Arizona License LawIntermediateArizona Exam
In Arizona, a broker who receives an earnest money check must deposit it in the trust account:
AWithin 24 hours of contract acceptance
BOn receipt, under A.R.S. §32-2151(A)Correct
CWithin 5 business days of receipt
DBy the end of the next business day following acceptance of the contract
Why On receipt, under A.R.S. §32-2151(A) Is Correct
Answer B: On receipt, under A.R.S. §32-2151(A)
A.R.
Key Arizona 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
Trust Account Rules
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