Florida Real Estate Practice Exam

What action must a broker take if escrow funds are deposited in an attorney or title company's account?

1. Nothing, as the responsibility shifts to the attorney or title company

2. Request a notice of default within 90 days of the deposit

3. Request a verification of deposit within 10 days of the sale agreement's due date

4. Ensure a bond of 25% of the escrowed funds is provided to them

The correct answer is: Request a verification of deposit within 10 days of the sale agreement's due date

If escrow funds are deposited in an attorney or title company's account, it is the responsibility of the broker to request a verification of deposit within 10 days of the sale agreement's due date. This allows the broker to confirm that the funds have been securely deposited before proceeding with the sale. Option A is incorrect because the broker is still responsible for overseeing the transaction and ensuring that the funds are handled properly. Option B is incorrect because requesting a notice of default is only necessary in situations where the buyer fails to follow through with the purchase. Option D is incorrect because a bond is not required in this scenario. It is important for the broker to verify the deposit of the funds to protect all parties involved in the transaction.