Escrow & Title
Under Alaska's trust account requirements, when must an earnest money check be deposited in the broker's trust account?
AImmediately upon receipt, regardless of circumstances
BWithin 3 banking days of receipt, or as otherwise specified in the purchase agreement✓ Correct
CWithin 10 days of the contract being signed
DOnly after the inspection contingency has been removed
Explanation
Alaska's trust account regulations require earnest money to be deposited in the broker's trust account within 3 banking days of receipt (or as otherwise specified in the purchase agreement). Timely deposit protects clients' funds and ensures compliance with Alaska license law.
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