Utah License Law
Under Utah Code 61-2f, a real estate licensee who receives earnest money must deposit it into the broker's trust account:
AImmediately upon receipt
BNo later than the next banking day after receiving it, unless otherwise agreed in writing✓ Correct
CWithin 5 business days
DAt closing
Explanation
Utah law requires earnest money to be deposited into the broker's trust account no later than the next banking day following receipt, unless the contract specifies otherwise.
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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.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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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