New Jersey License Law
Under NJ NJREC regulations, what is the maximum number of days a broker may hold an earnest money deposit before depositing it into escrow after receiving a fully executed contract?
A1 business day
B3 business days✓ Correct
C5 business days
D7 calendar days
Explanation
NJREC regulations require that once a contract is fully executed, the broker must deposit any earnest money received into their escrow account within three business days.
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