Question

After a sales contract has been signed by all parties, TREC rules require the broker to have the earnest money deposited by the end of

a) 24 hours
b) 3 days
c) 5 business days
d) 10 calendar days

Answer 1

TREC rules require the broker to deposit earnest money within 3 days of a signed sales contract.

Step-by-step explanation:

The subject of this question is Business, specifically related to real estate contracts and transactions.

According to TREC (Texas Real Estate Commission) rules, after a sales contract has been signed by all parties, the broker is required to have the earnest money deposited within 3 days. This timeline allows the broker to promptly complete the necessary paperwork and ensure that the earnest money is securely held in the appropriate account.