DRE & Licensing
When a real estate broker receives a deposit check from a buyer, California law requires the broker to place the funds in a trust account or deliver them to the escrow within:
A24 hours
B3 business days✓ Correct
CThe next business day
DNo later than the close of escrow
Explanation
California Business and Professions Code Section 10145 requires that funds received by a broker in connection with a real estate transaction be deposited into a trust account or delivered to a neutral escrow depository within 3 business days of receipt. Commingling with the broker's personal funds is prohibited.
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