A buyer's deposit of $25,000 is received by a brokerage on a Friday afternoon for a residential purchase in Spruce Grove. The offer is conditional on financing and will be presented to the seller on Monday. When must the brokerage deposit these funds into its real estate trust account according to the Real Estate Act?

Question: A buyer's deposit of $25,000 is received by a brokerage on a Friday afternoon for a residential purchase in Spruce Grove. The offer is conditional on financing and will be presented to the seller on Monday. When must the brokerage deposit these funds into its real estate trust account according to the Real Estate Act?

Answer options: ✅ By the end of the next banking day, which would be Monday.

• Within 72 hours of receipt.
• Immediately upon receipt, regardless of banking hours.
• Only after all conditions have been waived.

Correct answer: By the end of the next banking day, which would be Monday.

Explanation: The Real Estate Act requires a brokerage to deposit all money received on behalf of a client into a real estate trust account by the end of the next banking day after receiving it. In this case, receipt on Friday means deposit by the end of Monday.