Escrow & Title
In Florida, when must a broker deposit earnest money into an escrow account?
AWithin 1 business day of receipt
BWithin 3 business days of execution of the contract✓ Correct
CBy the end of the business day on which the last party signs the contract
DBy the closing date
Explanation
Florida law (FREC Rule 61J2-14.010) requires a broker to deposit earnest money into the escrow account no later than the end of the third business day following receipt of the funds (not execution of the contract).
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