Alaska License LawIntermediateAlaska Exam
A licensee who receives an earnest money check but cannot deposit it in the trust account immediately because the bank is closed must:
AReturn the check to the buyer until the bank opens
BKeep it in a secure place and deposit it within 3 banking daysCorrect
CDeposit it in the broker's operating account temporarily, in general
DHold it uncashed and record it as a pending deposit
Why Keep it in a secure place and deposit it within 3 banking days Is Correct
Answer B: Keep it in a secure place and deposit it within 3 banking days
If the bank is closed, the licensee must safeguard the funds and deposit them in the trust account within 3 banking days of receipt. Depositing in the operating account, even temporarily, constitutes commingling.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
State-Specific Concepts
Trust Account Rules
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