New Jersey License Law
A NJ real estate broker receives an earnest money check from a buyer. When must the broker deposit it into an escrow account?
AWithin one business day
BWithin three business days of receipt✓ Correct
COn the day of closing only
DAt the broker's discretion
Explanation
NJ regulations require brokers to deposit all client funds, including earnest money deposits, into a properly maintained escrow account within three business days of receipt.
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