Rhode Island License Law
A Rhode Island broker receives an earnest money check from a buyer. When must the broker deposit it into the escrow account?
AWithin 24 hours
BWithin 3 banking days or by the time specified in the purchase agreement✓ Correct
CBy the next calendar month
DAt closing
Explanation
Rhode Island requires brokers to deposit earnest money promptly—typically within 3 banking days of acceptance of the offer, or as otherwise specified in the contract. Prompt deposit protects all parties.
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