Michigan Real Estate Exam Practice Question
On Tuesday, December 10, a salesperson received an offer and a $3,000 earnest money deposit. The offer was accepted by the out-of-town seller on December 17 and the broker noted. By which date must the earnest money be deposited into the trust account?
Correct Answer: C
Rationale: The earnest money deposit must be placed into the trust account within a specific timeframe after acceptance of the offer. Since the seller accepted the offer on December 17, the earnest money must be deposited no later than the third business day following that date.
- Option A (15-Dec) is incorrect as it predates the acceptance.
- Option B (17-Dec) is also incorrect because it does not allow for the full three-day period after acceptance.
- Option D (20-Dec) is beyond the required timeframe, as it exceeds three business days from December 17.
Thus, December 19 is the correct deadline for the deposit, ensuring compliance with the regulations.
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