Colorado License LawIntermediateColorado Exam
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 receiptCorrect
CC. 1 business day of receipt
DD. 5 business days of receipt, in general
Why B. 3 business days of receipt Is Correct
Answer B: B. 3 business days of receipt
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.
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