Trust Funds
A broker must deposit a buyer's earnest money deposit into a trust account within:
A24 hours
B3 business days✓ Correct
C7 days
DThe same day received
Explanation
California law requires brokers to deposit trust funds (including earnest money) into a trust account within 3 business days of receipt.
Related California Trust Funds Questions
- A property manager receives a security deposit from a tenant. Under California Civil Code, residential security deposits may NOT exceed:
- Under California law, a real estate broker must deposit trust funds received into the trust account no later than:
- A broker who holds a disputed earnest money deposit and cannot get agreement from the parties may:
- Which of the following is an example of a trust fund?
- A broker's trust fund records must be retained for how long after the transaction closes or the funds are disbursed?
- Commingling in real estate refers to:
- Interest earned on funds held in a broker's trust account generally belongs to:
- A salesperson who works for Broker A receives an earnest money deposit. Without telling Broker A, the salesperson deposits it into the salesperson's own personal account. This is:
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