Delaware License LawIntermediateDelaware Exam
A Delaware licensee receives an earnest money check. Under Commission rules, how quickly must it be deposited into the trust account?
ASame business day
BWithin 3 business days of receipt or as specified in the contractCorrect
CWithin 7 days of contract execution
DNot until after all contingencies are removed
Why Within 3 business days of receipt or as specified in the contract Is Correct
Answer B: Within 3 business days of receipt or as specified in the contract
Delaware requires earnest money deposits to be placed in the broker's trust account within a reasonable period (typically 3 business days) of receipt, or as specified in the purchase contract.
Key Delaware License Law Terms in This Question
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
State-Specific Concepts
Trust Account RulesEscrow Disputes
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