Question

Under the Real Estate Commission rules, when a listing broker receives an earnest money deposit on a residential sales contract, he must deposit the earnest money in his trust account:
It must be deposited in a trust account no later than three business days after acceptance of the contract, unless the buyer and seller instruct the broker in writing to do something different.

If a licensee negotiates a sale of real estate on behalf of a seller while her license is inactive, she may receive a commission from:
A licensee must have an active real estate license in order to collect a commission. It is a violation of real estate license law to negotiate a real estate transaction without an active license.

Answer 1

Answer:

It must be deposited in an employed broker's trust account no later than three business days after acceptance of the contract, unless the buyer and seller instruct the broker in writing to do something different.

Explanation:

Earnest money can in many ways be considered as a deposit on a home. A contract that outlines the conditions for refunding the amount is written up during the exchange of the earnest money. The money gives the buyer extra time to get financing and conduct the title search, property appraisal and inspection before closing the deal.