Free Pennsylvania Real Estate Practice Exam Practice Question
Barring an agreement to the contrary, earnest money received in the office where the escrow records are kept MUST be deposited into an escrow account:
Correct Answer: D
Rationale: Earnest money must be deposited into an escrow account within a specified timeframe to ensure proper handling and compliance with regulations. The correct option, 3 business days after receipt, aligns with standard practices that protect all parties involved in a transaction.
Option A is incorrect as immediate deposit can be impractical and does not allow for necessary processing time. Option B, 1 business day, is also insufficient as it does not meet the typical regulatory requirements. Option C, 3 calendar days, is misleading since business days are the standard for such transactions, excluding weekends and holidays.
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