Michigan Real Estate Exam Practice Question
What should a real estate broker do with deposit money received on an offer?
Correct Answer: C
Rationale: When a real estate broker receives deposit money, it is essential to handle it promptly and according to regulations. Option C outlines the requirement to deposit funds within one day for local banks or immediately for national banks, ensuring timely processing and safeguarding the buyer's interests.
Option A is incorrect as it lacks specificity regarding the time frame for depositing funds, which can vary based on the bank type. Option B misplaces the timing of the deposit, linking it to insurance and mortgage applications rather than the immediate responsibility of the broker. Option D inaccurately ties the deposit timeline to the lender's notification, which does not align with the broker's obligations.
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