Contracts
A Missouri buyer's offer includes an earnest money check of $5,000. When should the listing broker deposit this check?
AOnly after the transaction closes
BWithin the time specified by Missouri regulations and the contract, typically within 3 business days✓ Correct
CAt the end of the month
DOnly after MREC approval
Explanation
Missouri MREC regulations require trust funds (earnest money) to be deposited promptly, typically within 3 banking days of receipt (or as otherwise specified in the contract). Failure to deposit promptly is a trust account violation.
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