Florida Real Estate Practice Exam

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Prepare for your Florida Real Estate Exam with a comprehensive quiz featuring multiple-choice questions, hints, and detailed explanations. Gain the confidence you need to succeed in obtaining your real estate license!

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By when must a broker deposit escrow funds received on a Tuesday?

Friday
The following Monday
The next day
Thursday

The correct answer is: Friday

A broker must deposit escrow funds received on a Tuesday by Friday. This is because the law requires brokers to deposit escrow funds into a trust account within three business days, and Friday would be the third business day after receiving the funds on Tuesday. The other options, such as the following Monday, the next day, or Thursday, do not comply with the required three business day timeframe. Depositing on Monday would only be within two business days, the next day would be within one business day, and Thursday would be four business days later. Therefore, A is the correct answer.