Question

Helen, a principal real estate broker, received a $5,000 check as a deposit with an offer to purchase on Monday. There was no statement in the sales agreement directing her to hold the check until the seller either accepted or rejected the offer. Helen discovered the seller was on vacation for seven days. To comply with Oregon administrative rules, Helen should

Answer 1

Answer:

According to Oregon's administrative rules for real estate brokers, Helen has three business days to deposit the $5,000 check she received as deposit for the purchase offer.

She can deposit the check in her client's trust account or in a neutral escrow depository.

She has to decide on which account she will deposit the check by Thursday (end of the third business day deadline).