South Carolina License Law
South Carolina's Trust Fund Accounting rules require brokers to deposit earnest money into a trust account within:
A24 hours of receipt
B3 banking days of receipt✓ Correct
C5 banking days of receipt
D10 days of closing
Explanation
South Carolina requires brokers to deposit earnest money into a trust or escrow account within 3 banking days of receipt. Failure to properly handle trust funds is a serious violation that can result in license discipline.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
Trust Account Rules
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