Rhode Island License Law
A real estate broker in Rhode Island who accepts an earnest money deposit must deposit it into a trust account within:
A24 hours of receipt
B3 business days of receipt✓ Correct
C5 calendar days of receipt
D7 days of receipt
Explanation
Rhode Island requires brokers to deposit earnest money and other client funds into a federally insured trust account within 3 business days of receipt. Promptly depositing funds protects clients and prevents commingling.
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