Colorado License Law
Under Colorado law, a broker who receives an earnest money deposit must place it in a trust account within:
AA. 24 hours of receipt
BB. 3 business days of receipt✓ Correct
CC. 1 business day of receipt
DD. 5 business days of receipt
Explanation
Colorado Commission Rule requires that a broker deposit earnest money and other trust funds into the trust account within 3 business days of receipt. Failure to promptly deposit trust funds is a violation that can result in disciplinary action.
Related Colorado Colorado License Law Questions
- A Colorado licensee who wishes to practice real estate in another state must:
- A Colorado broker who is also a licensed attorney and provides both real estate brokerage AND legal services in the same transaction must:
- What is the minimum passing score on the Colorado real estate broker licensing examination?
- The Colorado Real Estate Commission may investigate a licensed broker upon receiving:
- Colorado requires that all trust accounts held by brokers for client funds be maintained at:
- Under Colorado law, a broker who wishes to advertise real estate services online must:
- Which statement best describes Colorado's real estate licensing structure?
- A Colorado broker who receives a complaint from a client about another broker in the same transaction should:
Practice More Colorado Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →