Florida License Law
A Florida broker receives a $5,000 earnest money deposit. The broker must deposit this money into an escrow account:
AImmediately upon receipt
BWithin 3 business days of receipt✓ Correct
CBy the end of the next business day after receipt
DWithin 5 business days of contract execution
Explanation
Florida law (Rule 61J2-14.010) requires that earnest money received by a broker be placed in an escrow account no later than 3 business days following receipt. This timeline helps protect buyer deposits while allowing normal business processing time.
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