Arizona License LawIntermediateArizona Exam
An Arizona broker receives earnest money in a purchase transaction. Under A.R.S. §32-2151, when must the broker deposit it into the trust account?
AWithin 3 business days of contract acceptance
BOn receipt of the fundsCorrect
CWithin 3 banking days of receipt, as required for property management accounts
DBy the close of the next banking day after the seller accepts the offer
Why On receipt of the funds Is Correct
Answer B: On receipt of the funds
A.R.
Key Arizona License Law Terms in This Question
People Also Study
Related Arizona Questions
- Under A.R.S. §32-2151, when must an Arizona real estate broker deposit earnest money received from a buyer into the trust account?Arizona License Law
- Under Arizona Commissioner's Rules, a broker's trust account records must be retained for a minimum of:Arizona License Law
- In Arizona, when must a broker deposit earnest money received in a purchase transaction into the trust account?Contracts
- In Arizona, a broker who receives an earnest money check must deposit it in the trust account:Arizona License Law
- Under Arizona law, a real estate licensee acting as a buyer's agent who receives an earnest money deposit must give it to their:Arizona License Law
- The Arizona Association of REALTORS® Residential Purchase Contract provides that earnest money deposited in escrow is:Contracts
- Under Arizona law, when a buyer delivers an earnest money check to the broker, and the check is returned by the bank for insufficient funds, the broker MUST:Contracts
- An Arizona purchase contract earnest money deposit is typically held by:Contracts
Key Terms to Know
Math Concepts
State-Specific Concepts
Trust Account Rules
Practice More Arizona Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →