81. 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?
Answer: C
The earnest money must be deposited into the trust account by December 19.
The earnest money deposit must be placed into the trust account no later than December 19, which is two business days after the acceptance of the offer on December 17.
A) 15-Dec
This date is incorrect because it is prior to the acceptance of the offer. The earnest money cannot be deposited before the offer has been accepted by the seller, which occurred on December 17.
B) 17-Dec
While this date is the day of acceptance, it does not allow for the required two business days for the deposit to be made. Therefore, it does not meet the regulatory requirement for the timing of the deposit.
C) 19-Dec
This is the correct date as it complies with the requirement that the earnest money be deposited within two business days after the acceptance of the offer on December 17. Thus, December 19 is the deadline for the deposit.
D) 20-Dec
This date is incorrect because it exceeds the allowable timeframe for depositing the earnest money. The deposit must occur by December 19, making December 20 too late.
Conclusion
The correct answer is December 19 because it aligns with the requirement to deposit the earnest money within two business days after the acceptance of the offer. All other options either fall before the acceptance date or exceed the required timeframe, failing to meet regulatory standards.