Nevada License Law
What is the Nevada requirement for handling earnest money received by an agent?
AThe agent can hold it personally until the transaction closes
BThe earnest money must be promptly deposited in the broker's trust account, typically within one banking day of receipt or per contract terms✓ Correct
CThe agent must deliver it to the title company immediately
DEarnest money can be held by the listing agent for up to 30 days
Explanation
Nevada agents must promptly deliver all earnest money and trust funds to the broker's designated trust account. NRED regulations specify that deposits must be made within a prescribed time (generally 1 banking day). Delay or failure to deposit is a license law violation.
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