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 within three business days of the acceptance of the offer, which occurred on December 17. Therefore, the deadline for depositing the earnest money is December 19.
A) 15-Dec
This option is incorrect because it precedes the date of acceptance, December 17. The earnest money cannot be deposited before the offer is accepted, making this option invalid.
B) 17-Dec
While this option is the date the offer was accepted, it does not allow for the full three business days required for the deposit to be made. Therefore, December 17 is not the correct deadline.
C) 19-Dec
This option is correct as it represents the deadline for depositing the earnest money. The broker has three business days from the acceptance date, which means the deposit must be made by December 19.
D) 20-Dec
This option is incorrect because it exceeds the three-business-day requirement from the date of acceptance. The earnest money must be deposited by December 19, making December 20 too late.
Conclusion
The correct answer is December 19, as it adheres to the three-business-day rule following the acceptance of the offer on December 17. All other options either precede the acceptance date or do not meet the required timeframe, confirming their incorrectness.