Maine License Law
Maine license law's requirement that all funds held in trust be promptly deposited means:
ADeposited within 30 days
BDeposited within a reasonable time (typically 1–3 business days) following receipt✓ Correct
CDeposited only after the contract is fully executed
DDeposited monthly with the MREC
Explanation
Maine requires trust funds (earnest money, security deposits) to be deposited promptly — within a reasonable time, typically interpreted as 1–3 business days after receipt — to prevent commingling or improper retention.
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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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Math Concepts
State-Specific Concepts
Trust Account RulesLicense Law
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