Under A.R.S. §32-2151, when must an Arizona real estate broker deposit earnest money received from a buyer into the trust account?
Why On receipt, unless all parties agree in writing to place funds in a neutral escrow depository Is Correct
Answer C: On receipt, unless all parties agree in writing to place funds in a neutral escrow depository
Key Arizona License Law Terms in This Question
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.
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Key Terms to Know
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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