intent to proceed with the real estate transaction. The sales associate usually has a predetermined timeframe, such as three business days, to deliver the earnest money to the broker.
Once the broker receives the earnest money, it is typically held in an escrow account until the closing of the real estate transaction. At closing, the earnest money may be applied towards the buyer's closing costs or down payment.