According to Utah law, how many days does a broker have to deposit earnest money after acceptance of a real estate purchase contract?

According to Utah law, how many days does a broker have to deposit earnest money after acceptance of a real estate purchase contract?

• A. 2 days
• B. 3 days
• C. 4 days
• D. 5 days

Answer: (B)

Under Utah law, a broker is required to deposit earnest money within three days after the acceptance of a real estate purchase contract. This requirement is in place to ensure that the earnest money is handled promptly and securely, providing assurance to both the buyer and seller regarding the transaction's seriousness. Adhering to this timeline helps maintain trust in the real estate process and is a standard practice that aims to protect all parties involved. The three-day rule reflects a balance between the need for quick processing and allowing for practical considerations in real estate transactions.

Under Utah law, a broker is required to deposit earnest money within three days after the acceptance of a real estate purchase contract. This requirement is in place to ensure that the earnest money is handled promptly and securely, providing assurance to both the buyer and seller regarding the transaction's seriousness. Adhering to this timeline helps maintain trust in the real estate process and is a standard practice that aims to protect all parties involved. The three-day rule reflects a balance between the need for quick processing and allowing for practical considerations in real estate transactions.