Washington License Law
In Washington, a broker who receives an earnest money check must deposit it into the trust account:
AImmediately upon receipt
BWithin 3 banking days of receipt unless instructed otherwise in the purchase agreement✓ Correct
CWithin 5 calendar days
DOnly after the offer is accepted
Explanation
Washington's RCW 18.85 requires earnest money to be deposited into the trust account within 3 banking days of receipt, or as specified in the purchase agreement.
Related Washington Washington License Law Questions
- A Washington broker who works on commission for a real estate firm is typically classified for tax purposes as:
- How many hours of pre-license education are required for a Washington real estate broker applicant?
- Washington State is classified as which type of property state for married couples?
- A Washington broker wishes to operate under a trade name. Under RCW 18.85, the broker must:
- A Washington real estate broker who receives an earnest money check made payable to the broker personally (not to the firm) must:
- An 'affiliated licensee' in Washington's real estate law refers to:
- A Washington real estate broker convicted of a felony crime involving fraud or dishonesty may face:
- The Washington State Legislature delegates authority to the DOL to regulate real estate through which statute?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →