Contracts
Under Pennsylvania contract law, earnest money deposited with a broker must be placed in an escrow account within:
A24 hours of receipt
B48 hours of receipt
CThe next business day after receipt
DWithin 3 banking days of fully executed agreement✓ Correct
Explanation
Under RELRA, a Pennsylvania broker must deposit earnest money into the escrow or trust account within 3 banking days after the agreement of sale is fully executed by all parties. Prompt deposit protects both buyer and seller funds.
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